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

3. Kenvue Inc. (NYSE:KVUE)

Position Initiated: October 2024

Value of the Stake: N/A

Stock Return Since October 2024 to April 2025: 3.92%

S&P 500 Return Since October 2024 to April 2025: -8.69%

Number of hedge funds holding stakes: 38

Kenvue Inc. (NYSE:KVUE) is a household and personal products company that focuses on everyday care. Its portfolio includes iconic brands like Aveeno, BAND-AID, and Tylenol. Activist investor Starboard Value LP first took stakes in the company in October of 2024 and urged management to consider strategic alternatives to improve the share price.

The activist investor started pushing for management changes as one of the ways of tweaking Kenvue Inc.’s (NYSE:KVUE) direction. It has since gotten its way after securing the right to appoint three new directors to the board as part of an agreement to end a proxy fight.

The board appointments ended nearly four months of back and forth as Starboard Value LP accused management of lackluster performance, especially in the skin health and beauty segment. Jeff Smith has since joined the board and is expected to push for other strategic changes aimed at unlocking shareholder value.