Latest news with #Band-Aids
Yahoo
16-05-2025
- Business
- Yahoo
Third Point details stakes in U.S. Steel, Kenvue in filing
By Svea Herbst-Bayliss NEW YORK (Reuters) -Billionaire investor Daniel Loeb's hedge fund Third Point on Thursday detailed the size of its stakes in U.S. Steel and Kenvue, companies that shareholders hope will soon benefit from being bought by someone. U.S. Steel has been waiting to be acquired by rival Nippon Steel, Japan's largest steel producer, since 2023, but the deal has been on hold since the Biden administration blocked it and the Trump administration in April ordered a new national security review. At the end of the first quarter, Third Point owned 12.2 million shares of U.S. Steel, the so-called 13F filing released on Thursday showed. Loeb told investors in a letter seen by Reuters that he had built the "meaningful stake" in U.S. Steel and that he was optimistic that a merger between the company and its Japanese rival Nippon Steel can be completed. He has not publicly acknowledged the firm's position in Kenvue, the maker of Band-Aids and Tylenol, which is being pushed by other investors to consider divestments or even a sale of the entire company. Thursday's filing shows Third Point owned 8.9 million shares of Kenvue on March 31, 2025. While the filings, which detail investment firms' stakes in U.S. stocks at the end of the previous quarter, are backward-looking, they are closely watched for investment trends. Separately, Toms Capital Investment Management also built positions in U.S. Steel and Kenvue during the first quarter, according to its 13F filing. The firm owned 4.9 million shares in common stock of U.S. Steel at the end of the first quarter and 14.4 million shares of Kenvue, the filings show. Toms Capital has pushed Kenvue to consider strategic alternatives, including a possible sale of the entire company or portions of it, sources familiar with the firm's engagement said.
Time of India
26-04-2025
- Business
- Time of India
Loeb's Third Point builds stake in Band-Aid maker Kenvue
By Svea Herbst-Bayliss 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.
Yahoo
25-04-2025
- Business
- Yahoo
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.
Reuters
25-04-2025
- Business
- Reuters
Loeb's Third Point builds stake in Band-Aid maker Kenvue
NEW YORK, April 25 (Reuters) - Billionaire investor Daniel Loeb's hedge fund Third Point is building a stake in Kenvue (KVUE.N), opens new tab, 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 (JNJ.N), opens new tab 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 (AAP.N), opens new tab, Walt Disney (DIS.N), opens new tab and Bath & Body Works (BBWI.N), opens new tab 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.
Yahoo
25-04-2025
- Business
- Yahoo
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. Sign in to access your portfolio
