In This Article:
We recently published a list of 10 Firms Dominate Monday Upsurge. In this article, we are going to take a look at where CVS Health Corporation (NYSE:CVS) stands against other firms that dominated Monday upsurge.
Ten companies—predominantly in the healthcare sector—kicked off Monday’s trading with notable gains amid a series of business updates, earnings, and acquisition deals that have fueled investor confidence.
Their gains outperformed mixed trading on Wall Street, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.
In this article, we will take a look at what buoyed the companies’ share prices.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A row of shelves in a retail pharmacy, demonstrating the variety of drugs and over-the-counter products.
CVS Health Corporation (NYSE:CVS)
Shares of CVS Health Corporation (NYSE:CVS) rose by 7.31 percent on Monday to close at $51.52 apiece as investors snapped up stocks in the company ahead of a quarterly dividend distribution.
Earlier this month, CVS Health Corporation (NYSE:CVS) said that its board of directors gave the green light for a quarterly dividend of 66 cents for each of the corporation’s common stocks. The dividend is payable on February 3, 2025, to holders of record on January 23, 2025.
In other news, CVS Health (NYSE:CVS)share prices rose over expectations that the ongoing wildfire in Los Angeles could lead to an increase in healthcare-related needs, including medical services, healthcare supplies, and pharmaceuticals. According to data, CVS Health has more than 1,000 pharmacies in California.
As of press time, the fire resulted in thousands of people injured, 24 deaths, and $250 billion in economic damages.
Overall, CVS ranks 7th on our list of firms that dominate Monday upsurge. While we acknowledge the potential of CVS, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CVS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.