CVS Health enters top 10 in Fortune 500

CVS HEALTH Corp. made the top 10 in the Fortune 500; it moved up two spots from last year.
CVS HEALTH Corp. made the top 10 in the Fortune 500; it moved up two spots from last year.

WOONSOCKET – CVS Health Corp. ranked 10th on the Fortune 500 list of the largest U.S. companies by revenue, jumping two spots from last year.
CVS saw revenue climb 9 percent to $139.4 billion, and profit increase 1 percent to $4.6 billion.
Fortune described CVS as “the biggest retailer of prescription drugs and the second-largest pharmacy benefits manager” in the country. It noted that its $12.7 billion purchase of Omnicare, a drug delivery company that also helps senior-living centers manage residents’ medications, gives the retailer “greater strategic reach as it looks to serve an aging population with greater care needs.”
It also said that the Omnicare deal “builds on a grander shift managed by CEO Larry Merlo, transforming the drug store chain into a full-service health management company.” It noted that within the last year, the company removed cigarettes from its shelves, changed its name to CVS Health and announced plans to expand its in-store health clinics by about 600 locations by 2017.
Fortune put the company’s market value at $117.2 billion as of March 31, making it the 33rd most valuable public company in the nation.
Also making the Fortune 500 were Textron Inc. and United Natural Foods Inc.

Textron, an aerospace and defense company based in Providence, ranked 219th. It moved up nine spots from last year.
Textron, described by Fortune as “a network of companies including Bell Helicopter, Textron Aviation, Textron Specialized Vehicles, Textron Tools and Test, Kautex and Jacobsen,” saw revenue grow 14 percent to $13.9 billion. Profit increased 20 percent to $600 million. Its market value was $12.3 billion, ranking it 334th in the nation.
United Natural Foods, a distributor of natural, organic and specialty foods, placed 397th on the list for 12 percent revenue growth to $6.8 billion, and a 16 percent increase in profit to $126 million. Its market value was $3.9 billion.

The top five companies on the Fortune 500 list were Wal-Mart, Exxon Mobil, Chevron, Berkshire Hathaway and Apple – all had the same rank last year.

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