What's Going On With CVS Stock Today?

Cigna Corporation -0.16%
CVS Health Corporation +0.28%
Humana Inc. +0.28%

Cigna Corporation

CI

338.71

-0.16%

CVS Health Corporation

CVS

57.68

+0.28%

Humana Inc.

HUM

356.20

+0.28%

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.

Related Link: What's Going On With Apple Stock?

CVS Price Action: Shares of CVS were down 3.09% at $67.18 at the time of publication, according to Benzinga Pro

Image by Charles Thompson from Pixabay

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