Though Starboard's stake is small and its conversations with CVS friendly, the exact amount of the investment in the retail pharmacy company couldn't be determined, according to the Journal report. Starboard's most recent government filing shows it accrued its reported stake in CVS Health after the end of the third quarter.
CVS Health declined to comment on the Journal's report. The company's shares rose slightly on the news, closing up 1.7% at $76.58 a share.
The stock is up nearly 17% this year, yet just shy of 2% over the past 12 months. CVS' stock price took a hit at the beginning of the year when the health-care company warned it faced multiple headwinds, including weaknesses in its long-term care business.
It has since rebounded as CVS turned around its performance for the year and laid out its plan for the next few years as it integrates Aetna, the health insurer it acquired last year for $70 billion.