Cullen Trims KVUE Stake With $149.5M Share Sale

Key Points

• Sold 6,565,339 shares of Kenvue, valued at approximately $149.46 million

• This transaction represented 1.7% of reportable 13F assets under management as of Q2 2025.

• Following the trade, Cullen holds 2,484,940 shares valued at $52.01 million as of Q2 2025.

• Kenvue now accounts for 0.6% of fund AUM as of Q2 2025, which places it outside the fund’s top five holdings

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Cullen Capital Management, LLC disclosed the sale of 6,565,339 shares of Kenvue (NYSE:KVUE) for the period ended Q2 2025. The transaction was valued at an estimated $149.46 million.

What happened

Cullen Capital Management, LLC reported in a September 30, 2025SEC filingthat it reduced its position in Kenvue by 6,565,339 shares during Q2 2025. The estimated value of the shares sold was $149.46 million, based on the average closing price for the quarter. After the trade, Cullen retained 2,484,940 shares valued at $52.01 million as of Q2 2025.

What else to know

The fund trimmed its Kenvue stake, which now represents 0.6% of 13F assets under management as of June 30, 2025.

Top holdings after the filing:

• JPM: $303.61 million (3.5% of AUM) as of Q2 2025.
• CSCO: $279,989,672 (3.1889% of AUM) as of June 30, 2025.
• BAC: $260,614,250 (2.9682% of AUM) as of June 30, 2025.
• NVS: $253.74 million (2.9% of AUM) as of 2025-06-30.
• DUK: $241,854,363 (2.7545% of AUM) as of June 30, 2025.

As of September 29, 2025, shares were priced at $16.34, down 29.4% over the past year, lagging the S&P 500 by 42.63 percentage points

Company Overview

Company Snapshot

Kenvue Inc. generates revenue through a diversified portfolio of consumer health products, including over-the-counter medicines, skin and beauty care, and essential health items under brands such as Tylenol, Neutrogena, and Listerine.

The company operates worldwide through three segments: Self Care, Skin Health and Beauty, and Essential Health.

Kenvue Inc. offers healthcare, personal care, and wellness products globally.

Kenvue Inc. is a global consumer health company with a broad portfolio of well-established brands and a strong presence in the over-the-counter and personal care markets. Its strategic focus on essential health and self-care positions it competitively within the consumer defensive sector.

Foolish take

Cullen Capital reduced Kenvue’s stake to 0.6% of assets under management after selling 6.6 million shares. This is notable because KVUE stock has fallen nearly 30% over the past year, and has badly lagged the S&P 500 by about 43 percentage points.

Institutions trim for many reasons, from portfolio rebalancing to risk control. Still, the consumer health sector is typically defensive, and KVUE’s underperformance shows that not all staples are immune to market headwinds. Kenvue continues to generate $1.4 billion in profit and offers a 5.07% dividend yield, underscoring its appeal to income-focused investors.

Looking ahead, the key question lies in whether this weakness reflects turbulence or a deeper challenge to Kenvue’s growth and margin profile. Investors should monitor whether Kenvue can deliver stabilized earnings and sustain its dividend. If not, more institutions may follow Cullen’s lead.

Glossary

13F assets under management (AUM):The total value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Dividend yield:The annual dividend payment divided by the stock’s current price, expressed as a percentage.
Quarter (Q2 2025):The second three-month period of a company’s fiscal year, here referring to April–June 2025.
Top holdings:The largest investments in a fund’s portfolio, typically by market value or percentage of assets.
Consumer defensive sector:Industry group including companies providing essential goods, like food, beverages, and household products, less sensitive to economic cycles.
Over-the-counter medicines:Drugs available without a prescription, used to treat common health issues.
Portfolio:A collection of investments held by an individual or institution.
Lagging the S&P 500:Underperforming the S&P 500 index, meaning a lower return compared to this benchmark.
TTM:The 12-month period ending with the most recent quarterly report.

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Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cisco Systems, JPMorgan Chase, and Kenvue. The Motley Fool recommends Duke Energy and recommends the following options: long January 2026 $13 calls on Kenvue. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.