Sources report that CVS is collaborating with advisors to conduct a strategic review.

• According to sources, CVS Health's board has appointed advisors to conduct a strategic review of its business.
• The company has not yet decided on any actions based on the ongoing review, according to the people.

According to sources, the company has appointed advisors to conduct a strategic review of its business, amidst potential activist pressure and a severely depressed stock price.

The company has not yet decided on any actions based on the ongoing review, according to the people.

CNBC previously reported that CVS management, including CEO Karen Lynch, met with major shareholder Glenview Capital Monday to discuss the company's lagging prospects and Glenview's plans to revive the stock.

Heightened medical costs are putting pressure on Lynch's insurance business.

CVS Health's management team and Board of Directors are always looking for ways to increase shareholder value while maintaining a focus on delivering high-quality healthcare products and services through their unique scale and integrated model, as stated by CVS spokesman David Whitrap in a conversation with CNBC.

The insurance unit of CVS has experienced leadership turnover, with Lynch taking over direct leadership earlier this year, replacing Brian Kane as president.

On Monday, after-hours trading saw CVS shares increase by approximately 2.5% following a report by Reuters.

— CNBC's Bertha Coombs contributed to this story