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CVS Health Plans to Hire 25,000 in U.S.

CVS Health (CVS) has revealed its plans to hire 25,000 qualified candidates for clinical and retail jobs at its one-day national career event on September 24, ahead of the upcoming flu season.

Shares of the U.S.-based healthcare company have gained more than 43% over the past year. The recruitment will help the company prepare for the increased demand of COVID-19 vaccination and testing.

Meanwhile, the company is awaiting approval for its COVID-19 booster shot. The additional hiring will help administer the booster shots, once approved.

So far, CVS Health has administered over 34 million COVID-19 vaccines and conducted 32 million tests. (See CVS stock chart on TipRanks)

The company said most of the jobs were for full-time, part-time and temporary licensed pharmacists, pharmacy technicians and nurses. It added that it was also looking for people to manage its retail stores.

The company is offering a range of comprehensive benefits for full-time employees. These benefits include attractive pay, paid training, seven paid holidays, health-dental-vision insurance, tuition reimbursement, career advancement opportunities and a 20-30% employee discount at CVS retail stores, among others.

Notably, in August, the company increased the minimum wage to $15 per hour across its stores in an effort to retain employees amidst labor shortage caused by the COVID-19 situation.  

The EVP at CVS Health and the President of CVS Pharmacy, Neela Montgomery, said, “Every flu season we need additional team members…but this year we’re looking for even more. With the continued presence of COVID-19 in our communities, we’re estimating a much greater need for pharmacists, trained pharmacy technicians, nurses, and retail store associates. These jobs offer a rewarding opportunity to really make an impact on public health in our country.”

Recently, Morgan Stanley analyst Ricky Goldwasser increased the price target on CVS to $114 from $99 (34.8% upside potential) and reiterated a Buy rating on the stock.

Goldwasser says CVS remains her top pick in the Healthcare Services and Distribution sector. She sees the company’s revamped leadership “as best-in-class among our healthcare services coverage.”

Overall, the stock has a Strong Buy consensus based on 9 Buys and 1 Hold. The average CVS Health price target of $100.50 implies 18.8% upside potential.

CVS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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