CVS Health (NYSE: CVS) director-linked funds sell 3.75M shares and exit swaps
Rhea-AI Filing Summary
CVS Health Corp director-associated funds reported sizable open-market sales of CVS stock and related derivatives. Investment funds managed by Glenview Capital Management sold a total of 3,750,000 CVS-related shares, including common stock and cash-settled swaps referencing common shares, over May 19–21, 2026 at weighted average prices in the mid-$90s per share.
The transactions were executed indirectly through the Glenview Investment Funds and the GO Fund, not by Larry Robbins personally. Following these sales, entities managed by Glenview Capital Management continued to hold 4,824,799 CVS common shares indirectly, while the cash-settled swap position referencing 378,000 shares was reduced to zero.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 3,372,000 shares
Net Sell
8 txns
Insider
ROBBINS LARRY
Role
Director
Sold
3,750,000 shs ($352.74M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Cash-Settled Swaps | 378,000 | $93.311 | $35.27M |
| Sale | Common Stock | 370,462 | $93.4482 | $34.62M |
| Sale | Common Stock | 797,628 | $93.4766 | $74.56M |
| Sale | Common Stock | 152,691 | $94.8061 | $14.48M |
| Sale | Common Stock | 66,881 | $95.6655 | $6.40M |
| Sale | Common Stock | 800 | $96.2819 | $77K |
| Sale | Common Stock | 1,983,387 | $94.448 | $187.33M |
| Sale | Common Stock | 151 | $95.18 | $14K |
Holdings After Transaction:
Cash-Settled Swaps — 0 shares (Indirect, Held by Glenview Investment Funds);
Common Stock — 4,824,799 shares (Indirect, Held by Glenview Investment Funds)
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").
- 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.
- 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.
Key Figures
Total CVS-related shares sold: 3,750,000 shares
Common shares sold: 3,372,000 shares
Swaps reference shares: 378,000 shares
+5 more
8 metrics
Total CVS-related shares sold
3,750,000 shares
Net sell shares across May 19–21, 2026
Common shares sold
3,372,000 shares
Sum of non-derivative open-market sales
Swaps reference shares
378,000 shares
Underlying CVS common shares for cash-settled swaps sold
Shares held after sales
4,824,799 shares
Indirect CVS common stock position after May 21, 2026 trade
Largest single-day common sale
1,983,387 shares
Open-market sale on May 19, 2026 at $94.4480
Cash-settled swap reference price
$58.29/share
Conversion or exercise price of swaps referencing CVS stock
Swap expiration date
September 16, 2027
Expiration of cash-settled swaps referencing CVS shares
Common sale price example
$93.4482/share
Weighted average price for 370,462-share sale on May 21, 2026
Key Terms
cash-settled swaps, weighted average price, beneficial ownership, dispositive power, +1 more
5 terms
cash-settled swaps financial
"These cash-settled swaps reference shares of the Issuer's common stock (the "Swaps") and are held for the account of the GO Fund."
weighted average price financial
"This price reflects the weighted average price for open-market sales of Shares on May 19, 2026 within a $1.00 range."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficial ownership financial
"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."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
dispositive power financial
"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."
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
investment manager financial
"Glenview Capital Management, LLC, which serves as investment manager to each of the Glenview Investment Funds."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Glenview-affiliated funds disclose in this CVS (CVS) Form 4 filing?
Glenview-affiliated funds disclosed open-market sales totaling 3,750,000 CVS-related shares, including both common stock and cash-settled swaps. These transactions occurred over May 19–21, 2026 at weighted average prices in the mid-$90s per share.
Were the CVS (CVS) Form 4 transactions direct trades by Larry Robbins?
No, the trades were reported as indirect holdings. The shares and cash-settled swaps are held by the Glenview Investment Funds and the GO Fund, for which Larry Robbins’ firm, Glenview Capital Management, serves as investment manager.
What type of derivative position in CVS stock was reported in this Form 4?
The filing reports cash-settled swaps referencing 378,000 CVS common shares. These swaps had a reference price of $58.29 per share and an expiration date of September 16, 2027, with the reported position reduced to zero.