After Announcing Cuts, Is CVS Still a Safe Stock?

On Sunday, CVS Health (NYSE: CVS) revealed that it would be shuttering its clinical trial services segment by the end of 2024, according to reporting from biopharma industry trade publication Endpoints News. The pharmacy and health insurance giant began its foray into this space in 2021, and originally used its access to consumers to aid drugmakers in recruiting participants for COVID-19 vaccine trials and other coronavirus-related clinical investigations, but apparently, management doesn't feel that the business is contributing significantly to the company's prospects. Does this mean that CVS stock isn't as safe as shareholders have believed?