RAD - Best Pharmacy Stock to Buy Right Now
2023-04-05 08:15:00 ET
All three major pharmacy chains, CVS Health (NYSE: CVS) , Walgreens Boots Alliance (NASDAQ: WBA) , and Rite Aid (NYSE: RAD) , have seen their shares drop over the past 12 months and so far this year.
The reason is simple -- the companies are seeing reduced earnings. With fewer people getting COVID-19 shots and picking up COVID-19 tests at pharmacies, their stores saw less foot traffic this past year. In certain markets, the companies also are seeing more "shrinkage," which is retail-speak for thefts.
The three companies are also struggling with labor shortages that have led them, in some cases, to cut store hours. The companies say there's a shortage of trained pharmacists, and the pharmacists say the reason for that is their workload has never been higher, forcing many out of the business and prospective pharmacists into different fields.
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Best Pharmacy Stock to Buy Right Now