Jeff Smith’s Top 10 Activist Targets and Their Returns Compared to the S&P 500

4. Pfizer Inc. (NYSE:PFE)

Position Initiated: October 2024

Value of the Stake: $1 Billion

Stock Return Since October 2024 to April 2025: -24.46%

S&P 500 Return Since October 2024 to April 2025: -6.36%

Number of hedge funds holding stakes: 92

Pfizer Inc. (NYSE:PFE) is a pharmaceutical giant that discovers, develops, and provides medicines and vaccines to improve people’s lives. Activist hedge fund Starboard Value LP amassed a $1 billion stake in the company in October of 2024 and started agitating for strategic changes, concerned that the company was heading in the wrong direction.

According to Starboard Value LP, Pfizer Inc. (NYSE:PFE) has erased more than $20 billion in market value since 2019 despite receiving $40 billion from the sale of Covid 19 vaccines. Part of the changes included pushing for management changes. The activist hedge fund was believed to have approached former CEO Ian Read and ex-finance chief Frank D’Amelio to try and spearhead a turnaround. Starboard Value LP had raised concerns that the leadership had steered away from the disciplined cost structure and investment in novel drugs, a move that was hurting its margins and long-term prospects.

An expensive acquisition strategy that saw Pfizer Inc. (NYSE:PFE) spending nearly $70 billion did not go well with the investors. Meanwhile, Starboard Value LP has yet to find its way into the company, having fallen short of ousting the current leadership, let alone nominating any directors to the board ahead of the January 25 deadline. Nevertheless, the hedge fund could still push for changes through the 2026 director vote.