Dan Loeb’s Third Point built stake in Kenvue, Financial Times reports

Dan Loeb’s Third Point Capital has built a stake in Tylenol and Neutrogena maker Kenvue (KVUE), people familiar with the matter told Financial Times’ Oliver Barnes and Amelia Pollard. Third Point’s position in Kenvue makes it the third activist hedge fund to target the consumer health group in recent months, which may add pressure on the company’s management, the report said. Kenvue, which was spun out of Johnson & Johnson (JNJ) in 2023, has “increasingly been viewed as a takeover target,” the report added.