CVS Health Corporation (NYSE:CVS) shares are trading lower on Wednesday. The stock may be sinking in response to the reported discussions between Cigna Group (NYSE:CI) and Humana Inc (NYSE:HUM) regarding a merger deal.
What To Know: According to a Wall Street Journal report, the deal, which could be finalized by the end of 2023, would create a new major player in the industry, leveraging Cigna’s pharmacy-benefit unit and commercial insurance capabilities and Humana’s Medicare segment.
However, the potential of such a new health insurance powerhouse may also pose a threat to CVS as an established leader in the industry. Shares of CVS stock fell roughly 3% on Wednesday, possibly due to the news.
CVS stock has largely struggled over the past year, with shares down 27.89% year-to-date.
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CVS Price Action: Shares of CVS were down 3.09% at $67.18 at the time of publication, according to Benzinga Pro.
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