CVS Health (CVS) shares rose Monday on a report that major investor 澳洲幸运5官方开奖结果体彩网:hedge fund Glenview Capital Management was planning to hold a meeting today with executives of the pharmacy and health care🧜 firm about making changes to its operations.

The Wall Street Journal said the move could potentially be the start of an 澳洲幸运5官方开奖结果体彩网:activist investor intervention against CVS, which has struggled because of higher expenses, lower reimbursements, and changing consumer habits. Shares of💖 CVS rose nearly 3🐼% Monday afternoon, making them the best performers in the S&P 500, but have lost about 20% of their value this year.

In August, CVS slashed its full-year earnings outlook, and 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Karen Lynch announced a $2 billion cost-cutting plan by "further streamlining and optimizing our operations and processes, continuing to rationalize our business portfolio and accelerating the use of artificial intelligence and automation."

The Journal also reported that as part of that effort, CVS advised💯 employees today that it would be implementing layoffs, r🎉epresenting less than 1% of the workforce.

Glenview Has $700M Stake in CVS

The paper noted that Glenview, which was founded by CEO Larry Robbins, has about $700 million of its $2.5 billion fund invested in CVS, and holds approximately a 1% stake. It added that the large position is an indication that Robbins believes in the company's potential and is confident he can get the leadership to change course. 

When reached by Investopedia, a spokesperson for CVS neither confirmed nor denied the report, saying only that the company "maintains a regular dialogue with the investment community as part of our robust shareholder and analyst engagement program."