WOONSOCKET – On the 2014 Fortune 500 list of the largest U.S. corporations, released last week, CVS Caremark Corp. inched upward to No. 12 from No. 13 on the 2013 list.
Woonsocket-based CVS Caremark saw revenue climb 2.9 percent last year to a total $127 billion, with net income increase 18.4 percent to $4.6 billion. Fortune magazine attributed the increase in part to the company’s shift in focus toward its pharmacy and health services offerings.
“The company is transforming itself into more of a health services provider in order to take advantage of the spike in the number of insured patients created by health care reform,” wrote Fortune. “That could help offset what CVS expects to lose in cigarette sales when it stops selling all tobacco products in its stores this October, which the company expects will trim roughly $2 billion from its annual sales.”
Fortune put CVS Caremark’s market value at $88.5 billion as of March 31, making it the 42nd-most valuable public company in the nation.
Also making the Fortune 500 again were Textron Inc. (No. 228) and United Natural Foods Inc. (No. 427). Textron fell three places from last year’s list as its revenue for the year declined 1.1 percent to $12.1 billion. Profit declined as well, 15.4 percent, to $498 million. According the the magazine, the Providence-based defense, transportation and industrial product manufacturer’s market value as of March 31 was $11.1 billion, No. 280 in the nation.
United Natural Foods moved up 47 places on the strength of a 15.8 percent revenue increase to $6.1 billion, as the Providence-based distributor of organic and natural foods saw its profits grow 18.1 percent to $107.9 million. Market cap for the company totaled $3.5 billion, No. 412 in the United States.
This year’s three largest Fortune 500 companies – Wal-Mart Stores, Exxon Mobil and Chevron – held their places in the ranking from last year, while Berkshire Hathaway moved up from No. 5 to No. 4 and Apple rounded out the top five after coming in at No. 6 in 2013. Phillips 66, which had ranked at No. 4 last year, fell to No. 6 in the 2014 ranking.