Covenant Asset Management LLC Sells 29,823 Shares of KKR & Co. Inc. $KKR

Key Points

• Covenant Asset Management LLC significantly reduced its stake in KKR & Co. Inc. by 93.8%, selling 29,823 shares and retaining only 1,956 shares valued at approximately $260,000.
• Several large investors, including Nuveen LLC and Jennison Associates LLC, have made substantial investments in KKR, which indicates confidence in the company's future performance.
• KKR recently reported earnings of $1.18 per share, exceeding estimates, and announced an increase in its quarterly dividend, now totaling $0.185 per share.

Covenant Asset Management LLC reduced its position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) by 93.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,956 shares of the asset manager's stock after selling 29,823 shares during the quarter. Covenant Asset Management LLC's holdings in KKR & Co. Inc. were worth $260,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in KKR & Co. Inc. in the 1st quarter valued at about $844,137,000. Jennison Associates LLC lifted its position 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 valued at $507,972,000 after buying an additional 4,306,290 shares during the last quarter. Amundi boosted its stake in shares of KKR & Co. Inc. by 114.2% during the 1st quarter. Amundi now owns 4,575,631 shares of the asset manager's stock worth $528,989,000 after acquiring an additional 2,439,505 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of KKR & Co. Inc. by 14.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 19,081,760 shares of the asset manager's stock worth $2,206,042,000 after acquiring an additional 2,391,434 shares during the period. Finally, Unisphere Establishment increased its holdings in shares of KKR & Co. Inc. by 1,594.5% during the 1st quarter. Unisphere Establishment now owns 1,262,400 shares of the asset manager's stock worth $145,946,000 after acquiring an additional 1,187,900 shares during the last quarter. Institutional investors and hedge funds own 76.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on KKR. Oppenheimer raised their price target on KKR & Co. Inc. from $149.00 to $162.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Citizens Jmp lowered shares of KKR & Co. Inc. from an "outperform" rating to a "market perform" rating in a research report on Monday, July 14th. Evercore ISI lifted their target price on shares of KKR & Co. Inc. from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Barclays raised their price objective on shares of KKR & Co. Inc. from $155.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. Finally, HSBC cut KKR & Co. Inc. from a "buy" rating to a "hold" rating and set a $142.00 price objective for the company. in a report on Wednesday, July 9th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $158.07.

KKR & Co. Inc. Stock Down 1.3%

Shares of KKR opened at $133.84 on Monday. KKR & Co. Inc. has a 12 month low of $86.15 and a 12 month high of $170.40. The firm's 50 day moving average is $142.89 and its 200-day moving average is $128.04. The stock has a market capitalization of $119.24 billion, a PE ratio of 62.25, a P/E/G ratio of 1.47 and a beta of 1.93. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.77.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The asset manager reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.04. The business 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 6.30% and a net margin of 12.95%.During the same period in the previous year, the company posted $1.09 earnings per share. Equities research analysts forecast that KKR & Co. Inc. will post 5.19 EPS for the current year.

KKR & Co. Inc. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 11th were given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, August 11th. This is a positive change from KKR & Co. Inc.'s previous quarterly dividend of $0.18. KKR & Co. Inc.'s dividend payout ratio is currently 34.42%.

Insider Activity

In related news, Chairman George R. Roberts sold 809,906 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $144.25, for a total value of $116,828,940.50. Following the transaction, the chairman owned 81,361,978 shares in the company, valued at approximately $11,736,465,326.50. This trade represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 39.34% of the company's stock.

KKR & Co. Inc. Company 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.

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