Activist Glenview cuts stake in CVS after strong first-quarter earnings
CVS shares have generated a total return of 25% since it took a position last year, suggesting progress in the company's turnaround plan, the hedge fund said. It reduced its holdings by 3.75 million shares, just days after the healthcare conglomerate raised its annual forecast and beat Wall Street estimate for quarterly profit. 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.