Bank of New York Mellon Corp Decreases Stock Holdings in KKR & Co. Inc. $KKR

Key Points

• Bank of New York Mellon trimmed its KKR stake by 2.8% in the first quarter, selling 94,708 shares and ending with 3,340,610 shares valued at about $309 million.
• Insider selling was also notable, as EVP Yael Cosset sold 30,000 shares for $1.76 million, reducing his direct ownership by 19%.
• Despite the share sale activity, analysts remain mostly constructive on KKR, with a consensus rating of Moderate Buy and an average price target of $130.50; the company also recently authorized a $500 million share buyback and raised its quarterly dividend to $0.195 per share.

Bank of New York Mellon Corp reduced its holdings in KKR & Co. Inc. (NYSE:KKR - Free Report) by 2.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,340,610 shares of the asset manager's stock after selling 94,708 shares during the quarter. Bank of New York Mellon Corp owned about 0.37% of KKR & Co. Inc. worth $309,006,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. SteelPeak Wealth LLC lifted its position in KKR & Co. Inc. by 3.2% in the 4th quarter. SteelPeak Wealth LLC now owns 2,549 shares of the asset manager's stock valued at $325,000 after acquiring an additional 80 shares in the last quarter. Diversified Trust Co. grew its position in shares of KKR & Co. Inc. by 1.5% during the fourth quarter. Diversified Trust Co. now owns 5,562 shares of the asset manager's stock worth $709,000 after purchasing an additional 82 shares in the last quarter. Modera Wealth Management LLC lifted its holdings in shares of KKR & Co. Inc. by 4.9% in the fourth quarter. Modera Wealth Management LLC now owns 1,789 shares of the asset manager's stock worth $228,000 after buying an additional 84 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in shares of KKR & Co. Inc. by 9.1% during the 4th quarter. Sound Income Strategies LLC now owns 1,084 shares of the asset manager's stock valued at $143,000 after purchasing an additional 90 shares during the last quarter. Finally, Praxis Investment Management Inc. raised its holdings in shares of KKR & Co. Inc. by 0.9% during the 4th quarter. Praxis Investment Management Inc. now owns 10,006 shares of the asset manager's stock worth $1,276,000 after acquiring an additional 94 shares in the last quarter. Institutional investors own 76.26% of the company's stock.

Insider Buying and Selling at KKR & Co. Inc.

In other KKR & Co. Inc. news, EVP Yael Cosset sold 30,000 shares of the firm's stock in a transaction dated Tuesday, July 14th. The shares were sold at an average price of $58.80, for a total transaction of $1,764,000.00. Following the completion of the transaction, the executive vice president directly owned 127,868 shares in the company, valued at approximately $7,518,638.40. This trade represents a 19.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

KKR has been the topic of several analyst reports. Zacks Research raised KKR & Co. Inc. from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 28th. TD Cowen reduced their price target on shares of KKR & Co. Inc. from $106.00 to $104.00 and set a "hold" rating for the company in a report on Monday, May 18th. BMO Capital Markets lowered their price target on shares of KKR & Co. Inc. from $120.00 to $112.00 and set an "outperform" rating on the stock in a report on Monday, July 13th. Piper Sandler cut their price objective on shares of KKR & Co. Inc. from $135.00 to $117.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Finally, Barclays upped their target price on KKR & Co. Inc. from $122.00 to $124.00 and gave the company an "overweight" rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $130.50.

KKR & Co. Inc. Trading Down 1.8%

NYSE:KKR opened at $100.94 on Friday. The stock has a market cap of $90.63 billion, a P/E ratio of 34.33, a P/E/G ratio of 0.86 and a beta of 1.79. KKR & Co. Inc. has a 1 year low of $82.67 and a 1 year high of $153.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a 50-day simple moving average of $95.46 and a 200-day simple moving average of $101.54.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last posted its earnings results on Friday, February 27th. The asset manager reported $1.24 EPS for the quarter. The business had revenue of $5.74 billion for the quarter. KKR & Co. Inc. had a return on equity of 5.42% and a net margin of 13.94%. As a group, analysts anticipate that KKR & Co. Inc. will post 5.58 earnings per share for the current fiscal year.

KKR & Co. Inc. announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 0.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

KKR & Co. Inc. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $0.195 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from KKR & Co. Inc.'s previous quarterly dividend of $0.18. KKR & Co. Inc.'s payout ratio is currently 26.53%.

KKR & Co. Inc. Profile

KKR & Co Inc is a global investment firm headquartered in New York City that specializes in private markets and alternative asset management. Founded in 1976 by Jerome Kohlberg Jr., Henry Kravis and George R. Roberts, the firm built its reputation in leveraged buyouts and has since expanded into a multi-strategy asset manager. KKR operates across private equity, credit, real assets (including real estate and infrastructure), growth equity and hedge fund strategies, offering a range of investment products and strategies for institutional and private investors.

KKR manages capital through traditional closed-end funds as well as customized vehicles such as separate accounts, co-investments, and listed investment vehicles.

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