Glenview to meet top CVS execs, propose operational improvements, WSJ reports

(Reuters) - Healthcare-focused Glenview Capital Management will meet top executives at struggling healthcare company CVS Health on Monday to propose ways it can improve operations, The Wall Street Journal reported on Sunday.

The hedge fund's founder, Larry Robbins, has built a large position in CVS, which amounts to about $700 million of his $2.5 billion hedge fund, the report said, citing a person familiar with the matter.

CVS said it "maintains a regular dialogue with the investment community as part of our robust shareholder and analyst engagement program," and said it can't comment on engagement with specific firms or individuals.

Glenview did not immediately respond to a Reuters' request for comment.

Speculation has mounted among fund managers that an activist investor may swoop in to push CVS to make changes that would boost its share price.

Investment firm Sachem Head Capital Management built a new 0.2% stake in the company during the second quarter, according to a regulatory filing in August.

Earlier in August, CVS cut its annual profit forecast to $6.40 to $6.65 per share from its prior view of at least $7.00, marking at least the fourth time CVS lowered its outlook for the year.

It also announced a multi-year plan to save $2 billion in costs through measures such as streamlining operations and using artificial intelligence and automation across its business.

(This story has been corrected to say outlook has been revised three times, not four, in paragraph 7)

(Reporting by Urvi Dugar; Additional reporting by Harshita Meenaktshi; Editing by Leslie Adler and Marguerita Choy)