Loeb's Third Point builds stake in Band-Aid maker Kenvue
By Svea Herbst-Bayliss
NEW YORK (Reuters) -Billionaire investor Daniel Loeb's hedge fund Third Point is building a stake in Kenvue, sources familiar with the matter said on Friday, as some investors are pushing for strategic changes at the consumer healthcare company.
News of Third Point's investment in the $44 billion Summit, New Jersey-headquartered maker of Band-Aids and Tylenol helped push its share price up more than 2% in late afternoon trading on Friday before giving up some gains to close at $23.01.
Kenvue, spun out of Johnson & Johnson two years ago, has faced pressure from activist investors for months and avoided a full-blown proxy fight with Starboard Value in March when it added the firm's founder and chief executive, Jeffrey Smith, to its board.
Starboard pressed the company to review how it positions its brands and how they are priced in order to boost its performance.
Since reaching its agreement with Starboard, Kenvue has faced pressure from Toms Capital Investment Management, another activist firm that also built a stake and wants the company to consider strategic alternatives including a possible sale of the entire company or portions of it, sources familiar with the firm's engagement said.
It could not be established how large Third Point's investment is or whether the hedge fund has engaged with Kenvue's board or management. A representative for Third Point declined to comment. The Financial Times first reported Third Point's stake in Kenvue on Friday.
Kenvue said it regularly engages with its investors but does not comment on individual investor discussions. The board acts "in the best interests of the company and all Kenvue shareholders and we remain focused on accelerating sustainable, profitable growth and enhancing shareholder value," the company said in a statement.
While Kenvue's brands, including Aveeno, Listerine and Zyrtec, are well-known, net sales were flat at $15.5 billion in 2024. The company's stock price, while up 8% this year, has slid 13.2% since being listed as a publicly traded company in May, 2022.
Third Point pursues a variety of strategies including, from time to time, activism in which it engages with management to push companies including Advance Auto Parts, Walt Disney and Bath & Body Works to perform better.
It oversees roughly $12 billion in assets and returned 25% in 2024, a dramatic increase from a gain of roughly 4% in 2023 and a 22% loss in 2022. Last year, the firm rotated into consumer discretionary, financial and industrial companies that helped fuel returns after a post-election rally.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Sadhguru Named 'Global Indian of the Year' by Canada India Foundation
Sadhguru Named 'Global Indian of the Year' by Canada India Foundation NASHVILLE, TN, June 13, 2025 (GLOBE NEWSWIRE) -- Sadhguru Jaggi Vasudev, founder of the Tennessee-headquartered Isha Foundation, has been recognized with the Global Indian of the Year award by the Canada India Foundation (CIF). The award was presented at CIF's annual gala in Toronto on May 22, 2025, in acknowledgment of his international contributions to environmental sustainability, social upliftment, and inner well-being. Sadhguru's leadership in global ecological efforts—most notably the Conscious Planet – Save Soil movement and Cauvery Calling campaign—has mobilized millions worldwide. These initiatives focus on restoring soil health, promoting agroforestry, and encouraging responsible environmental stewardship, supported by scientific research and policy engagement. During the award ceremony, Sadhguru announced that the CAD 50,000 honorarium would be donated to Cauvery Calling to further its work in revitalizing the Cauvery River basin. 'This is not recognition for me, but for the thousands of volunteers working relentlessly to serve both people and the planet,' he said. Beyond environmental causes, Sadhguru's work through the Isha Foundation spans education, rural development, and accessible wellness programs across more than 50 countries. In the U.S., the Foundation operates in 34 states, with its primary center located on the Cumberland Plateau in Tennessee. The institute has become a destination for both spiritual exploration and community engagement, contributing to local economies and tourism. Leaders from CIF cited Sadhguru's wide-reaching influence across cultural, political, and scientific spheres in selecting him for the honor—highlighting his ability to bridge tradition and innovation on a global stage. The Canada India Foundation's recognition adds to a growing list of accolades acknowledging Sadhguru's efforts to foster conscious, inclusive, and sustainable solutions for global well-being. CONTACT: Name: Evelyn Caroline Email: Evelyn@ Job Title: Head of Marketing
Yahoo
an hour ago
- Yahoo
Sadhguru Named 'Global Indian of the Year' by Canada India Foundation
Sadhguru Named 'Global Indian of the Year' by Canada India Foundation NASHVILLE, TN, June 13, 2025 (GLOBE NEWSWIRE) -- Sadhguru Jaggi Vasudev, founder of the Tennessee-headquartered Isha Foundation, has been recognized with the Global Indian of the Year award by the Canada India Foundation (CIF). The award was presented at CIF's annual gala in Toronto on May 22, 2025, in acknowledgment of his international contributions to environmental sustainability, social upliftment, and inner well-being. Sadhguru's leadership in global ecological efforts—most notably the Conscious Planet – Save Soil movement and Cauvery Calling campaign—has mobilized millions worldwide. These initiatives focus on restoring soil health, promoting agroforestry, and encouraging responsible environmental stewardship, supported by scientific research and policy engagement. During the award ceremony, Sadhguru announced that the CAD 50,000 honorarium would be donated to Cauvery Calling to further its work in revitalizing the Cauvery River basin. 'This is not recognition for me, but for the thousands of volunteers working relentlessly to serve both people and the planet,' he said. Beyond environmental causes, Sadhguru's work through the Isha Foundation spans education, rural development, and accessible wellness programs across more than 50 countries. In the U.S., the Foundation operates in 34 states, with its primary center located on the Cumberland Plateau in Tennessee. The institute has become a destination for both spiritual exploration and community engagement, contributing to local economies and tourism. Leaders from CIF cited Sadhguru's wide-reaching influence across cultural, political, and scientific spheres in selecting him for the honor—highlighting his ability to bridge tradition and innovation on a global stage. The Canada India Foundation's recognition adds to a growing list of accolades acknowledging Sadhguru's efforts to foster conscious, inclusive, and sustainable solutions for global well-being. CONTACT: Name: Evelyn Caroline Email: Evelyn@ Job Title: Head of MarketingSign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
Washington Bridge contractors say RIDOT issued flawed RFP in countersuit against state
Traffic flows in both directions on Interstate 195 on the eastbound side of the Washington Bridge on Friday, June 13, 2025, at 3:50 p.m. Demolition work that has removed much of the westbound side of the Washington Bridge is expected to be completed in December. (Rhode Island Department of Transportation Traffic Camera) Two of the 13 firms being sued by the state for allegedly doing negligent work on the westbound Washington Bridge have filed a counterclaim, alleging the Rhode Island Department of Transportation (RIDOT) failed to tell them about a key inspection report. The counterclaim filed by Barletta Heavy Division Inc. and Aetna Bridge Company in Providence County Superior Court Thursday argues they should have been alerted to the findings of a January 1992 report by Lichtenstein & Associates, at the time they bid for the state's $78 million contract to rehabilitate the Washington Bridge in 2021. The 1992 report was cited by the state in its lawsuit against the firms, claiming they all should have known about deterioration in the concrete drop-in beams and signs of distress in the grout and cantilever beams that were eventually deemed a risk to the bridge's structural integrity. The westbound span on Interstate 195 was closed in December 2023 when engineers determined the bridge was at risk of collapsing. 'RIDOT knew or should have known, or ought to have known, that the Washington Bridge incorporated a unique design that limited the ability to determine its condition from visual inspections alone,' the counterclaim states. The westbound bridge is expected to be rebuilt by November 2028 and cost up to $427 million. Chicago-headquartered Walsh Construction Company was awarded the state's contract on June 6 after two attempts by Gov. Dan McKee's administration to secure a bridge builder. Work is scheduled to begin in July, which overlaps with the ongoing demolition of the existing bridge by Aetna, which is among the 13 firms being sued by the state. The Warwick-based contractor is expected to complete its work by the end of 2025. Barletta and Aetna claim the state concealed the true condition of the bridge and neglected to conduct the appropriate testing ahead of issuing a request for proposals in 2021. Instead, the companies allege that they received a project scope which did not identify any structural deficiencies with the post-tensioning system. The 1992 report called for RIDOT to perform additional radiographic and other evaluation of the Washington Bridge before any future attempts to rehabilitate the span over the Seekonk River. 'The Rhode Island Department of Transportation may have averted a costly and disastrous emergency closure of the Washington Bridge last December if it had followed recommendations in a detailed 1992 inspection report,' Barletta spokesperson Sallie Hofmeister said in an emailed statement. Because of the state's alleged failure to investigate the bridge, Barletta and Aetna claim they were deprived of incentives available after successful completion of the initial rehabilitation project. The two firms have asked the court to issue a judgment against the state for all of its damages plus interest. The state's initial August 2024 complaint seeks to recover damages based on alleged economic losses and physical damages, along with breaches of contracts. RIDOT spokesperson Charles St. Martin deferred comment to Rhode Island Attorney General Peter Neronha's office, which is handling the state's case. 'Counterclaims are to be expected in a case like this,' Timothy Rondeau, a spokesperson for the AG's office, said in an emailed statement.'The state stands by the allegations in its complaint. As this is part of ongoing litigation, we have no further comment.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
