City of London Investment Management Co. Ltd. Sells 11,766 Shares of KKR & Co. Inc. (NYSE:KKR)

Key Points

• City of London Investment Management Co. Ltd. has reduced its stake in KKR & Co. Inc. by 13.0%, selling 11,766 shares and now holding approximately 78,463 shares worth about $9 million.
• Several large investors, including Jennison Associates LLC and Vanguard Group Inc., have recently increased their positions in KKR, with Vanguard owning over 57 million shares, amounting to approximately $6.65 billion.
• KKR & Co. Inc. has announced a quarterly dividend increase to $0.185 per share, reflecting a boost from the previous quarter's dividend of $0.18.

City of London Investment Management Co. Ltd. reduced its stake in KKR & Co. Inc. (NYSE:KKR - Free Report) by 13.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,463 shares of the asset manager's stock after selling 11,766 shares during the period. KKR & Co. Inc. makes up about 1.0% of City of London Investment Management Co. Ltd.'s holdings, making the stock its 20th largest holding. City of London Investment Management Co. Ltd.'s holdings in KKR & Co. Inc. were worth $9,071,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in KKR. Jennison Associates LLC boosted its holdings in shares of KKR & Co. Inc. by 4,918.6% in the first quarter. Jennison Associates LLC now owns 4,393,841 shares of the asset manager's stock worth $507,972,000 after acquiring an additional 4,306,290 shares during the period. Nuveen Asset Management LLC raised its position in shares of KKR & Co. Inc. by 106.2% in the fourth quarter. Nuveen Asset Management LLC now owns 6,584,370 shares of the asset manager's stock worth $973,894,000 after buying an additional 3,391,581 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of KKR & Co. Inc. by 14.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 19,081,760 shares of the asset manager's stock worth $2,206,042,000 after buying an additional 2,391,434 shares in the last quarter. GAMMA Investing LLC raised its position in shares of KKR & Co. Inc. by 10,808.5% in the first quarter. GAMMA Investing LLC now owns 1,155,753 shares of the asset manager's stock worth $133,617,000 after buying an additional 1,145,158 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of KKR & Co. Inc. by 1.5% in the first quarter. Vanguard Group Inc. now owns 57,557,692 shares of the asset manager's stock worth $6,654,245,000 after buying an additional 870,176 shares in the last quarter. 76.26% of the stock is owned by institutional investors.

KKR & Co. Inc. Trading Down 1.7%

NYSE KKR opened at $142.67 on Wednesday. The stock's 50-day simple moving average is $134.14 and its two-hundred day simple moving average is $128.12. KKR & Co. Inc. has a twelve month low of $86.15 and a twelve month high of $170.40. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $127.07 billion, a price-to-earnings ratio of 66.36, a PEG ratio of 1.59 and a beta of 1.87.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last issued its earnings results on Thursday, July 31st. The asset manager reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.81 billion. KKR & Co. Inc. had a return on equity of 6.42% and a net margin of 12.95%. During the same period in the prior year, the business posted $1.09 EPS. Research analysts forecast that KKR & Co. Inc. will post 5.19 EPS for the current fiscal year.

KKR & Co. Inc. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Monday, August 11th will be issued a dividend of $0.185 per share. This is a boost from KKR & Co. Inc.'s previous quarterly dividend of $0.18. This represents a $0.74 annualized dividend and a yield of 0.5%. KKR & Co. Inc.'s dividend payout ratio is currently 34.42%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on KKR. Morgan Stanley upgraded KKR & Co. Inc. from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $120.00 to $150.00 in a research report on Wednesday, May 14th. Wall Street Zen upgraded KKR & Co. Inc. from a "strong sell" rating to a "hold" rating in a research report on Saturday. Hsbc Global Res downgraded KKR & Co. Inc. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Piper Sandler began coverage on KKR & Co. Inc. in a research report on Monday, June 30th. They issued an "overweight" rating and a $150.00 price objective on the stock. Finally, HSBC downgraded KKR & Co. Inc. from a "buy" rating to a "hold" rating and set a $142.00 price objective on the stock. in a research report on Wednesday, July 9th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.73.

Insider Buying and Selling

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.20, for a total transaction of $205,200,000.00. Following the completion of the sale, the insider directly owned 13,260,971 shares in the company, valued at $453,525,208.20. This represents a 31.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Henry R. Kravis sold 130,925 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $121.67, for a total value of $15,929,644.75. Following the sale, the chairman owned 73,006,022 shares of the company's stock, valued at $8,882,642,696.74. This represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,471,488 shares of company stock valued at $501,529,092. 39.34% of the stock is owned by insiders.

KKR & Co. Inc. Profile

KKR & Co, Inc operates as an investment firm. It offers alternative asset management as well as capital markets and insurance solutions. The firm's business segments include Asset Management and Insurance Business. The Asset Management segment engages in providing private equity, real assets, credit and liquid strategies, capital markets, and principal activities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.