CVS Health chops 2024 forecast as cost struggles with Medicare Advantage persist

CVS Health significantly lowered its 2024 earnings forecast, attributing ongoing difficulties with rising costs in its Medicare Advantage program. The company missed first-quarter expectations and reduced its earnings projection to at least $7 per share, down from at least $8.30, significantly below the analyst forecast of $8.27 per share. This announcement led to a nearly 17% drop in its share price.