Jessup Wealth Management Inc Sells 70,795 Shares of KKR & Co. Inc. $KKR

Key Points

• Jessup Wealth Management cut its KKR stake by 89.3% in the first quarter, selling 70,795 shares and retaining 8,507 shares valued at approximately $787,000.
• Despite Jessup’s reduction, institutional ownership remains high at 76.26%, with major investors including Norges Bank, Temasek Holdings and T. Rowe Price increasing or initiating positions.
• KKR raised its quarterly dividend to $0.195 per share and authorized a $500 million share-repurchase program. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $128.08, above the reported $99.48 share price.

Jessup Wealth Management Inc trimmed its holdings in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) by 89.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,507 shares of the asset manager's stock after selling 70,795 shares during the period. Jessup Wealth Management Inc's holdings in KKR & Co. Inc. were worth $787,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of KKR & Co. Inc. in the 4th quarter valued at approximately $1,715,929,000. Viking Global Investors LP bought a new stake in shares of KKR & Co. Inc. during the 3rd quarter worth about $352,038,000. Temasek Holdings Private Ltd boosted its holdings in shares of KKR & Co. Inc. by 164.4% during the first quarter. Temasek Holdings Private Ltd now owns 3,522,797 shares of the asset manager's stock worth $325,859,000 after acquiring an additional 2,190,248 shares during the period. Farallon Capital Management LLC bought a new stake in KKR & Co. Inc. in the 4th quarter valued at $257,216,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of KKR & Co. Inc. by 41.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,401,951 shares of the asset manager's stock valued at $561,161,000 after acquiring an additional 1,295,099 shares in the last quarter. Institutional investors own 76.26% of the company's stock.

KKR & Co. Inc. Stock Performance

NYSE:KKR opened at $99.48 on Monday. KKR & Co. Inc. has a fifty-two week low of $82.67 and a fifty-two week high of $153.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.08 and a current ratio of 0.08. The company has a 50 day simple moving average of $95.30 and a two-hundred day simple moving average of $100.20. The company has a market capitalization of $89.32 billion, a PE ratio of 33.84, a P/E/G ratio of 0.84 and a beta of 1.79.

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 (EPS) for the quarter. KKR & Co. Inc. had a net margin of 13.94% and a return on equity of 5.42%. The business had revenue of $5.74 billion for the quarter. Research analysts anticipate that KKR & Co. Inc. will post 5.54 earnings per share for the current year.

KKR & Co. Inc. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 0.8%. This is a boost from KKR & Co. Inc.'s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, May 15th. KKR & Co. Inc.'s payout ratio is presently 26.53%.

KKR & Co. Inc. declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 0.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

KKR has been the topic of several recent research reports. Oppenheimer lowered their target price on shares of KKR & Co. Inc. from $143.00 to $139.00 and set an "outperform" rating on the stock in a report on Friday, July 17th. Royal Bank Of Canada reduced their target price on KKR & Co. Inc. from $128.00 to $125.00 and set an "outperform" rating on the stock in a report on Monday, July 13th. BMO Capital Markets decreased their price target on KKR & Co. Inc. from $120.00 to $112.00 and set an "outperform" rating on the stock in a research note on Monday, July 13th. Zacks Research upgraded shares of KKR & Co. Inc. from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods raised KKR & Co. Inc. to a "moderate buy" rating in a report on Monday, July 20th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $128.08.

Insider Activity

In other news, EVP Yael Cosset sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $58.80, for a total transaction of $1,764,000.00. Following the completion of the sale, the executive vice president owned 127,868 shares of the company's stock, valued at $7,518,638.40. This trade represents a 19.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 23.20% of the company's stock.

KKR & Co. Inc. Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.