Does Walmart Own CVS?

Walmart is among the largest retail companies in the United States and has the most employees by far with over 2 million workers. With most large companies, their portfolio goes beyond their flagship brand, where many other brands are subsidiaries of the larger company.

CVS also dominates the retail space like Walmart but offers a smaller selection of goods and services, generally at a higher price point. The higher price point is a trade-off for the convenience of having stores in almost every town center.

Given the similarities and differences between the two brands, people may wonder if CVS is a subsidiary of Walmart.

Does Walmart Own CVS?

Walmart does not own CVS as of 2024. Instead, the retail giant offers pharmacy services under its flagship brand. CVS, formerly known as Consumer Value Stores, is a self-owned brand within the CVS Health Group. Walmart has never owned CVS, and they do not have any plans to acquire CVS.

While Walmart does not own CVS, the company still holds a significant market share in the pharmacy and retail space.  Other companies in the market include Walgreens, Rite Aid, and Target.

Outside of the retail health industry, Walmart also owns many other companies, while CVS’ portfolio is laser-focused on the healthcare industry.

CVS was owned by another company in the ’90s and later on, they became a self-owned company as a subsidiary of CVS Health Corporation.

Who Owns CVS?

CVS, originally known as Consumer Value Store was originally owned by Melville Corporation until the holding company went through a reorganization in 1996.

While best known for CVS Pharmacy, the corporation has many subsidiaries in the medical and retail space. Among its most prominent subsidiaries include CVS Caremark, a benefits manager, and Aetna a health insurance provider.

CVS is a publicly-traded company, meaning shares of the parent company are owned by investors from large financial institutions to personal investors. CVS’s shares are owned by financial institutions, namely mutual funds like Vanguard. Later in the article, we examine a list of CVS’s largest shareholders.

CVS was founded in Lowell, Massachusetts, and is currently based in Woonsocket, Rhode Island. Currently, CVS operates over 6,2000 stores across 43 states within the US. In terms of employees, CVS is the 4th largest company in the United States with close to 300,000 employees nationwide.

While CVS may not be owned by Walmart, have the two companies ever partnered, or are they strictly competitors? Read the next section to learn more about the history between the two companies.

Does CVS Have a Relationship with Walmart?

While the two companies are competitors, they have partnered for different industry-wide initiatives. For example, in August of 2021, the two companies partnered alongside Target to test different ways to reduce plastic waste in stores.

Additionally, in 2019 Walmart partnered with CVS Health subsidiary, CVS Caremark. CVS Caremark is a network that connects multiple pharmacies across the country to health insurance networks, ensuring that anyone has access to their prescriptions.

The relationship has not always been smooth sailing; even the aforementioned deal almost fell through in 2020 when Walmart backed out. However, in 2021 the deal is still in place and Walmart Pharmacy is within the CVS Caremark network.

Given their partnerships, does Walmart own a stake in CVS stock?

 Does Walmart Have Any Shares of CVS Stock?

Walmart does not have any shares of CVS in 2024. CVS is publicly traded on the New York Stock Exchange. Most shares are owned by mutual funds and other financial institutions, with a small percentage of shares owned by individuals.

Here is a list of the largest shareholders in CVS:

  • The Vanguard Group, Inc.
  • BlackRock Fund Advisors
  • SSgA Funds Management, Inc.
  • Capital Research & Management Co.
  • Geode Capital Management Funds

By contrast, 48% of Walmart’s are owned by heirs to the Walton family who still maintain control of the company today. The rest of the shares are owned primarily by retirement funds and financial institutions.

If you want to learn more about CSV and Walmart being connected, read on.  

What is the Connection Between CVS and Walmart?

The largest connection between CVS and Walmart is that they compete within the same industries, primarily healthcare and retail.  However, they serve different market segments.

 CVS stores are generally located in suburban and urban centers and have relatively small retail spaces. Meanwhile, Walmart is known for its expansive warehouse-style stores, that offer full departments from clothing to healthcare.

CVS and Walmart are also connected through industry-wide partnerships, particularly through their deal to use the CVS-owned CVS Caremark.

Read on to see what companies Walmart does own.

What Other Companies Does Walmart Own?

Walmart has various subsidiaries across the world. The companies owned by Walmart range from retailers, grocery stores, and clothing manufacturers. Here is a shortlist of prominent companies owned by Walmart:

  • Sam’s Club – A membership-only wholesale retailer.
  • – An online retailer and e-commerce company.
  • Bonobos – A fashion brand predominantly serving men through an e-commerce platform.
  • Moosejaw – A retailer focused on outdoor sport and apparel.

Given the growing list of companies under Walmart’s purview, the next section investigates if Walmart will look to acquire CVS.

Does Walmart Plan to Acquire CVS?

There is no public indication that Walmart may acquire CVS as of 2024. Walmart and CVS are two of the largest companies in the United States in terms of market share. While Walmart could benefit from owning CVS, the company would likely be too large to purchase.

Additionally, large acquisition of this nature would probably flag regulators to examine a potential anti-trust case, as such an acquisition could lead to a potential monopoly within the pharmacy market.

Is CVS Owned by Walmart?

As of 2024, Walmart does not own CVS, and any potential acquisition is unlikely. They are two principal competitors competing for the pharmacy and retail market share.

While the two companies may be competitors, there are numerous examples of collaboration between the two companies over the past few years.

This partnership spans addressing waste within the retail industry as well as connecting via the same pharmacy network, CVS Caremark.