Allstate Corp Boosts Stake in Kenvue Inc. $KVUE

Key Points

• Allstate Corp nearly doubled its Kenvue stake in the fourth quarter, increasing its holdings by 98.6% to 140,900 shares worth about $2.43 million.
• Kenvue’s latest quarterly results beat analyst expectations, with EPS of $0.32 versus $0.27 expected and revenue of $3.91 billion, up 4.5% year over year.
• Analyst sentiment remains cautious overall: the stock carries a consensus Hold rating with a $19.33 target price, even though Kenvue also pays a quarterly dividend yielding 4.7%.

Allstate Corp increased its position in Kenvue Inc. (NYSE:KVUE - Free Report) by 98.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 140,900 shares of the company's stock after purchasing an additional 69,944 shares during the period. Allstate Corp's holdings in Kenvue were worth $2,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Clearstead Advisors LLC increased its position in Kenvue by 3.3% in the 4th quarter. Clearstead Advisors LLC now owns 55,094 shares of the company's stock valued at $950,000 after acquiring an additional 1,767 shares during the period. HBK Sorce Advisory LLC increased its position in Kenvue by 2.2% during the 4th quarter. HBK Sorce Advisory LLC now owns 103,354 shares of the company's stock worth $1,874,000 after purchasing an additional 2,255 shares during the period. Hantz Financial Services Inc. increased its position in Kenvue by 194.6% during the 4th quarter. Hantz Financial Services Inc. now owns 8,395 shares of the company's stock worth $145,000 after purchasing an additional 5,545 shares during the period. Mondrian Investment Partners LTD increased its position in Kenvue by 18.2% during the 4th quarter. Mondrian Investment Partners LTD now owns 5,773,258 shares of the company's stock worth $99,589,000 after purchasing an additional 889,163 shares during the period. Finally, Swedbank AB increased its position in Kenvue by 1.5% during the 4th quarter. Swedbank AB now owns 544,111 shares of the company's stock worth $9,386,000 after purchasing an additional 7,916 shares during the period. 97.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, General Counsel Matthew Orlando sold 38,491 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $17.66, for a total value of $679,751.06. The sale was disclosed in a filing with the SEC, which is available through this link. 1.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. UBS Group dropped their target price on Kenvue from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Zacks Research upgraded Kenvue from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 8th. Barclays dropped their target price on Kenvue from $19.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 14th. Citigroup dropped their target price on Kenvue from $20.00 to $19.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 15th. Finally, Canaccord Genuity Group boosted their target price on Kenvue from $17.00 to $18.00 and gave the stock a "hold" rating in a research report on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.33.

Kenvue Price Performance

Shares of NYSE:KVUE opened at $17.66 on Friday. The business's 50 day simple moving average is $17.41 and its 200-day simple moving average is $17.46. The firm has a market capitalization of $33.92 billion, a price-to-earnings ratio of 20.78, a price-to-earnings-growth ratio of 1.34 and a beta of 0.55. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.98 and a quick ratio of 0.70. Kenvue Inc. has a 12 month low of $14.02 and a 12 month high of $23.90.

Kenvue (NYSE:KVUE - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Kenvue had a return on equity of 20.81% and a net margin of 10.61%.The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The company's quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities analysts forecast that Kenvue Inc. will post 1.16 earnings per share for the current fiscal year.

Kenvue Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Wednesday, May 13th were given a $0.2075 dividend. This represents a $0.83 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Wednesday, May 13th. Kenvue's dividend payout ratio is currently 97.65%.

About Kenvue

Kenvue is a consumer health company that was established as a standalone, publicly traded business after separating from Johnson & Johnson. Listed on the New York Stock Exchange under the symbol KVUE, Kenvue focuses on the development, manufacture, marketing and distribution of consumer health and personal care products across a range of categories including skin and beauty care, baby care, oral care, wound care and over‑the‑counter medicines.

The company owns and markets a portfolio of widely recognized consumer brands, including names familiar to global shoppers across retail and pharmacy channels.

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