DNB Asset Management AS Grows Position in KKR & Co. Inc. $KKR

Key Points

• DNB Asset Management AS increased its KKR stake by 19.1% in the fourth quarter, buying 42,953 additional shares and bringing its total holdings to 268,202 shares worth about $34.2 million.
• KKR recently boosted its quarterly dividend to $0.195 per share from $0.19, and it also approved a $500 million share repurchase program covering up to 0.5% of outstanding shares.
• Analysts remain generally positive on KKR, with a consensus “Moderate Buy” rating and an average price target of $134.67, while insiders have also been buying shares, including the CEO and a director.

DNB Asset Management AS boosted its stake in KKR & Co. Inc. (NYSE:KKR - Free Report) by 19.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 268,202 shares of the asset manager's stock after buying an additional 42,953 shares during the quarter. DNB Asset Management AS's holdings in KKR & Co. Inc. were worth $34,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of KKR. ESL Trust Services LLC purchased a new stake in KKR & Co. Inc. in the 3rd quarter valued at $26,000. Asset Dedication LLC purchased a new stake in KKR & Co. Inc. in the 3rd quarter valued at $26,000. GGM Financials LLC purchased a new stake in shares of KKR & Co. Inc. during the 3rd quarter valued at $27,000. Washington Trust Advisors Inc. purchased a new stake in shares of KKR & Co. Inc. during the 4th quarter valued at $27,000. Finally, Richardson Financial Services Inc. increased its position in shares of KKR & Co. Inc. by 2,150.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 225 shares of the asset manager's stock valued at $29,000 after purchasing an additional 215 shares during the last quarter. 76.26% of the stock is owned by hedge funds and other institutional investors.

KKR & Co. Inc. Stock Performance

Shares of KKR opened at $97.16 on Friday. The company has a market cap of $87.23 billion, a PE ratio of 33.05, a price-to-earnings-growth ratio of 0.86 and a beta of 1.85. The company has a current ratio of 0.08, a quick ratio of 0.07 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $95.35 and a 200-day moving average price of $110.85. KKR & Co. Inc. has a 12-month low of $82.67 and a 12-month high of $153.87.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last released its earnings results on Friday, February 27th. The asset manager reported $1.24 earnings per share for the quarter. The company had revenue of $5.74 billion during the quarter. KKR & Co. Inc. had a return on equity of 5.42% and a net margin of 13.94%. As a group, equities analysts forecast that KKR & Co. Inc. will post 5.46 earnings per share for the current fiscal year.

KKR & Co. Inc. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be given a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, May 15th. This is a positive change from KKR & Co. Inc.'s previous quarterly dividend of $0.19. KKR & Co. Inc.'s dividend payout ratio is presently 25.17%.

KKR & Co. Inc. declared that its Board of Directors has approved a share buyback program on Tuesday, May 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on KKR. UBS Group raised their target price on KKR & Co. Inc. from $113.00 to $126.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Wall Street Zen raised KKR & Co. Inc. from a "sell" rating to a "hold" rating in a research report on Sunday, January 25th. The Goldman Sachs Group decreased their target price on KKR & Co. Inc. from $145.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Barclays decreased their target price on KKR & Co. Inc. from $127.00 to $122.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Finally, Piper Sandler decreased their target price on KKR & Co. Inc. from $135.00 to $117.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $134.67.

Insider Buying and Selling

In related news, Director Timothy R. Barakett purchased 50,000 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were acquired at an average cost of $94.47 per share, with a total value of $4,723,500.00. Following the purchase, the director directly owned 285,000 shares of the company's stock, valued at approximately $26,923,950. This trade represents a 21.28% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joseph Y. Bae purchased 125,000 shares of the firm's stock in a transaction on Tuesday, February 17th. The stock was bought at an average cost of $102.19 per share, for a total transaction of $12,773,750.00. Following the completion of the purchase, the chief executive officer directly owned 509,257 shares in the company, valued at approximately $52,040,972.83. This trade represents a 32.53% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 343,872 shares of company stock valued at $34,844,179 over the last quarter. Company insiders own 23.20% of the company's stock.

KKR & Co. Inc. Profile

KKR & Co Inc is a global investment firm headquartered in New York City that specializes in private markets and alternative asset management. Founded in 1976 by Jerome Kohlberg Jr., Henry Kravis and George R. Roberts, the firm built its reputation in leveraged buyouts and has since expanded into a multi-strategy asset manager. KKR operates across private equity, credit, real assets (including real estate and infrastructure), growth equity and hedge fund strategies, offering a range of investment products and strategies for institutional and private investors.

KKR manages capital through traditional closed-end funds as well as customized vehicles such as separate accounts, co-investments, and listed investment vehicles.

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