Activist investor Starboard takes stake in Kenvue – WSJ
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Activist investor Starboard Value has amassed a sizeable stake in Kenvue Inc. (NYSE:KVUE), the consumer-products company that makes Tylenol and Listerine.
Starboard wants Kenvue, which was spun off from Johnson & Johnson (JNJ) last year, to take measures to help boost its stock price, according to a WSJ report late Sunday, which cited people familiar with the matter.
The exact size of Starboard’s stake in Kenvue’s (KVUE) wasn’t known and specifics of it plans couldn’t be learned, according to the report.
Kenvue (KVUE) shares are unchanged this year, while the S&P 500 Index has risen 23%.
The news comes as Starboard’s founder and CEO Jeff Smith is scheduled to appear at the 13D Monitor Active-Passive Investor Summit in New York City on Tuesday.
Kenvue (KVUE) is expected to report Q3 results on Nov. 7.