Bank of Nova Scotia Invests $127.99 Million in Kenvue Inc. $KVUE

Key Points

• Bank of Nova Scotia acquired 6.7 million Kenvue shares worth approximately $128 million in the second quarter, giving it a 0.35% stake. Institutional investors and hedge funds collectively own 97.64% of Kenvue.
• Analyst sentiment remains cautious: three analysts rate Kenvue a Buy and 12 rate it Hold, producing an average rating of Hold and a $19.27 price target. Shares recently opened at $19.08.
• Kenvue reported quarterly revenue of $3.96 billion, up 3% year over year, but narrowly missed earnings estimates with $0.31 EPS versus $0.32 expected. The company pays a quarterly dividend of $0.21 per share, equivalent to a 4.4% annual yield.

Bank of Nova Scotia bought a new position in Kenvue Inc. (NYSE:KVUE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,697,615 shares of the company's stock, valued at approximately $127,991,000. Bank of Nova Scotia owned 0.35% of Kenvue at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of KVUE. Physician Wealth Advisors Inc. boosted its position in shares of Kenvue by 67.5% during the 4th quarter. Physician Wealth Advisors Inc. now owns 1,533 shares of the company's stock valued at $26,000 after acquiring an additional 618 shares in the last quarter. Elyxium Wealth LLC bought a new position in Kenvue during the fourth quarter worth about $26,000. Johnson Financial Group Inc. acquired a new stake in Kenvue during the second quarter valued at approximately $26,000. MV Capital Management Inc. bought a new stake in shares of Kenvue in the 4th quarter valued at approximately $28,000. Finally, CoreCap Advisors LLC grew its position in Kenvue by 64.9% in the second quarter. CoreCap Advisors LLC now owns 1,502 shares of the company's stock valued at $29,000 after acquiring an additional 591 shares during the period. Institutional investors and hedge funds own 97.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays increased their price target on Kenvue from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 21st. Zacks Research cut shares of Kenvue from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded Kenvue from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings upgraded Kenvue from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, June 15th. Finally, UBS Group dropped their target price on Kenvue from $20.00 to $19.00 and set a "neutral" rating for the company in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, Kenvue has an average rating of "Hold" and an average price target of $19.27.

Kenvue Stock Up 0.8%

Shares of NYSE KVUE opened at $19.08 on Friday. Kenvue Inc. has a 1 year low of $14.02 and a 1 year high of $21.78. The firm's 50-day moving average is $19.05 and its 200-day moving average is $18.19. The company has a current ratio of 1.01, a quick ratio of 0.71 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $36.65 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.

Kenvue (NYSE:KVUE - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Kenvue had a net margin of 10.76% and a return on equity of 21.22%. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the previous year, the business posted $0.29 earnings per share. Kenvue's revenue was up 3.0% compared to the same quarter last year. Equities analysts expect that Kenvue Inc. will post 1.14 EPS for the current year.

Kenvue Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 4.4%. This is an increase from Kenvue's previous quarterly dividend of $0.21. The ex-dividend date is Wednesday, August 12th. Kenvue's dividend payout ratio (DPR) is 96.55%.

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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