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CVS Health (CVS) will raise its annual dividend by 10% to $2.20 from $2.00 effective with the dividend payout scheduled for February 1. The company has also authorized a $10 billion share buyback program.

The company also raised guidance for the full 2021 year to revenue of at least $290.3 billion and earnings of at least $8.00 a share. Prior guidance called for revenue of $286.5 billion to $290.3 billion and earnings of $7.90 to $8.00 a share.

And in “other news”, CVS raised its projections for revenue for 2022 to $304-$309 billion. The Wall Street consensus was for $300.6 billion, The company also raised it projections for 2022 earnings to $8.10-$8.30 per share.

Shares of CVS Health rose 4.52% by the close today, December 9.

The stock is a member of my Dividend Portfolio. The shares are up 67.3% since I added them to the portfolio on October 27, 2020.