Activist investor Starboard Value has accumulated a stake in Kenvue, the producer of consumer brands including Tylenol and Neutrogena, according to two people familiar with the matter.
Kenvue, which has a market value of $41bn, was spun off from Johnson & Johnson last year. Shares in the company gained 10 per cent over the past year, underperforming the S&P 500’s 38 per cent rise.
The size of the stake could not immediately be learnt. Hedge fund Starboard, led by investor Jeff Smith, is expected to unveil the investment at the annual activist investor gathering 13D Monitor this week.
Starboard has separately accumulated a $1bn position in drugmaker Pfizer, and plans to outline its thesis at the same conference.