Activist investor Sachem Head Capital Management disclosed a 10.6 million share stake in Kenvue, making it the firm’s fourth largest holding. Kenvue, with a $40 billion market value, has faced pressure from prominent activists like Starboard Value and Third Point, leading to the recent firing of CEO Thibaut Mongon.

Starboard Value, which previously urged Kenvue to review brand positioning and pricing, reduced its stake by 5.10% to 21 million shares. Toms Capital Investment Management increased its holding to 16 million shares, while Third Point, led by Daniel Loeb, maintained its 8.5 million share ownership. These moves were disclosed in required 13F filings.

Investors have long criticized Kenvue’s sluggish share price, down 1% this year. With pressure from activists mounting, including Sachem Head and Starboard, speculation has risen about a potential sale of the company. Kenvue’s board has already taken steps to address investor concerns, such as appointing new directors like Starboard CEO Jeffrey Smith.

Read more at Yahoo Finance: Kenvue attracts share purchase by activist investor Sachem Head