California State Teachers Retirement System Raises Stock Position in Kenvue Inc. $KVUE

Key Points

• California State Teachers Retirement System increased its Kenvue stake by 1,695.1% to 56.4 million shares, worth approximately $1.08 billion and representing 2.94% of the company.
• Institutional ownership remains very high at 97.64%, while analysts maintain a consensus “Hold” rating with an average price target of $19.27.
• Kenvue reported quarterly revenue of $3.96 billion and EPS of $0.31, slightly below estimates, and declared a $0.21 quarterly dividend yielding approximately 4.7% annually.

California State Teachers Retirement System increased its position in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 1,695.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,438,843 shares of the company's stock after acquiring an additional 53,294,807 shares during the period. California State Teachers Retirement System owned approximately 2.94% of Kenvue worth $1,078,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership bought a new stake in shares of Kenvue during the 2nd quarter valued at about $6,528,000. Jump Financial LLC lifted its position in Kenvue by 210.6% during the second quarter. Jump Financial LLC now owns 54,823 shares of the company's stock valued at $1,147,000 after purchasing an additional 37,170 shares during the last quarter. AXA S.A. lifted its position in Kenvue by 21.1% during the second quarter. AXA S.A. now owns 48,892 shares of the company's stock valued at $1,023,000 after purchasing an additional 8,524 shares during the last quarter. NewEdge Advisors LLC grew its stake in Kenvue by 219.1% in the 2nd quarter. NewEdge Advisors LLC now owns 97,481 shares of the company's stock worth $2,040,000 after buying an additional 66,930 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Kenvue by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,873,705 shares of the company's stock worth $39,217,000 after buying an additional 10,885 shares in the last quarter. 97.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Barclays raised their price objective on shares of Kenvue from $18.00 to $19.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Weiss Ratings raised Kenvue from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, June 15th. Wall Street Zen downgraded Kenvue from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. UBS Group lowered their price target on Kenvue from $20.00 to $19.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. Finally, Zacks Research lowered Kenvue from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Three research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, Kenvue presently has a consensus rating of "Hold" and a consensus target price of $19.27.

Kenvue Trading Down 0.3%

Shares of KVUE opened at $17.73 on Friday. Kenvue Inc. has a fifty-two week low of $14.02 and a fifty-two week high of $20.13. The firm has a market cap of $34.06 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 1.59 and a beta of 0.46. The firm has a 50 day moving average price of $19.05 and a 200-day moving average price of $18.24. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.71 and a current ratio of 1.01.

Kenvue (NYSE:KVUE - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.31 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the prior year, the business posted $0.29 EPS. Kenvue's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that Kenvue Inc. will post 1.14 earnings per share for the current year.

Kenvue Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Monday, September 21st will be issued a $0.21 dividend. The ex-dividend date is Monday, September 21st. This represents a $0.84 annualized dividend and a dividend yield of 4.7%. Kenvue's payout ratio is currently 96.55%.

Kenvue Company Profile

Kenvue Inc is a global consumer health company that develops, markets and sells products designed to support everyday health and personal care. Its portfolio spans over-the-counter medicines, skin health and beauty, essential health products, and baby and family care.

The company's brands include Tylenol, Motrin, Zyrtec and Benadryl in self-care; Neutrogena, Aveeno and Clean & Clear in skin health and beauty; Listerine in oral care; and Johnson's and Band-Aid in baby care and essential health.

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