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Drugstore stocks aren't exactly sexy, but there's a lot to love about CVS (. )
Shares of CVS and rival drugstore chain Walgreens ( have rallied as investors bet that increased access to health insurance under Obamacare will lead to more demand for prescription drugs. )
But CVS is also a major pharmacy benefit manager, meaning it helps the insurance industry process prescriptions. It has been setting up in-store clinics in some of its 7,600 stores, a move designed to meet growing demand for primary health care.
In addition, CVS is looking to boost sales by revamping the front end of its stores to look more like a mini-supermarket.
But there's one thing customers won't be able to buy at CVS for much longer: cigarettes. The company recently announced plans to stop selling tobacco, saying it was inconsistent with its mission.
The move will result in $2 billion of lost revenue, but CVS is still highly profitable. It reported quarterly earnings that beat analysts' expectations this week and raised its outlook for the year.