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Glenview, an important shareholder, was engaged productively CVS.US board adds four new members

Market IntelMonday, Nov 18, 2024 8:40 am ET
1min read

Following "productive engagement" with activist investor Glenview Capital Management, CVS Health (US) has added four new board members.

"In our discussions with the Glenview leadership, we agreed that we could create greater value for all stakeholders, including our customers, consumers, colleagues and shareholders, through our combined businesses," said Roger Farah, executive chairman of CVS Health. Glenview bought 2.8 million shares of CVS Health in the third quarter, increasing its stake in the company by 31%.

The new board members include Leslie Norwalk, Guy Sansone, Doug Shulman and Glenview CEO Larry Robbins. Norwalk will join the health services committee, Sansone will join the audit committee and Shulman will join the management planning and development committee. With the addition of the four new board members, the CVS Health board now has 16 members.

Earlier this month, CVS Health reported third-quarter revenue of $9.54 billion, up 6.3% year over year, topping market expectations by $2.7 billion, as its pharmacy and consumer health and healthcare benefits segments performed well. The pharmacy and consumer health segment generated $3.24 billion in revenue, up about 12% year over year; the Aetna healthcare benefits segment generated $3.3 billion in revenue, up about 26% year over year.

As of writing, CVS Health rose more than 2% before the opening of the U.S. stock market on Monday.

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yodalr
11/18
$CVS Why would anyone want to short at this level? 😡 😡 😡
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paperboiko
11/18
$CVS It's noteworthy that the bearish Wells Fargo analyst has recently upgraded his stance.
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Big-Decision-1458
11/18
$CVS just exploded!
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SHIT_ON_MY_BALLS
11/18
$CVS has appointed four new board members, which should be a huge help!
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dypeverdier
11/18
$CVS Health Stock Gains Focus After Board Adds 4 New Members Post-Glenview Capital Talks: Retailers Remain Unimpressed https://stocktwits.com/news-articles/markets/equity/cvs-health-stock-in-focus-after-new-board-appointments/cJ4v5GpRQ4
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Critical-Database-49
11/18
Well, I guess you could say Glenview 'prescribed' some new board members for CVS Health. Seriously though, good move to boost shareholder value!
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CALAND951
11/18
6.3% year-over-year revenue growth is impressive, but let's see how this board shake-up impacts Q4. Will be watching closely...
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SpirituallyAwareDev
11/18
This is fantastic news for healthcare! Leveraging CVS's pharmacy segment with Aetna's benefits will revolutionize patient care - kudos to all involved!
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OneTrickPony_82
11/18
Not convinced this is more than just a PR stunt. How much actual influence will Glenview really have on the board?
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No-Sandwich-5467
11/18
Loving the proactive move by CVS Health! Adding Glenview's expertise to the board is a great strategic play - long CVS.US!
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