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AET

Acquired by CVS

$177.29

0.22 (0.12%)

, CVS

CVS Health

$68.67

-0.34 (-0.49%)

11:33
03/13/18
03/13
11:33
03/13/18
11:33

Aetna says 97% of shareholder votes cast in favor of CVS takeover

Aetna (AET) announced that approximately 97% of the votes cast by its shareholders, and over 77% of the 326,942,525 shares outstanding and entitled to vote, voted to approve and adopt the agreement and plan of merger pursuant to which CVS Health (CVS) has agreed to acquire Aetna. Under the agreement, upon completion of the transaction Aetna shareholders will receive $145 in cash and 0.8378 of a CVS Health share for each Aetna share, which was valued at $207.94 in the aggregate based on the closing price of CVS Health stock on December 1, 2017. Completion of the transaction remains subject to customary closing conditions, including expiration of the federal Hart-Scott-Rodino antitrust waiting period and approvals of certain state departments of insurance and other regulators. The companies continue to expect that the transaction will be completed in the second half of 2018, Aetna said.

AET

Acquired by CVS

$177.29

0.22 (0.12%)

CVS

CVS Health

$68.67

-0.34 (-0.49%)

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AET Acquired by CVS
$177.29

0.22 (0.12%)

01/31/18
PIPR
01/31/18
NO CHANGE
Target $212
PIPR
Overweight
Piper sees buying opportunity in Aetna after yesterday's pullback
Piper Jaffray analyst Sarah James sees a buying opportunity in Aetna (AET) following yesterday's 3% pullback on the Amazon (AMZN), Berkshire (BRK.A) and JPMorgan (JPM) news. The company yesterday morning posted a solid earnings beat driven by strong cost trend management in the government and commercial businesses, James tells investors in a research note. She raised her price target for Aetna shares to $212 from $207 and keeps an Overweight rating on the name. CVS Health's (CVS) takeout offer now values the shares at $212, up from $207 previously, based on 0.8378 shares of CVS stock plus $145 per share in cash, James points out. The analyst sees a "win-win" setup for the stock based on the deal going through or the company remaining standalone.
01/31/18
RBCM
01/31/18
UPGRADE
Target $98
RBCM
Outperform
Express Scripts upgraded to Outperform at RBC Capital
As reported earlier, RBC Capital analyst George Hill upgraded Express Scripts (ESRX) to Outperform and raised his price target to $98 from $68. Hill cites the "recent sharp pullback on Amazon's (AMZN) healthcare entry" de-risking the stock, while also pointing to the trend of vertical integration as seen in the CVS (CVS)-Aetna (AET) deal. The analyst believes Express Scripts could also become an attractive M&A target as "one of the few remaining assets at scale".
01/31/18
FBCO
01/31/18
NO CHANGE
Target $208
FBCO
Neutral
Aetna price target raised to $208 from $200 at Credit Suisse
Credit Suisse analyst A.J. Rice raised his price target for Aetna to $208 from $200, citing on track operationally. However, the analyst is cautious on sustainability of tax benefit. He reiterates a Neutral rating on the shares.
02/01/18
02/01/18
DOWNGRADE
Target $69

Underperform
Express Scripts downgraded to Underperform at Bernstein
As previously reported, Bernstein analyst Lance Wilkes downgraded Express Scripts to Underperform from Market Perform, with a $69 price target, as he believes tax reform is fully price in and his original concerns on the standalone PBM model remain. Further, the analyst sees additional risks from a potential CVS (CVS)/Aetna (AET) merger and Amazon (AMZN) threats.
CVS CVS Health
$68.67

-0.34 (-0.49%)

02/09/18
NEED
02/09/18
NO CHANGE
Target $98
NEED
Strong Buy
CVS Health price target lowered to $98 after earnings at Needham
Needham analyst Kevin Caliendo lowered his price target on CVS Health to $98 from $100 after the company's earnings. Caliendo notes that while the PBM and retail businesses were solid, the negative development of CVS planning to reinvest $1.2B of tax reform windfall in compensation and infrastructure "undermined the positives". The analyst is also concerned with President Trump's budget proposal focusing on curbing drug prices. However, he maintains a Strong Buy rating on CVS shares.
02/14/18
JEFF
02/14/18
NO CHANGE
JEFF
Amazon focusing on bolstering medical device distribution, says Jefferies
Yesterday's Wall Street Journal report and a recent scan of job postings still point to Amazon.com's (AMZN) focus on bolstering its medical device/supplies distribution capabilities, specifically targeting hospitals, Jefferies analyst Brian Tanquilut. These postings support a negative thesis for Cardinal Health (CAH), Owens & Minor (OMI) and Premier's (PINC) medical supplies businesses, the analyst adds. Further, he sees the news as an incremental positive for AmerisourceBergen (ABC), McKesson (MCK), CVS Health (CVS) and Walgreens Boots Alliance (WBA) since it further supports the view that Amazon isn't looking to enter the prescription business near-term.
02/27/18
BOFA
02/27/18
INITIATION
Target $91
BOFA
Buy
CVS Health reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Michael Cherny reinstated coverage on CVS Health with a Buy and $91 price target.
03/08/18
JEFF
03/08/18
NO CHANGE
Target $91
JEFF
Buy
Jefferies does not expect competing bids for Express Scripts
Jefferies analyst Brian Tanquilut believes Cigna (CI) is paying a fair price for Express Scripts (ESRX) and does not expect competing bids to emerge. The deal is another mark on the ongoing vertical integration wave in Healthcare, Tanquilut tells investors in a research note. The analyst previously stated that Express Script would be the most logical acquisition target for Amazon (AMZN) if the tech giant truly had aspirations of entering the pharmacy retailing market. However, it appears that speculation has quieted down in recent weeks, Tanquilut admits today. Regarding regulatory risk for the Cigna/Express Scripts deal, the analyst believes scrutiny will come mostly from the government's interest in what a large-scale combination of large players from two different healthcare sub-sectors will bring to overall drug costs, patient premiums and out-of-pocket dollars. He highlights the existence of UnitedHealth's (UNH) OptumRx and CVS's (CVS) Caremark. Cigna in morning trading is down 9.5%, or $18.47, to $175.75 while Express Scripts is up 11% to $81.59.

TODAY'S FREE FLY STORIES

DRI

Darden

$116.11

7.485 (6.89%)

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APA

Apache

$36.06

0.77 (2.18%)

06:50
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Conference/Events
Apache management to meet with Stephens »

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EGY

VAALCO Energy

$2.43

0.01 (0.41%)

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NAK

Northern Dynasty

$0.67

-0.0125 (-1.84%)

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TIF

Tiffany

$100.07

3 (3.09%)

06:46
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Hot Stocks
Tiffany reports net inventories at January 31 were 8% above prior year »

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TIF

Tiffany

$100.07

3 (3.09%)

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AAPL

Apple

$195.07

6.93 (3.68%)

, NFLX

Netflix

$378.09

2.94 (0.78%)

06:44
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Periodicals
NYT CEO cautions publishers ahead of Apple news launch, Reuters reports »

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AAPL

Apple

$195.07

6.93 (3.68%)

NFLX

Netflix

$378.09

2.94 (0.78%)

NYT

New York Times

$33.72

0.355 (1.06%)

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TIF

Tiffany

$100.07

3 (3.09%)

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Tiffany CEO: 'Softer trends in second half reflected external challenges' »

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DDAIF

Daimler AG

$0.00

(0.00%)

06:43
03/22/19
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06:43
Periodicals
Goldman to aid Daimler grow stake in its main China JV partner, Reuters says »

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TIF

Tiffany

$100.07

3 (3.09%)

06:42
03/22/19
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06:42
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06:42
Earnings
Tiffany sees FY19 EPS up mid-single-digit percentage, consensus $4.93 »

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JKS

JinkoSolar

$19.65

-1.91 (-8.86%)

06:41
03/22/19
03/22
06:41
03/22/19
06:41
Earnings
JinkoSolar reports Q4 EPS 40c, consensus 63c »

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TIF

Tiffany

$100.07

3 (3.09%)

06:41
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Hot Stocks
Breaking Hot Stocks news story on Tiffany »

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BKNG

Booking Holdings

$1,772.07

-1.48 (-0.08%)

06:40
03/22/19
03/22
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06:40
Downgrade
Booking Holdings rating change  »

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TIF

Tiffany

$100.07

3 (3.09%)

06:40
03/22/19
03/22
06:40
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06:40
Earnings
Tiffany reports Q4 EPS $1.67, consensus $1.61 »

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LW

Lamb Weston

06:39
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Initiation
Lamb Weston initiated  »

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ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

, BTC

Bitcoin

$0.00

(0.00%)

06:39
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Periodicals
ICE's bitcoin futures launch stalls over CFTC regulation talks, WSJ reports »

Intercontinental Exchange…

ICE

IntercontinentalExchange

$73.36

0.15 (0.20%)

BTC

Bitcoin

$0.00

(0.00%)

BITCOIN

Bitcoin

$0.00

(0.00%)

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CMG

Chipotle

$669.87

4.05 (0.61%)

06:39
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Upgrade
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HIBB

Hibbett Sports

$18.04

-0.46 (-2.49%)

06:37
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Hibbett Sports sees approximately 10-15 new store openings in FY20 »

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STG

Sunlands Online

$4.25

-0.03 (-0.70%)

06:37
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Earnings
Sunlands Online reports Q4 EPS ($3.88), one estimate (22c) »

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HIBB

Hibbett Sports

$18.04

-0.46 (-2.49%)

06:36
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BIIB

Biogen

$226.71

-93.76 (-29.26%)

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Downgrade
Biogen rating change  »

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NKE

Nike

$88.05

1.3597 (1.57%)

06:34
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HIBB

Hibbett Sports

$18.04

-0.46 (-2.49%)

06:33
03/22/19
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06:33
Earnings
Hibbett Sports sees FY20 adjusted EPS $1.80-$2.00, consensus $1.75 »

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RVEN

Reven Housing

$3.85

(0.00%)

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Reven Housing announces review of strategic alternatives »

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DB

Deutsche Bank

$8.44

-0.335 (-3.82%)

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Deutsche Bank's workers in the U.S get most of bonus share, Bloomberg says »

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