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Home Investing Oak Street Health stock just rallied 30%: explained here
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Oak Street Health stock just rallied 30%: explained here

by January 10, 2023
by January 10, 2023 0 comment
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Oak Street Health Inc (NYSE: OSH) opened more than 30% up this morning after a report that CVS Health Corp (NYSE: CVS) is interested in buying the network of primary care centres.

Deal could value Oak Street at $10 billion

Late last night, Bloomberg said the healthcare giant was willing to pay as much as $10 billion for Oak Street that has close to 170 healthcare centres located across 21 states.

CVS has been aggressive in expanding its footprint in clinics ever since Amazon outbid it to acquire One Medical for $18 a share in July 2022 – to which it responded with spending $8.0 billion on buying Signify Health instead as Invezz reported here.

Earlier this week, CVS Health Corp also invested $100 million in Carbon Health Inc – a chain of primary care clinics based out of San Francisco. Its shares are trading slightly down on Tuesday.

Talks could conclude without an agreement

Anonymous sources told Bloomberg that talks were ongoing between the two companies but said the prospect of a “no deal” remains on the table. CVS is yet to comment on today’s report.

Currently, Oak Street Health serves more than 159,000 patients across the United States. Newlight Partners and General Atlantic own about 39% of this company.

Wall Street has a consensus “overweight” rating on this healthcare stock that’s now returned to its high in August 2022.  

Also this week, CVS said it will exceed its guidance for $309 billion to $314 billion in full-year revenue. It’s set to report its Q4 results early next month.

The post Oak Street Health stock just rallied 30%: explained here appeared first on Invezz.

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