Ken Griffin is a billionaire hedge fund manager and serves as CEO to Citadel Advisors. According to Citadel’s most recent 13F filing, the firm bought 18,736,591 shares of Kenvue (NYSE: KVUE) stock during the second quarter — increasing its position by 5,848%.

Below, I’m going to break down why now could be a lucrative time to scoop up shares of Kenvue. More importantly, I’ll assess the company’s full picture and make the case for why this consumer health business could be a great long-term buy for the right investor.

Although you may not be familiar with Kenvue by name, I suspect you’re well aware of the company’s leading health brands. Kenvue is the business behind brands such as Aveeno, Listerine, Zyrtec, Tylenol, Motrin, Benadryl, Neosporin, Neutrogena, Nicorette, Band-Aid, and so much more.

As flu season nears, Kenvue may witness some seasonal high demand levels for its over-the-counter allergy and cold treatments.

Kenvue is a spin-off from Johnson & Johnson and has only been trading as a stand-alone entity for a little more than a year. Despite its limited trading activity, I think the table below outlining Citadel’s position in Kenvue over the last year could help shed light on a couple of important themes.

Data source: Hedge Follow.

According to public filings, Citadel bought 6.6 million shares of Kenvue around the time of its initial public offering. But until the second quarter of this year, Griffin and his team had been net sellers of Kenvue stock.

What could possibly inspire such a massive purchase after several consecutive periods of selling?

For starters, Kenvue stock is down roughly 15% since going public and currently trades at a forward price-to-earnings (P/E) multiple below that of the S&P 500. It’s possible that Citadel views Kenvue as a mispriced opportunity and thinks the market is overlooking a potential run-up in the stock following flu season. With that in mind, I would not be surprised if Citadel sees Kenvue as more of a trade and not a position with long-term conviction.

But to be fair, Citadel also bought shares in several other consumer staples or healthcare-adjacent opportunities during the second quarter. For example, the fund increased positions in Pfizer, UnitedHealth Group, Clorox, and Humana.

It’s entirely possible that Citadel bought Kenvue as a hedge against other opportunities in its diverse portfolio.

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