Activist Investor Starboard Value Takes Stake in Kenvue Inc

Investing.com — Activist investor Starboard Value has acquired a "sizeable" stake in consumer products giant Kenvue Inc (NYSE:KVUE), advocating for changes to enhance its stock price, as reported by The Wall Street Journal on Sunday.

The specifics of the stake size were not disclosed. Starboard believes Kenvue possesses some of the strongest consumer brands, yet its share price has underperformed compared to peers and the broader market since its listing in 2023.

Kenvue, which was spun off from consumer giant Johnson & Johnson (NYSE:JNJ) last year, has seen a muted stock performance so far in 2024, in contrast to a 24% rise in the S&P 500.

The company owns several well-known consumer brands, including Tylenol, Listerine, and Band-Aid.

Earlier in October, WSJ reported that Starboard had taken a $1 billion stake in pharmaceutical giant Pfizer Inc (NYSE:PFE), seeking to implement changes to improve the drug maker’s performance.

Led by Jeff Smith, the hedge fund invests across various sectors, particularly focusing on technology, with recent stakes in Salesforce Inc (NYSE:CRM), Autodesk Inc (NASDAQ:ADSK), and Match Group Inc (NASDAQ:MTCH).