Empowered Funds LLC Acquires 29,991 Shares of KKR & Co. Inc. $KKR

Key Points

• Empowered Funds LLC nearly doubled its KKR stake in the first quarter, acquiring 29,991 additional shares for a total of 61,528 shares valued at approximately $5.7 million. Institutional investors collectively own 76.26% of KKR.
• KKR exceeded second-quarter earnings expectations, reporting EPS of $1.63 versus a $1.43 consensus and revenue of $5.73 billion. Analysts maintain a “Moderate Buy” consensus, with an average price target of $129.75.
• KKR authorized a $500 million share-repurchase program and declared a quarterly dividend of $0.195 per share, equivalent to an annualized yield of about 0.8%.

Empowered Funds LLC raised its holdings in KKR & Co. Inc. (NYSE:KKR - Free Report) by 95.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,528 shares of the asset manager's stock after acquiring an additional 29,991 shares during the period. Empowered Funds LLC's holdings in KKR & Co. Inc. were worth $5,691,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC raised its stake in KKR & Co. Inc. by 109.6% in the fourth quarter. Brighton Jones LLC now owns 4,661 shares of the asset manager's stock valued at $689,000 after purchasing an additional 2,437 shares in the last quarter. Bison Wealth LLC bought a new stake in KKR & Co. Inc. during the fourth quarter valued at approximately $218,000. Sivia Capital Partners LLC grew its stake in KKR & Co. Inc. by 13.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,050 shares of the asset manager's stock worth $273,000 after buying an additional 237 shares in the last quarter. United Bank purchased a new position in KKR & Co. Inc. in the 2nd quarter worth approximately $769,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of KKR & Co. Inc. in the 2nd quarter worth $4,826,000. Institutional investors own 76.26% of the company's stock.

Key KKR & Co. Inc. News

Here are the key news stories impacting KKR & Co. Inc. this week:

• Positive Sentiment: Quarterly earnings beat expectations: KKR reported second-quarter EPS of $1.63, ahead of the $1.42–$1.43 consensus and up from $1.18 a year earlier. Revenue reached $5.73 billion versus estimates of $2.95 billion. Growth was driven by higher assets under management, management fees, transaction fees, fundraising and inflows in its asset-management and insurance businesses. KKR Q2 Earnings and Revenues Top Estimates
• Positive Sentiment: Analysts raised price targets: Royal Bank of Canada increased its target from $125 to $134 and maintained an “outperform” rating, while Barclays raised its target from $124 to $135 and assigned an “overweight” rating. The new targets imply roughly 32% upside from the referenced share price, reinforcing confidence in KKR’s earnings and growth outlook. Analyst Price Target Updates
• Neutral Sentiment: Potential Integer Holdings acquisition: Reports say KKR is nearing a deal to acquire medical-device outsourcing company Integer Holdings. The transaction could expand KKR’s healthcare investment portfolio, although its eventual valuation, financing and execution risks remain unknown. KKR Nearing Deal to Acquire Integer Holdings
• Neutral Sentiment: Dividend declared: KKR announced a quarterly dividend of $0.195 per share, payable August 25 to shareholders of record August 10. The dividend provides continued shareholder income, though its approximately 0.8% annualized yield is unlikely to be a major share-price catalyst.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. BMO Capital Markets lowered their price objective on shares of KKR & Co. Inc. from $120.00 to $112.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Royal Bank Of Canada upped their target price on shares of KKR & Co. Inc. from $125.00 to $134.00 and gave the stock an "outperform" rating in a research report on Friday. Piper Sandler reduced their target price on KKR & Co. Inc. from $135.00 to $117.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. TD Cowen lowered their price target on KKR & Co. Inc. from $106.00 to $104.00 and set a "hold" rating on the stock in a research report on Monday, May 18th. Finally, Barclays lifted their price target on KKR & Co. Inc. from $124.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.75.

KKR & Co. Inc. Stock Up 0.7%

Shares of NYSE KKR opened at $101.69 on Friday. The stock has a market capitalization of $91.31 billion, a P/E ratio of 32.39, a PEG ratio of 0.86 and a beta of 1.79. KKR & Co. Inc. has a one year low of $82.67 and a one year high of $152.10. The firm's 50 day simple moving average is $95.99 and its two-hundred day simple moving average is $99.30. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.08 and a quick ratio of 0.08.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The asset manager reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.20. KKR & Co. Inc. had a net margin of 14.41% and a return on equity of 5.89%. The firm had revenue of $5.73 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business posted $1.18 EPS. As a group, analysts expect that KKR & Co. Inc. will post 5.54 EPS for the current fiscal year.

KKR & Co. Inc. announced that its board has initiated a stock repurchase plan on Tuesday, May 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to repurchase up to 0.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

KKR & Co. Inc. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Monday, August 10th 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 Monday, August 10th. KKR & Co. Inc.'s dividend payout ratio (DPR) is presently 26.53%.

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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