Activist hedge fund Sachem Head Capital Management has taken a new stake in consumer healthcare group Kenvue, building a 10.6m share position worth roughly $223m at quarter-end, according to a report by Reuters citing the firm's latest 13F filing.
The position ranks as Sachem Head’s fourth-largest holding, behind Twilio, Talen Energy, and Seagate Technology.
Kenvue, spun out of Johnson & Johnson and now valued at around $40bn, has become a magnet for activist attention, with Starboard Value, Third Point, and Toms Capital already on the shareholder register. The company’s board ousted CEO Thibaut Mongon in July, fuelling investor speculation over a potential sale.
Starboard cut its stake by 5% in Q2 to 21m shares, while Toms Capital raised its holding to 16m shares. Third Point held steady at 8.5m shares. Kenvue’s shares have drifted 1% lower year-to-date, closing Thursday at $21.06.
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