Activist investor Jana Partners has taken a stake in medical device maker Cooper Cos. and will push the firm to explore strategic options, The Wall Street Journal reported Monday.

Shares of Cooper were up 4% in afternoon trading Monday. Stock Chart Icon Stock chart icon

Cooper Companies Monday

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 re

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