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Why did CVS stock drop today? Managed care cost concerns

Jun. 14, 2023 5:02 PM ETCVS Health Corporation (CVS)UNHBy: Jonathan Block, SA News Editor7 Comments
CVS Caremark Corporate Office in Irving, Texas, USA.

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  • CVS Health (NYSE:CVS) closed down ~8% on Wednesday along with other managed care companies as a result of comments made by a UnitedHealth Group (UNH) official Tuesday on its medical care cost ratio.
  • Speaking at a Goldman Sachs investor conference, UnitedHealth (UNH) CFO John Rex said that the company's medical care cost ratio will be at the top or even slightly above the top of its full-year outlook.
  • CVS (CVS) owns health insurer Aetna.
  • Year to date, shares are down ~28%.

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