CVS Health (CVS) will report third-quarter earnings before the market opens on Wednesday after the pharmacy and healthcare provider had a difficult October in which it included a change of CEO and layoffs, among other cost-cutting moves.

Despite the roughly 30% year-to-date decline, the 13 analysts tracked by Visible Alpha remain mostly bullish on CVS stock, with nine “buy” ratings and four “hold” ratings. However, the average the target price of $68.69 implies that analysts expect CVS to recover some, but not all, of its losses from early 2024. Shares closed Monday at $54.65, down 2%.

Income is expected to grow to $93.02 billion for the quarter, up about 3.6% year-over-year. But net income is expected to drop more than 40% to $1.29 billion, or $1.05 a share, according to estimates compiled by Visible Alpha.

Earnings Watch CEO Change, Reports of Possible Breakup

CVS reports its latest earnings following a tumultuous October that began with reports that a breakup of namesake drugstores and Aetna The health insurance provider was considered after its earnings in the first two quarters since 2024 has also disappointed repeatedly reducing profit forecasts.

A few weeks after it was reported that the company met with the hedge fund Glenview Capital Management to discuss potential changes to its operations, CVS on Oct. 18 said company veteran David Joyner will take over as chief executive officer (CEO). The company at that time also released its preliminary third quarter earnings per share (EPS) projections of 3 cents to 8 cents and said it would offer new for the full year guidance on Wednesday’s earnings call.

CVS shares are down 19% since mid-October.