06:05 AM EDT, 10/23/2024 (MT Newswires) -- (Updates to add the company's comment in the last two paragraphs.)

Hedge fund Starboard Value has purchased a stake in Kenvue ( KVUE ) , media outlets reported Sunday, citing unnamed sources.

The size of the stake remains unclear, The Wall Street Journal, which first reported on the news, said. Specific ideas could also not be learned, according to the report.

Meanwhile, one of the sources said that Starboard may want Kenvue ( KVUE ) to review how it positions its brands and how they are priced to improve performance, Reuters said.

Starboard founder and Chief Executive Jeff Smith is expected to appear Tuesday at an activist investing conference in New York to detail his company's thesis on Kenvue ( KVUE ), sources told WSJ.

In a response to MT Newswires, Kenvue ( KVUE ) said that it shares the view that the company has a portfolio of brands with "continued opportunities for growth."

"We look forward to engaging with Starboard Value, as well as our other shareholders, as we continue to advance our three strategic priorities of reaching more consumers, investing further behind our brands and building a culture of performance and impact," the company said.

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