Drive Wealth Management LLC Makes New $1.29 Million Investment in Kenvue Inc. (NYSE:KVUE)

Key Points

• Drive Wealth Management LLC has invested approximately $1.29 million in Kenvue Inc. by acquiring 53,767 shares in the first quarter of the year.
• Several large investors have also significantly increased their positions in Kenvue, with Norges Bank and Starboard Value LP acquiring stakes valued at over $500 million each in the fourth quarter.
• Kenvue recently reported earnings of $0.24 per share, exceeding expectations, with a revenue of $3.74 billion for the quarter despite a 3.9% year-over-year decline.

Drive Wealth Management LLC bought a new position in Kenvue Inc. (NYSE:KVUE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 53,767 shares of the company's stock, valued at approximately $1,289,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of Kenvue by 4.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 106,140 shares of the company's stock worth $2,545,000 after buying an additional 4,034 shares during the period. IFP Advisors Inc raised its stake in shares of Kenvue by 25.3% in the first quarter. IFP Advisors Inc now owns 15,278 shares of the company's stock worth $369,000 after buying an additional 3,081 shares during the period. Starboard Value LP bought a new position in shares of Kenvue in the fourth quarter worth about $467,864,000. Kingswood Wealth Advisors LLC bought a new position in shares of Kenvue in the first quarter worth about $413,000. Finally, Cooper Investors PTY Ltd. raised its stake in shares of Kenvue by 39.7% in the first quarter. Cooper Investors PTY Ltd. now owns 858,076 shares of the company's stock worth $20,577,000 after buying an additional 244,043 shares during the period. 97.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KVUE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price target on Kenvue from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Friday. Citigroup lowered their price target on Kenvue from $24.50 to $22.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Bank of America lowered their price target on Kenvue from $27.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Redburn Atlantic initiated coverage on Kenvue in a report on Thursday, April 10th. They issued a "neutral" rating and a $23.50 price target on the stock. Finally, UBS Group lowered their price target on Kenvue from $25.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Kenvue has a consensus rating of "Hold" and a consensus price target of $24.79.

Kenvue Stock Down 0.8%

NYSE:KVUE traded down $0.18 during mid-day trading on Tuesday, hitting $22.18. 17,178,381 shares of the company's stock traded hands, compared to its average volume of 17,162,080. The company has a fifty day moving average of $21.99 and a 200 day moving average of $22.38. Kenvue Inc. has a twelve month low of $18.10 and a twelve month high of $25.17. The company has a market capitalization of $42.56 billion, a P/E ratio of 40.35, a P/E/G ratio of 3.81 and a beta of 0.83. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.60 and a current ratio of 0.86.

Kenvue (NYSE:KVUE - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.69 billion. Kenvue had a return on equity of 20.87% and a net margin of 6.90%. The firm's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 EPS. On average, analysts forecast that Kenvue Inc. will post 1.14 EPS for the current year.

About Kenvue

Kenvue Inc operates as a consumer health company worldwide. The company operates through three segments: Self Care, Skin Health and Beauty, and Essential Health. The Self Care segment offers cough, cold and allergy, pain care, digestive health, smoking cessation, eye care, and other products under the Tylenol, Motrin, Benadryl, Nicorette, Zarbee's, ORSLTM, Rhinocort, Calpol, and Zyrtec brands.