ROBBINS LARRY 4

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.