SCHEDULE: T. Rowe Price Boosts Kenvue Stake to 6.0%

T. Rowe Price Associates, Inc. reported an increased beneficial ownership of 6.0% in Kenvue Inc.'s common stock as of September 30, 2025.

Summary

• T. Rowe Price Associates, Inc. has filed an Amendment No. 5 to Schedule 13G regarding its beneficial ownership in Kenvue Inc.
• As of September 30, 2025, T. Rowe Price beneficially owns 115,533,086 shares of Kenvue Inc. common stock.
• This represents 6.0% of Kenvue Inc.'s outstanding common stock.
• T. Rowe Price holds sole voting power over 110,837,001 shares and sole dispositive power over 115,243,402 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates continued significant institutional investment in Kenvue Inc. by a reputable asset manager, suggesting a positive long-term view. However, it's a routine disclosure and doesn't provide new operational or financial insights.

Positives

• A major institutional investor, T. Rowe Price, maintains a significant stake (6.0%) in Kenvue Inc., indicating continued confidence in the company.
• The filing confirms the shares are held in the ordinary course of business, suggesting a long-term investment strategy rather than an activist position.

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding Kenvue Inc.'s future outlook.

Management Comments

• T. Rowe Price Associates, Inc. certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Kenvue Inc.
• T. Rowe Price Associates, Inc. expressly denies beneficial ownership of the securities referred to, stating the filing shall not be construed as an admission of such.

Industry Context

This filing reflects an institutional investor's position in the consumer health industry, where Kenvue Inc. operates. Large institutional holdings like this are common for established companies in stable sectors, indicating investor confidence in the long-term prospects of the industry and the company.

Comparison to Industry Standards

• Institutional ownership levels for Kenvue Inc. are consistent with those of other large-cap consumer health companies.
• Similar levels of institutional investment are seen in peers like Procter & Gamble (PG), Johnson & Johnson (JNJ), and Colgate-Palmolive (CL), reflecting the attractiveness of the sector to long-term investors.

Stakeholder Impact

• Shareholders: Existing shareholders may view T. Rowe Price's continued significant stake as a positive signal of institutional confidence.
• Management: The stable institutional ownership may provide a degree of stability and reduce pressure from activist investors, allowing management to focus on long-term strategy.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of an institutional investor's beneficial ownership and does not contain new information regarding Kenvue Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. T. Rowe Price's continued significant stake suggests a 'hold' position is appropriate, reflecting a stable institutional presence without new catalysts for 'buy' or 'sell'.

Keywords

Kenvue Inc, T. Rowe Price, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Consumer Health