Sachem Head Capital Management, the hedge fund firm led by Scott Ferguson, significantly increased its investment in CVS Health Corp during the second quarter amid a 25% drop in the US healthcare company's stock price, according to a report by Reuters. The report cites a 13F regulatory filing released on Wednesday, as revealing that the hedge fund acquired 2.45m shares of CVS, representing about 0.20% of the company, as of 30 June. The investment in CVS is among Sachem Head's largest, alongside holdings in ZoomInfo Technologies and Twilio. While the hedge fund has not disclosed its specific plans for the CVS investment, there is growing speculation among fund managers that an activist investor might soon push CVS to implement changes to enhance its share value. CVS’s stock has declined 31% since January, while the broader market has gained around 15%.
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