New York, Jan 23, 2026, 15:07 EST — Regular session
- Kenvue shares were little changed in afternoon trading after a strong prior session.
- Investors are focused on a Jan. 29 vote on the company’s proposed sale to Kimberly-Clark.
- A fresh RBC Capital note kept attention on near-term sales and deal mechanics.
Kenvue Inc shares edged up 0.1% to $17.77 on Friday, tracking closely with a flat tape and a small dip in would-be buyer Kimberly-Clark.
The stock has become a referendum on timing and odds ahead of the companies’ Jan. 29 shareholder meetings, where investors will vote on proposals needed to complete the mergers. (SEC)
Under the agreement announced in November, Kenvue holders would get $3.50 in cash plus 0.14625 Kimberly-Clark shares for each Kenvue share. With Kimberly-Clark around $102 on Friday, that package implies roughly $18.4 a share — still above where Kenvue was trading. “Our combination with Kimberly-Clark unites two highly complementary portfolios,” Kenvue CEO Kirk Perry said when the deal was unveiled. (Kenvue)
RBC Capital reiterated a Sector Perform rating and a $21 price target on Friday, saying it expects a “muted quarter” and sees the shares staying rangebound because of “deal dynamics.” The broker also pointed to ongoing share pressure in Tylenol and the company’s Skin Health & Beauty business. (Investing)
Kenvue’s moves have been jumpy. The stock rose 2.1% on Thursday to $17.75, with 67.1 million shares changing hands — well above its recent average — even as it stayed far below its 52-week high. (MarketWatch)
A day earlier, it fell 1.2% to $17.38 on elevated volume, a reminder that positioning has been heavy ahead of next week’s vote. (MarketWatch)
One vote influencer has already weighed in. Institutional Shareholder Services recommended approval and said “on balance, support for the transaction is warranted,” while flagging the “sustained negative market reaction” and uncertainty tied to litigation around Kenvue products. (Reuters)
That litigation overhang is also what skeptics keep coming back to. “Kimberly-Clark will take on potential litigation risk for the Tylenol brand… This is hard to quantify,” TD Cowen analyst Robert Moskow said when the deal was announced. (Reuters)
If shareholders balk, Kenvue would be back in the market on its own fundamentals, with the same questions on growth in key brands and the cost of defending claims. Even with approval, the stock-and-cash math means Kenvue can still drift with Kimberly-Clark’s share price while investors wait for regulatory clearances and the next court headline.
For now, the calendar is the catalyst. The next hard test for KVUE is the Jan. 29 vote.
