Covenant Asset Management LLC Buys New Position in KKR & Co. Inc. (NYSE:KKR)

Covenant Asset Management LLC purchased a new position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,779 shares of the asset manager's stock, valued at approximately $3,674,000.

Several other hedge funds have also recently modified their holdings of KKR. Brighton Jones LLC grew its stake in KKR & Co. Inc. by 109.6% during the 4th quarter. Brighton Jones LLC now owns 4,661 shares of the asset manager's stock valued at $689,000 after acquiring an additional 2,437 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of KKR & Co. Inc. by 12.4% in the 4th quarter. Harbour Investments Inc. now owns 1,195 shares of the asset manager's stock valued at $177,000 after buying an additional 132 shares during the period. Axxcess Wealth Management LLC grew its stake in shares of KKR & Co. Inc. by 139.7% in the 4th quarter. Axxcess Wealth Management LLC now owns 8,264 shares of the asset manager's stock valued at $1,222,000 after buying an additional 4,816 shares during the period. Royal London Asset Management Ltd. grew its stake in shares of KKR & Co. Inc. by 6.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 287,224 shares of the asset manager's stock valued at $42,483,000 after buying an additional 16,684 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in shares of KKR & Co. Inc. by 781.0% in the 4th quarter. Teacher Retirement System of Texas now owns 36,642 shares of the asset manager's stock valued at $5,420,000 after buying an additional 32,483 shares during the period. Institutional investors and hedge funds own 76.26% of the company's stock.

KKR & Co. Inc. Price Performance

KKR stock traded down $1.52 during trading on Friday, reaching $146.08. 3,123,293 shares of the company were exchanged, compared to its average volume of 4,241,985. KKR & Co. Inc. has a 52-week low of $86.15 and a 52-week high of $170.40. The company has a market cap of $130.10 billion, a P/E ratio of 61.64, a PEG ratio of 1.63 and a beta of 1.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.08 and a current ratio of 0.08. The stock's 50 day moving average price is $128.19 and its 200 day moving average price is $128.20.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The asset manager reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.02. KKR & Co. Inc. had a net margin of 14.75% and a return on equity of 6.43%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. The company's revenue was down 67.8% on a year-over-year basis. As a group, analysts predict that KKR & Co. Inc. will post 5.19 earnings per share for the current fiscal year.

KKR & Co. Inc. Increases Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 13th were paid a dividend of $0.185 per share. This represents a yield of 0.64%. This is an increase from KKR & Co. Inc.'s previous dividend of $0.17. The ex-dividend date was Monday, May 12th. KKR & Co. Inc.'s dividend payout ratio is 31.22%.

Insider Activity

In related news, major shareholder Genetic Disorder L.P. Kkr sold 6,000,000 shares of KKR & Co. Inc. stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.20, for a total value of $205,200,000.00. Following the sale, the insider directly owned 13,260,971 shares in the company, valued at $453,525,208.20. This trade represents a 31.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy R. Barakett bought 35,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $117.92 per share, for a total transaction of $4,127,200.00. Following the purchase, the director owned 185,000 shares in the company, valued at $21,815,200. This trade represents a 23.33% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 8,471,488 shares of company stock worth $501,529,092 over the last ninety days. Insiders own 39.34% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on KKR shares. JMP Securities reiterated a "market perform" rating and set a $150.00 target price on shares of KKR & Co. Inc. in a report on Monday, July 14th. Citigroup lowered shares of KKR & Co. Inc. from a "strong-buy" rating to a "hold" rating in a report on Monday, July 14th. TD Cowen reduced their target price on shares of KKR & Co. Inc. from $183.00 to $126.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Morgan Stanley upgraded shares of KKR & Co. Inc. from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $120.00 to $150.00 in a report on Wednesday, May 14th. Finally, Piper Sandler began coverage on shares of KKR & Co. Inc. in a research report on Monday, June 30th. They set an "overweight" rating and a $150.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $154.33.

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.