A company's best defense against an activist investor is its ability to improve the business to boost the stock price.
And these companies are evaluated every three months with their quarterly earnings.
So CNBC took a look at these report cards for the largest targets where activists announced stakes this year. And the results indicate that a majority of these companies may find themselves with some empowered activists.
Of the top 10 targets by market cap, as compiled by 13D Monitor, six declined on the day they reported earnings.
Third Point's Daniel Loeb is angling for changes at Nestle and Honeywell. Trian's Nelson Peltz is taking on P&G and seeking a board seat.
To be sure, not all of these situations have reached the point of a proxy fight. Overall, if second-quarter results are any indication, there could be more fuel for activists' fire in the second half of the year.