CIBC Asset Management Inc Increases Stake in Kenvue Inc. $KVUE

Key Points

• CIBC Asset Management boosted its Kenvue stake by 54.6% in the fourth quarter, ending with 491,896 shares valued at about $8.49 million. Several other institutional investors also increased holdings, and hedge funds and institutions now own 97.64% of the stock.
• Kenvue’s latest quarterly results beat expectations, with EPS of $0.32 versus the $0.27 estimate and revenue of $3.91 billion topping forecasts. Revenue rose 4.5% year over year, and analysts now expect full-year EPS of 1.16.
• The stock was trading at $17.72 after a recent 4.9% gain, while Wall Street’s view remains cautious: the consensus rating is Hold with an average target price of $19.33. Kenvue also paid a quarterly dividend of $0.2075, annualizing to a 4.7% yield.

CIBC Asset Management Inc raised its holdings in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 54.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 491,896 shares of the company's stock after buying an additional 173,725 shares during the period. CIBC Asset Management Inc's holdings in Kenvue were worth $8,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bruce G. Allen Investments LLC increased its stake in shares of Kenvue by 29.8% in the fourth quarter. Bruce G. Allen Investments LLC now owns 6,579 shares of the company's stock worth $113,000 after purchasing an additional 1,509 shares in the last quarter. Westpac Banking Corp increased its stake in shares of Kenvue by 21.1% in the fourth quarter. Westpac Banking Corp now owns 30,638 shares of the company's stock worth $529,000 after purchasing an additional 5,336 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of Kenvue by 1.6% in the fourth quarter. New Mexico Educational Retirement Board now owns 88,181 shares of the company's stock worth $1,521,000 after purchasing an additional 1,400 shares in the last quarter. Ellevest Inc. increased its stake in shares of Kenvue by 62.8% in the fourth quarter. Ellevest Inc. now owns 16,508 shares of the company's stock worth $285,000 after purchasing an additional 6,365 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Kenvue by 21.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 3,491,548 shares of the company's stock worth $60,229,000 after purchasing an additional 618,720 shares in the last quarter. 97.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on KVUE. UBS Group dropped their target price on shares of Kenvue from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Zacks Research upgraded shares of Kenvue from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 8th. Argus upgraded shares of Kenvue to a "hold" rating in a research report on Friday, March 6th. Canaccord Genuity Group upped their target price on shares of Kenvue from $17.00 to $18.00 and gave the stock a "hold" rating in a research report on Wednesday, February 18th. Finally, Citigroup dropped their target price on shares of Kenvue from $20.00 to $19.00 and set a "neutral" rating for the company in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.33.

Kenvue Stock Up 4.9%

NYSE:KVUE opened at $17.72 on Friday. Kenvue Inc. has a fifty-two week low of $14.02 and a fifty-two week high of $22.87. The stock has a market capitalization of $34.01 billion, a P/E ratio of 20.84, a P/E/G ratio of 1.28 and a beta of 0.54. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.98. The company's 50-day simple moving average is $17.37 and its 200-day simple moving average is $17.48.

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

Kenvue Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Wednesday, May 13th were paid a $0.2075 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $0.83 dividend on an annualized basis and a yield of 4.7%. Kenvue's dividend payout ratio (DPR) is 97.65%.

Insider Buying and Selling

In related news, General Counsel Matthew Orlando sold 38,491 shares of Kenvue stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $17.66, for a total value of $679,751.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.59% of the stock is owned by company insiders.

Kenvue Company Profile

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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