Starboard's Stake Boosts Kenvue Shares

Shares of Kenvue Inc., the consumer-products company spun out from Johnson & Johnson, surged after activist investor Starboard Value took a sizable stake, aiming to enhance the company's stock performance. Starboard has not disclosed the exact size of its stake or specific plans but is expected to outline its strategy at the 13D Monitor Active-Passive Investor Summit. Kenvue's stock, which had been relatively flat this year, rose significantly following the news, reflecting investor optimism. The company, known for brands like Tylenol and Listerine, has underperformed compared to the broader market and peers despite having strong consumer brands. Johnson & Johnson, which completed its separation from Kenvue last year, still retains a stake in the company. This move by Starboard follows its recent $1 billion investment in pharmaceutical giant Pfizer.