Investing.com– Activist investor Starboard Value has built up a “sizeable” stake in consumer products giant Kenvue Inc (NYSE:KVUE) and is calling for changes to boost its stock price, The Wall Street Journal Reported on Sunday.
The report did not specify the size of stake. Starboard believes that Kenvue has some of the strongest consumer brands in the market, but its share price has lagged its peers and the broader market since its listing in 2023.
Kenvue was spun off from consumer giant Johnson & Johnson (NYSE:JNJ) last year. Its share price is muted so far in 2024, compared to a 24% jump in the S&P 500.
The firm owns several popular consumer brands, including Tylenol, Lysterine and Band-Aid.
Starboard had recently taken a $1 billion stake in pharmaceutical giant Pfizer Inc (NYSE:PFE), the WSJ reported earlier in October, as it sought changes to turn around the drug maker’s performance.
The hedge fund, led by Jeff Smith, invests in a wide variety of sectors with a focus on tech, with recent stakes in Salesforce Inc (NYSE:CRM), Autodesk Inc (NASDAQ:ADSK) and Tinder owner Match Group Inc (NASDAQ:MTCH).