Form 4: Kenvue Director Boosts Stake via Starboard Purchases

Kenvue Director Jeffrey C. Smith, through Starboard Value LP, acquired over 6.3 million shares of Kenvue common stock in two transactions in December 2025.

Summary

• Jeffrey C. Smith, a Director of Kenvue Inc., reported acquisitions of Kenvue common stock.
• The shares were acquired indirectly through Starboard Value LP, where Smith is a Managing Member.
• On December 11, 2025, 3,177,694 shares were purchased at a weighted average price of $17.4318 per share.
• On December 12, 2025, an additional 3,200,000 shares were purchased at a weighted average price of $17.373 per share.
• Following these transactions, Starboard Value LP beneficially owns 27,307,632 shares of Kenvue common stock.
• Smith also holds 13,641.878 Deferred Share Units (DSUs) directly, which represent the right to receive one share of common stock each upon separation from service.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a director, through an associated investment firm, suggests strong confidence in Kenvue's future prospects and potential for value creation.

Positives

• A Kenvue Director, Jeffrey C. Smith, increased his indirect beneficial ownership in the company through Starboard Value LP, signaling confidence.
• Starboard Value LP's total beneficial ownership in Kenvue Inc. increased to 27,307,632 shares.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Jeffrey C. Smith, a Director of Kenvue, is a Managing Member of Starboard Value LP, which executed the share purchases.
• Smith disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

Stakeholder Impact

• Shareholders: Increased insider ownership from a significant investor like Starboard Value LP may be viewed positively, signaling confidence in the company's valuation and future performance.
• Management: Reinforces alignment with a major shareholder and director, potentially influencing strategic decisions.

Key Dates

Recommendation

The substantial increase in Kenvue shares acquired by Starboard Value LP, an investment firm associated with Director Jeffrey C. Smith, indicates strong conviction in the company's valuation and future performance. This insider buying activity, particularly from an activist investor, often signals potential for value creation and can be a positive indicator for investors.

Keywords

Kenvue, KVUE, Form 4, insider trading, director purchase, Starboard Value, common stock, beneficial ownership