CVS Health Corp (NYSE:CVS) shares are trading higher by 2.1% to $72.38 Friday morning. Shares of several healthcare providers are trading higher in sympathy with UnitedHealth, which reported strong third-quarter results and raised the bottom end of its 2023 EPS guidance.
UnitedHealth’s strong performance and increased EPS guidance indicate that the healthcare industry, particularly health insurance and managed care providers, may be experiencing a favorable operating environment. This positive sentiment can spill over to other healthcare companies like CVS.
Also, when UnitedHealth raises its earnings guidance, it suggests that the company expects increased profitability and financial strength in the coming year. This can lead investors to have more confidence in the healthcare sector as a whole, including CVS, which may also see its earnings outlook improve as a result.
See Also: UnitedHealth Delivers Q3 Earnings Beat
According to data from Benzinga Pro, CVS Health has a 52-week high of $104.83 and a 52-week low of $64.62.
