Engineers Gate Manager LP Reduces Stock Position in Kenvue Inc. $KVUE

Key Points

• Engineers Gate Manager LP cut its Kenvue position by 88.9% in the second quarter, selling 391,714 shares and retaining 49,084 shares valued at approximately $938,000.
• Institutional investors and hedge funds own 97.64% of Kenvue, with several firms increasing their stakes. Analysts remain cautious, giving the stock an overall “Hold” rating and an average price target of $19.27.
• Kenvue reported quarterly revenue of $3.96 billion and EPS of $0.31, slightly below estimates, while revenue rose 3% year over year. The company declared a quarterly dividend of $0.21 per share, representing a 4.7% annualized yield.

Engineers Gate Manager LP cut its holdings in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 88.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,084 shares of the company's stock after selling 391,714 shares during the quarter. Engineers Gate Manager LP's holdings in Kenvue were worth $938,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of KVUE. Cidel Asset Management Inc. increased its holdings in shares of Kenvue by 12.9% during the 2nd quarter. Cidel Asset Management Inc. now owns 18,300 shares of the company's stock valued at $350,000 after purchasing an additional 2,087 shares in the last quarter. Arizona State Retirement System increased its stake in Kenvue by 5.5% during the 2nd quarter. Arizona State Retirement System now owns 549,550 shares of the company's stock worth $10,502,000 after buying an additional 28,653 shares in the last quarter. Carmignac Gestion raised its holdings in shares of Kenvue by 166.8% during the second quarter. Carmignac Gestion now owns 420,432 shares of the company's stock valued at $8,034,000 after acquiring an additional 262,858 shares during the last quarter. Empirical Finance LLC lifted its position in shares of Kenvue by 9.5% in the second quarter. Empirical Finance LLC now owns 31,023 shares of the company's stock valued at $593,000 after acquiring an additional 2,698 shares in the last quarter. Finally, Nykredit A S acquired a new stake in shares of Kenvue in the second quarter worth approximately $4,497,000. 97.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KVUE has been the topic of a number of research reports. UBS Group decreased their price objective on Kenvue from $20.00 to $19.00 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Zacks Research lowered shares of Kenvue from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Wall Street Zen cut shares of Kenvue from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Kenvue in a research note on Friday, September 11th. Finally, Barclays boosted their price target on shares of Kenvue from $18.00 to $19.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $19.27.

Kenvue Trading Down 0.3%

Shares of Kenvue stock opened at $17.82 on Friday. The firm has a market capitalization of $34.22 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.63 and a beta of 0.46. Kenvue Inc. has a fifty-two week low of $14.02 and a fifty-two week high of $20.13. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.71 and a current ratio of 1.01. The stock has a 50 day moving average of $18.89 and a 200 day moving average of $18.20.

Kenvue (NYSE:KVUE - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.97 billion. Kenvue had a net margin of 10.76% and a return on equity of 21.22%. The business's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the company earned $0.29 EPS. As a group, research analysts predict that Kenvue Inc. will post 1.14 earnings per share for the current year.

Kenvue Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Monday, September 21st will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 21st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.7%. Kenvue's dividend payout ratio (DPR) is currently 96.55%.

Kenvue Company Profile

Kenvue Inc is a global consumer health company that develops, markets and sells products designed to support everyday health and personal care. Its portfolio spans over-the-counter medicines, skin health and beauty, essential health products, and baby and family care.

The company's brands include Tylenol, Motrin, Zyrtec and Benadryl in self-care; Neutrogena, Aveeno and Clean & Clear in skin health and beauty; Listerine in oral care; and Johnson's and Band-Aid in baby care and essential health.

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