(Reuters) -Activist investor Glenview Capital said on Tuesday it reduced its holdings in CVS Health by 3.75 million shares after the insurer posted “healthy” first-quarter results and raised annual forecast.
Glenview said CVS shares have generated a total return of 25% since it took a position last year, suggesting progress in the company’s turnaround plan.
CVS had been facing pressure from investors, including Glenview, to improve its operations and shareholder value after missing financial targets several times due to increased medical costs in its health insurance business.
Last week, CVS shares jumped 5% after the company raised 2025 profit forecast and reported first-quarter earnings above analysts’ estimate.
(Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar)
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