Schedule 13G: T. Rowe Price Reports 168.3M Kenvue Shares (8.8%)

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. reports beneficial ownership of 168,318,661 shares of Kenvue Inc. common stock, equal to 8.8% of the class, in a Schedule 13G filing (Amendment No. 4). The filing shows sole voting power over 158,120,414 shares and sole dispositive power over 168,041,407 shares, and explicitly states the holdings are held in the ordinary course of business and not for the purpose of changing control.

The document identifies the issuer (CUSIP 49177J102), provides the issuer address for Kenvue, lists T. Rowe Price Associates, Inc. as the reporting person (Maryland), and is signed by Ellen York, Vice President, dated 08/14/2025 with the reportable event date of 06/30/2025.

Insights

Securities Analyst

TL;DR: T. Rowe Price holds a material 8.8% passive stake in Kenvue, with majority sole voting and dispositive control of the reported shares.

The Schedule 13G (Amendment No. 4) discloses a substantial institutional position: 168,318,661 shares representing 8.8% of Kenvue's common stock. Notably, T. Rowe Price reports sole voting power for 158,120,414 shares and sole dispositive power for 168,041,407 shares, indicating centralized control of the investment decisions for this holding. The filing affirms the position is held in the ordinary course and not for control purposes, consistent with a passive institutional investor profile. For investors, the principal takeaway is the presence of a large, established asset manager as a stakeholder, disclosed via an amended Schedule 13G.

Portfolio Manager

TL;DR: Institutional ownership of 8.8% is material but declared passive; the stake size merits monitoring without immediate governance implications.

The reported figures—168,318,661 shares owned and 8.8% of the class—constitute a material position for an institutional portfolio. The large differential between sole voting and sole dispositive counts is small here, indicating the manager largely controls disposition decisions. The filing’s certification that holdings are in the ordinary course suggests passive intent, which typically reduces near-term governance risk. The amendment nature (Amendment No. 4) indicates updating prior disclosures rather than an initial acquisition, which is routine for large institutional managers to maintain accurate public records.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

KENVUE INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

49177J102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 49177J102

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 158,120,414.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 168,041,407.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

168,318,661.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: KENVUE INC
(b)	Address of issuer's principal executive offices: 1 KENVUE WAY, SUMMIT, NJ, 07901
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 49177J102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 168318661
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 158120414
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 168041407
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	08/14/2025