12 Best New Stocks to Buy According to Hedge Funds

4) Kenvue Inc. (NYSE:KVUE)

Number of Hedge Fund Holders: 46

Kenvue Inc. (NYSE:KVUE) operates as a consumer health company worldwide. It was listed on NYSE on 4^th May 2023.

Kenvue Inc. (NYSE:KVUE) was the result of spun-off from Johnson & Johnson in 2023.  Wall Street analysts remain optimistic about the company’s Essential Health and Self Care segments. This is because it has been investing more in marketing and innovation, particularly for critical mega brands such as Tylenol and Zyrtec. This strategic focus on brand building should support Kenvue Inc. (NYSE:KVUE)’s near-term growth prospects.

Jefferies remains optimistic about Kenvue Inc. (NYSE:KVUE) due to growth potential and market share improvement. These factors are expected to be aided by the promising trend in Listerine’s performance. Jefferies highlighted that Listerine continues to attract a younger demographic, including Gen Z and Millennials. This shift remains important as it aligns Listerine with high-growth competitors and broadens its customer base. Some of the recent strategic moves should drive near-term growth for Kenvue Inc. (NYSE:KVUE).

These moves include higher online sales penetration, hinting at the successful enhancement of the company’s e-commerce capabilities. Also, Jefferies believes that there is strong potential in expanding Listerine’s non-alcoholic product line, which is popular among consumers looking for less abrasive options. Furthermore, optimization of product SKUs should result in better efficiency and shelf space utilization.