WOONSOCKET – The CVS Corp.’s board of directors has declared a two-for-one stock split, to be effected in the form of a stock dividend, distributable on June 6 to shareholders on record as of May 23, the company announced Thursday.
“The determination to effect a stock split was based on the strong growth we have seen over the past few years, and our expectation that the future continues to hold great promise,” said Tom Ryan, chairman, president and CEO, in a news release. “Our favorable outlook reflects both the strength of our industry and our unique competitive position. We remain optimistic that we will continue to capitalize on growth opportunities in the retail drug, PBM, mail order and specialty pharmacy channels.”
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CVS said it would use the Depository Trust Company’s Direct Registration System in connection with the stock split. The system allows for electronic registration of eligible securities in an investor’s name on the books of the company’s transfer agent, thereby eliminating the need for replacement stock certificates. This reduces the risk associated with the processing of paper stock certificates, including turnaround delays, mail losses, and risks associated with stolen, forged, or counterfeit securities.
CVS is America’s largest retail pharmacy, operating over 5,400 retail and specialty pharmacy stores in 36 states and the District of Columbia, along with an online pharmacy and a subsidiary, PharmaCare, that offers pharmacy benefits management, mail-order and specialty pharmacy services.
