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CHICAGO - CVS Health (NYSE:CVS), a healthcare giant with over $376 billion in annual revenue and currently undervalued according to InvestingPro analysis, opened a new Workforce Innovation and Talent Center (WITC) at the Chicago Baptist Institute on Thursday, aimed at providing job training for community members.
The center will train individuals for positions as pharmacy technicians, customer service associates, call center associates and retail associates. Participants who complete the program will have the opportunity to apply for positions at CVS Health.
The facility includes a simulated retail store for hands-on training designed to replicate real-world work scenarios.
"At our new WITC, we’re dedicated to helping individuals build skills for in-demand jobs, like Pharmacy Technicians," said Sheryl Burke, SVP of Corporate Social Responsibility and Chief Sustainability Officer at CVS Health.
Walter P. Turner, President of the Chicago Baptist Institute, called the center "an important pathway for potential candidates seeking job opportunities."
The initiative builds on CVS Health’s community involvement in Chicago, which includes $750,000 in recent community grants for maternal and behavioral health services and $65 million invested in affordable housing across Illinois. This community investment approach aligns with the company’s strong financial health, maintaining dividend payments for 55 consecutive years with a current yield of 4%.
Last year, CVS Health created job opportunities for over 1,500 individuals nationwide through similar workforce development programs in collaboration with local organizations and government agencies.
The company stated it is exploring opportunities to expand this programming to serve more of the Chicago community, according to the press release.
In other recent news, CVS Health has seen positive developments after limits on Medicare Pharmacy Benefit Managers (PBM) were removed from a tax bill, benefiting its Caremark division. This change reduces regulatory pressure on CVS Health and other companies like UnitedHealth Group and Cigna, which also have significant PBM operations. Additionally, Cantor Fitzgerald has maintained its Overweight rating on CVS Health, citing understated enrollment figures that may not fully reflect recent contract wins, suggesting potential for growth. Meanwhile, the Centers for Medicare & Medicaid Services (CMS) announced an expansion of audits for Medicare Advantage plans, potentially recovering substantial funds, which has caused some concern in the sector. KeyBanc has expressed a cautious outlook, maintaining a Sector Weight stance on Humana and Alignment Healthcare, while retaining an Overweight position on UnitedHealth Group. In a separate development, health insurers, including CVS Health’s Aetna, have pledged to streamline prior authorization processes to reduce administrative burdens. These recent developments highlight ongoing regulatory adjustments and potential impacts on the healthcare sector.
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