Starboard Value, an activist investor, has reportedly acquired a substantial stake in Kenvue Inc, the company behind popular consumer products like Tylenol and Listerine.

(Reuters) -Hedge fund Starboard Value has taken a stake in Kenvue, the consumer products company that makes Band-Aid, Listerine, and Tylenol, and which went public last year, two people familiar with the matter said on Sunday. Reuters was not able to immediately learn the size of the stake.

Starboard Value contends that Kenvue, with strong consumer health brands like Tylenol and Listerine, is underperforming its rivals, according to The Wall Street Journal.

Kenvue shares jumped premarket after The Wall Street Journal reported that Starboard Value has taken a sizable stake in the Listerine maker, and wants changes made to boost the stock price. **

Activist investor Starboard Value has taken a sizeable stake in Kenvue, the maker of Tylenol and Listerine, and is seeking changes, according to reports Sunday night.

Shares of consumer-products company Kenvue Inc. rose the most in more than two months after activist investor Starboard Value took a stake in the Tylenol maker with an eye toward making changes to boost the company’s stock price.

Starboard wants Kenvue, which was spun out of Johnson & Johnson last year and has a market value of over $40 billion, to make changes to boost its share price.