ROBBINS LARRY 4
4 · CVS HEALTH Corp · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
CVS (CVS) Director Larry Robbins Sells 3.75M Shares
What Happened
- Larry Robbins, Founder, Portfolio Manager and CIO of Glenview Capital Management and a director at CVS Health, reported the disposition of 3,750,000 economic interests tied to CVS common stock between May 19–21, 2026. The transactions comprised multiple open-market sales and a derivative (cash‑settled swap) sale, producing aggregate proceeds of approximately $352,742,694. Individual lots ranged in price roughly from $93.13 to $96.34 per share (see Key Details for per-lot info).
- These are sales (dispositions), not purchases — typically routine fund trading rather than an acquisition signal.
Key Details
- Total disposed: 3,750,000 shares/stock-equivalent instruments for total proceeds ≈ $352,742,694.
- Transaction breakdown (dates, amounts, reported per‑lot prices):
- May 19, 2026: 1,983,538 shares sold at a weighted avg $94.45 (reported range $94.18–$95.175).
- May 20, 2026: 797,628 shares @ $93.48 (range $93.25–$94.19); 152,691 shares @ $94.81 (range $94.25–$95.245); 66,881 shares @ $95.67 (range $95.25–$96.21); 800 shares @ $96.28 (range $96.25–$96.34).
- May 21, 2026: 370,462 shares @ $93.45 and 378,000 share-equivalent (derivative) @ $93.31 (weighted avg range $93.125–$93.83).
- Derivative note: the 378,000 units were cash‑settled swaps that reference CVS common stock (footnotes F10–F11); these swaps settle in cash rather than result in delivery of shares.
- Ownership/record holder notes: the sold shares and swaps are held for accounts of Glenview funds (Glenview Investment Funds and GO Fund). Robbins is the investment manager (Founder/CIO) and shares voting/dispositive power over those fund positions (footnotes F1, F4, F11). He disclaims beneficial ownership of the funds’ securities except to the extent of any pecuniary interest (F3).
- Shares owned after transaction: not specified in the provided filing excerpt.
- Filing: Report filed May 21, 2026 covering transactions dated May 19–21, 2026 (no late‑filing flag provided in the excerpt).
Context
- These filings reflect dispositions by Glenview-managed funds for which Robbins is the portfolio manager and may be reported as his transactions due to his control/management role. The derivative sale involved cash‑settled swaps (no direct share delivery). As with any insider sale, facts are disclosed; motivations (rebalancing, tax, diversification) are not stated and should not be assumed.
Insider Transaction Report
Form 4
ROBBINS LARRY
Director
Transactions
- Sale
Common Stock
[F1][F2][F3][F4]2026-05-19$94.45/sh−1,983,387$187,326,935→ 6,213,412 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F3][F4]2026-05-19$95.18/sh−151$14,372→ 6,213,261 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F5][F3][F4]2026-05-20$93.48/sh−797,628$74,559,554→ 5,415,633 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F6][F3][F4]2026-05-20$94.81/sh−152,691$14,476,038→ 5,262,942 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F7][F3][F4]2026-05-20$95.67/sh−66,881$6,398,204→ 5,196,061 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F8][F3][F4]2026-05-20$96.28/sh−800$77,026→ 5,195,261 total(indirect: Held by Glenview Investment Funds) - Sale
Common Stock
[F1][F9][F3][F4]2026-05-21$93.45/sh−370,462$34,619,007→ 4,824,799 total(indirect: Held by Glenview Investment Funds) - Sale
Cash-Settled Swaps
[F10][F3][F11]2026-05-21$93.31/sh−378,000$35,271,558→ 0 total(indirect: Held by Glenview Investment Funds)Exercise: $58.29From: 2024-08-16Exp: 2027-09-16→ Common Stock (378,000 underlying)
Footnotes (11)
- [F1]These shares of the Issuer's common stock (the "Shares") are held for the accounts of Glenview Capital Master Fund, Ltd., Glenview Offshore Opportunity Master Fund, Ltd. (the "GO Fund"), Glenview Healthcare Master Fund, L.P., and GCM Suggestivist I Master Fund, L.P. (collectively, the "Glenview Investment Funds").
- [F10]These cash-settled swaps reference shares of the Issuer's common stock (the "Swaps") and are held for the account of the GO Fund.
- [F11]The GO Fund is the record holder of the Swaps. The Reporting Person is the Founder, Portfolio Manager and CIO of Glenview Capital Management, LLC, which serves as investment manager to the GO Fund. The Reporting Person shares voting and dispositive power over the Swaps held by the GO Fund and may be deemed to beneficially own such Swaps.
- [F2]This price reflects the weighted average price for open-market sales of Shares on May 19, 2026 within a $1.00 range. The actual prices for these transactions range from $94.18 to $95.175, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
- [F3]The Reporting Person disclaims beneficial ownership over any securities owned by the Glenview Investment Funds other than to the extent of any pecuniary interest he may have therein.
- [F4]The Glenview Investment Funds are the record holders of the Shares. The Reporting Person is the Founder, Portfolio Manager and CIO of Glenview Capital Management, LLC, which serves as investment manager to each of the Glenview Investment Funds. The Reporting Person shares voting and dispositive power over the Shares held by the Glenview Investment Funds and may be deemed to beneficially own such Shares.
- [F5]This price reflects the weighted average price for open-market sales of Shares on May 20, 2026 within a $1.00 range. The actual prices for these transactions range from $93.25 to $94.19, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
- [F6]This price reflects the weighted average price for open-market sales of Shares on May 20, 2026 within a $1.00 range. The actual prices for these transactions range from $94.25 to $95.245, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
- [F7]This price reflects the weighted average price for open-market sales of Shares on May 20, 2026 within a $1.00 range. The actual prices for these transactions range from $95.25 to $96.21, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
- [F8]This price reflects the weighted average price for open-market sales of Shares on May 20, 2026 within a $1.00 range. The actual prices for these transactions range from $96.25 to $96.34, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
- [F9]This price reflects the weighted average price for open-market sales of Shares on May 21, 2026 within a $1.00 range. The actual prices for these transactions range from $93.125 to $93.83, inclusive. The Reporting Person further undertakes to provide upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of Shares sold at each separate price.
Signature
/s/ Larry M. Robbins|2026-05-21