Activist investor Jana Partners takes stake in medical device maker Cooper Companies, WSJ says

The hedge fund, founded by Barry Rosenstein and known for pressuring companies to make changes that enhance shareholder value, also intends to urge Cooper to improve how it allocates capital in order to boost returns, said the Journal, which cited sources close to the matter.

CNBC reached out to Jana Partners for comment and didn’t immediately hear back.

Jana may encourage Cooper to consider merging its contact lens business with rival Bausch + Lomb, the Journal reported.

Cooper recently cut its full-year revenue outlook in August, citing weaker demand in some markets. The stock is down nearly 22% this year.

— Click here to read the original WSJ story.