[SCHEDULE 13G/A] Kenvue Inc. SEC Filing

Rhea-AI Filing Summary

Massachusetts Financial Services Company ("MFS") has filed a Schedule 13G disclosing a 5.1 % ownership stake in Plains GP Holdings, L.P. (PAGP) as of 30 June 2025. The position totals 10,117,959 common shares (CUSIP 72651A207).

MFS, organized in Delaware and headquartered at 111 Huntington Ave., Boston, MA, reports it is filing under Rule 13d-1(b) in its capacity as an investment adviser ("IA"). The firm holds

• Sole voting power: 10,094,822 shares
• Sole dispositive power: 10,117,959 shares
• Shared voting/dispositive power: 0 shares

No subsidiary or group relationships are identified, and MFS certifies the shares were acquired in the ordinary course of business, not to influence control of PAGP.

This disclosure signals a sizeable institutional presence but does not announce any transactional intent or strategic partnership. The filing is signed by Compliance Officer Lisa Neaves on 4 Aug 2025.

Insights

Financial Analyst

TL;DR: MFS now owns 5.1 % of PAGP, a routine but notable institutional stake; no control intent stated.

The 13G simply reveals that MFS, a registered investment adviser, crossed the 5 % reporting threshold, acquiring just over 10.1 million PAGP shares. All voting and dispositive powers are held solely by MFS, with no shared arrangements, suggesting a straightforward portfolio investment. Because the filing lacks any activist language and explicitly disclaims control ambitions, the market impact is likely neutral unless further accumulation or activism occurs. Investors may view the presence of a reputable institutional manager as modestly supportive, but the disclosure alone does not alter the investment thesis on PAGP.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

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

Massachusetts Financial Services Company

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 85,259,913.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 91,215,312.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

91,215,312.00

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)

4.8 %

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: Massachusetts Financial Services Company
(b)	Address or principal business office or, if none, residence: 111 Huntington Avenue, Boston, MA 02199
(c)	Citizenship: Delaware
(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: 91,215,312 shares of Common Stock consisting of shares beneficially owned by MFS and/or certain other non-reporting entities
(b)	Percent of class: 4.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 85,259,913
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 91,215,312
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	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.

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.

Massachusetts Financial Services Company

Signature:	Lisa Neaves
Name/Title:	Compliance Officer
Date:	08/04/2025

FAQ

How many Plains GP Holdings (PAGP) shares does MFS own?

10,117,959 common shares, according to the Schedule 13G.

What percentage of PAGP’s outstanding stock is held by MFS?

MFS reports beneficial ownership of 5.1 % of the class.

Does MFS share voting or dispositive power with any other party?

No. The filing states sole voting power over 10,094,822 shares and sole dispositive power over 10,117,959 shares; shared power is 0.

Under which rule was this Schedule 13G filed?

It was filed pursuant to Rule 13d-1(b) as MFS is an investment adviser.

Is MFS seeking control of Plains GP Holdings?

No. The certification specifies the shares were acquired in the ordinary course of business and not for the purpose of influencing control.