Sender Buys Into the Turnaround Story at Kenvue
Key Points
Sender Co & Partners, Inc. increased its Kenvue stake by 530,717 shares, with an estimated transaction value of $12.08 million.
The trade represented a 3.4% change relative to the fund's 13F reportable AUM.
Kenvue became Sender's largest disclosed position after the trade, now representing 3.8% of reported AUM at the end of the second quarter.
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What happened
According to an SEC filing published August 15, 2025, Sender Co & Partners, Inc. increased its position in Kenvue(NYSE:KVUE) by 530,717 shares. The estimated trade value, based on the period's average share price, was approximately $12.08 million. The fund held 645,397 shares of Kenvue, worth $13.5 million by June 30, 2025, making it the top position by value in the portfolio.
What else to know
This buy brought Kenvue to 3.8% of Sender's reported equity Assets Under Management (AUM) as of June 30, 2025.
Top holdings after the filing are:
- Kenvue: $13.51 million (3.82% of AUM)
- Nvidia: $8.90 million (2.52% of AUM)
- Boeing: $7.44 million (2.11% of AUM)
- AST SpaceMobile: $6.88 million (1.95% of AUM)
- Constellation Energy: $6.71 million (1.90% of AUM)
Kenvue shares were priced at $21.10 as of August 18, 2025, down 2.5% over 12 months, underperforming the S&P 500 by 17.5 percentage points over the same period.
The stock yielded 3.9% in dividends, was 16.2% below its 52-week high, had a forward P/E of 18.7 for fiscal year 2026, and an EV/EBITDA ratio of 15.6.
Company Overview
| Metric | Value |
|---|---|
| Market Capitalization | $40.5 billion |
| Revenue (TTM) | $15.14 billion |
| Net Income (TTM) | $1.42 billion |
| Dividend Yield | 3.90% |
Company Snapshot
- Offers a diversified portfolio of consumer health products, including brands such as Tylenol, Nicorette, Zyrtec, Neutrogena, Aveeno, OGX, Listerine, Johnson's, Band-Aid, and Stayfree.
- Generates revenue primarily through the sale of over-the-counter medicines, personal care, and essential health products across self-care, skin health and beauty, and essential health segments.
- Targets global retail consumers seeking trusted health, wellness, and personal care solutions.
Kenvue Inc. is a leading consumer health company, operating at scale with a broad portfolio of well-established brands and a global presence. Kenvue's competitive advantage lies in its diverse product offerings and strong market positions in key categories.
Foolish take
Sender's acquisition of such a significant stake in consumer health products company Kenvue isn't because of what the company was in the second quarter, but rather what it could become.
The stock has attracted the interest of value investors, including activist investor Starboard Value, because the consumer health company, a spin-off from Johnson & Johnson, has some compelling, well-known brands in its product portfolio. However, it has underperformed its peers, and value investors see an opportunity for value creation as the company attempts to close the gap to its rivals, notably in its skin health and beauty segment.
There's little doubt that Starboard's agreement with Kenvue to appoint three new board members (including Starboard CEO Jeffrey Smith) to the board in early March would have influenced Sender's thinking.
However, it's not clear that Sender would have welcomed the subsequent removal of CEO Thibault Mongon, as it occurred in mid-July.
Mongon's departure has become the catalyst for the ongoing strategic review at the company. At the same time, the board tries to find a new permanent CEO.
If Starboard's involvement can improve matters at Kenvue, then Sender's investment will prove a smart move. However, there's no guarantee it will, and there's a lot of work to be done to turn around a company operating in highly competitive end markets and one set for sales declines in 2025.
Glossary
AUM (Assets Under Management): The total market value of assets a fund or investment firm manages on behalf of clients.
13F reportable assets: Securities that institutional investment managers must disclose quarterly to the SEC if they exceed certain thresholds.
Dividend yield: Annual dividends paid by a company divided by its current share price, expressed as a percentage.
Forward P/E: Price-to-earnings ratio using forecasted earnings for the next fiscal year, indicating expected valuation.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; measures company value relative to earnings.
Portfolio position: An individual investment or holding within a fund or investor's overall portfolio.
52-week high : The highest price at which a stock has traded during the past 12 months.
TTM:The 12-month period ending with the most recent quarterly report.
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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy, Kenvue, and Nvidia. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2026 $13 calls on Kenvue. The Motley Fool has a disclosure policy.
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