WOONSOCKET, R.I. — CVS Caremark Corp. has been named the most-admired company in the food and drug store industry by Fortune magazine.

The drug store chain and pharmacy benefit manager said Monday that the honor is part of the publication’s annual listing of the "World’s Most Admired Companies."

According to CVS Caremark, Fortune recognized the company for its approaches to innovation and ability to deliver value to long-term investors. The "Most Admired" list is slated to be published in the magazine’s March 22 issue.

Fortune describes the annual ranking as "the definitive report card on corporate reputations," and the list is based on national surveys of investment analysts, boards of directors and business executives, CVS Caremark reported.

"This achievement reflects the deep commitment that our CVS Caremark colleagues across the country have made to our mission of providing our customers with innovative solutions in pharmacy and health care," CVS Caremark chairman and chief executive officer Tom Ryan said in a statement. "We couldn’t be more pleased to be named the most-admired company in our industry." 

The company added that Fortune‘s "Most Admired" scorecard for CVS Caremark included second-place honors in the areas of people management, use of corporate assets and financial soundness.