CVS Caremark (NYSE: CVS) was down more than 2% in premarket trading Thursday, and its was down more than 5%, or less than $46 a share, in early trading. This after the stock reached a new multiyear high of $48.69 in Wednesday’s regular session.
The pharmacy benefit manager and drugstore operator went ex-dividend today. Perhaps investors have decided to take the money and run after rival Walgreen (NYSE: WAG) announced early this morning that it had ended its feud with Express Scripts (NASDAQ: ESRX). Beginning in September, Walgreens stores will again be part of the pharmacy network served by Express Scripts.
Only yesterday, a JMP Securities analyst suggested that CVS Caremark could continue to benefit from the dispute between two of its competitors. He even suggested that the dispute between Walgreen and Express Scripts might add about 8 cents per share to CVS’s profit in 2012.
Walgreen shares are up about 12% in early trading, at $34.70, in a 52-week range of $28.53 to $42.36.
Shares of Express Scripts are up more than 2% to $59.01. The 52-week range was $34.47 to $58.98.
CVS’s response to the news is available here.