Starboard Value called consumer products company Kenvue a bargain and said its skin health and beauty segment's lackluster growth is the reason for the stock's underperformance.

Kenvue (NYSE:KVUE) needs to focus on fixing its skin, health and beauty segments, Jeff Smith, founder and CEO of activist hedge fund Starboard Value said. "We are having conversations with them and there are signs that Kenvue is already going in the right direction,

Tylenol, Listerine and Band-Aid maker Kenvue is the latest in the health related sector to attract an activist investor. And not just any corporate agitator, Starboard Value, which in recent days targeted pharma giant Pfizer.