Activist hedge fund firm Starboard Value has acquired a stake in Kenvue, the consumer products company known for a range of brands including Band-Aid, Listerine, and Tylenol, according to a report by the Wall Street Journal.
The reports cites unnamed sources familiar with the matter as highlighting that while the exact size of the holding hasn’t been disclosed, Starboard may now push for changes in how Kenvue positions and prices its products to improve financial performance.
Kenvue, which was spun off from Johnson & Johnson and went public last year, has seen its stock decline by 18% since its May 2023 listing. The stock closed at $21.72 per share on Friday, giving the company a market capitalisation of $41bn.
News of Starboard’s Kenvue stake follows the firm’s recent $1bn investment in Pfizer, which has seen the value of its stock fall by nearly 50% since 2021 amid falling demand for its Covid-19 vaccine.