Kenvue Inc (NYSE:KVUE) shares are bouncing around Monday morning following reports that a New-York based hedge fund has amassed a stake and is pushing for changes.

What To Know: According to a Bloomberg report, TOMS Capital Investment Management has built a stake in Kenvue and is urging the consumer health company to consider changes.

People familiar with the matter reportedly said the hedge fund is pushing for a sale or separation of some of Kenvue’s assets.

"Kenvue's board and management team are committed to acting in the best interests of the company and all shareholders and we remain focused on accelerating sustainable, profitable growth and enhancing shareholder value," a Kenvue spokesperson reportedly said.

Earlier this month, Kenvue appointed Starboard Value’s Jeffrey Smith to its board in an effort to avoid a proxy battle with the activist. The company also named two new independent directors to its board, effective immediately.

Evercore ISI Group analyst Javier Escalante initiated coverage on Kenvue Monday morning with a In-Line rating and price target of $25.

KVUE Price Action: Kenvue shares were up 0.36% at $23.40 at the time of publication Monday, according to Benzinga Pro.

Read Next:

• US Economy Faces ‘Fork In The Road’: Is Yardeni’s ‘Roaring 2020s’ Still Possible?

Photo: Shutterstock.