Today’s News
Hedge fund Starboard Value has acquired a stake in Kenvue, the consumer products company known for brands like Band-Aid, Listerine, and Tylenol, which went public last year, according to two sources familiar with the matter. The size of the stake was not immediately available.
Image Source: Bloomberg
Kenvue, previously a part of Johnson & Johnson, has seen its stock drop 18% since its May 2023 listing, closing at USD 21.72 per share on Friday, giving the company a market value of USD 41 billion.
One of the sources suggested that Starboard may push for Kenvue to reevaluate its brand positioning and pricing strategies to enhance the company’s overall performance. However, the sources, who requested anonymity due to the sensitivity of the information, did not provide further details. Kenvue was not immediately available for comment.
The Wall Street Journal initially reported the news, which surfaces just ahead of Starboard Chief Investment Officer Jeffrey Smith’s scheduled presentation at the 13D Monitor Active-Passive Investor Summit. Smith is also expected to discuss the hedge fund’s USD 1 billion investment in pharmaceutical company Pfizer at the event.
Starboard has signaled that it expects Pfizer to improve its financial performance, particularly as the company’s stock has lost nearly half its value since 2021, when demand for its COVID-19 vaccine was at its peak. Smith recently met with Pfizer CEO Albert Bourla and the company’s lead independent director.
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China Cuts Lending Rates to Boost Growth
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