Kenvue announced that Wednesday, August 23, marked its first day as a fully independent company after it completed its separation from Johnson & Johnson (NYSE:JNJ).
The consumer health company, whose brands include Aveeno, Band-Aid, Listerine, Neutrogena, and Tylenol, was spun off from J&J earlier this year, debuting on the New York Stock Exchange on May 4 for $22 a share.
Following a recently completed stock exchange between the two companies, J&J retains a 9.5% stake in Kenvue.
This comes as the company is set to become the newest member of the S&P 500 index, replacing Advance Auto Parts in the index effective prior to the market opening on Friday, August 25.
Kenvue shares traded 0.3% higher at US$23.80 shortly before the opening bell in New York on Wednesday.
The stock is expected to see increased investor attention leading up to its inclusion in the S&P 500 on Friday.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie