CVS Earnings Assessment

CVS earnings beat estimates and guidance was inline. They repurchased $467 million worth of shares during the quarter which is roughly inline with guidance of $2 billion in share repurchases for the year.

I would have liked to see them more aggressive on the share repurchase as their cash balance now sits at over $2 billion, a gain of over $700 million for the quarter. Overall my investment thesis has not changed and I believe the shares represent good value at current levels.

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