Kenvue Inc. (NYSE:KVUE) shares are moving higher Monday following a report suggesting activist investor Starboard Value has acquired a stake in the company.
The Details: According to the Wall Street Journal, Starboard has acquired a “sizable” stake in Kenvue and is pushing for changes to boost the consumer-products company’s share price. The activist investor asserts that Kenvue has “some of the best consumer brands,” yet its stock has lagged behind its competitors for over a year.
Kenvue’s iconic brands include Aveeno, BAND-AID Brand, Johnson’s, Listerine, Neutrogena and Tylenol. Kenvue shares are up just 7% year-to-date compared to more than 23% gains in the S&P 500. Competitors Haleon (NYSE:HLN) and Proctor and Gamble Company (NYSE:PG) have climbed 21% and 16%, respectively, since the start of the year.
The exact size of Starboard's position in Kenvue was not shared. Starboard’s specific turnaround ideas were also not reported, but people familiar with the matter said Starboard CEO Jeff Smith is expected to discuss more about Starboard’s perspective on Kenvue at the 13D Monitor Active-Passive Investor Summit in New York on Tuesday.
According to a separate report, Starboard may try to push the company to sell its skin, healthcare and beauty division in whole or part.
In a note released Monday, JPMorgan analyst Andrea Teixeira said, “Given the SHB segment has been a key area of debate on the stock over the past year and a half, we would expect Starboard to detail changes it would like to see management make to this division — which we suspect could involve divesting some/all of the segment.”
Kenvue was spun out of Johnson & Johnson (NYSE:JNJ) last year. The company currently has a market cap of more than $41 billion, according to data from Benzinga Pro.
KVUE Price Action: At the time of publication, Kenvue stock was up 5.96% at $23.02, according to data from Benzinga Pro.
Image: 3972315 from Pixabay.
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