Kenvue Inc. $KVUE Stock Holdings Trimmed by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Kenvue stake by 98.1% in the third quarter, selling 3.15 million shares and retaining 61,660 shares valued at approximately $1.09 million.
• Despite the reduction, institutional ownership remains high at 97.64%, with major investors including BlackRock, Pentwater Capital, Bank of America, Legal & General, and Bank of New York Mellon holding sizable positions.
• Kenvue’s shares opened at $19.89, near their 52-week high, while analysts maintain a consensus “Hold” rating. The company pays a $0.21 quarterly dividend, equivalent to a 4.2% yield, but its latest quarterly EPS and revenue slightly missed estimates.

Assenagon Asset Management S.A. trimmed its stake in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 98.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,660 shares of the company's stock after selling 3,154,542 shares during the period. Assenagon Asset Management S.A.'s holdings in Kenvue were worth $1,089,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Kenvue during the second quarter valued at approximately $2,882,279,000. Pentwater Capital Management LP purchased a new position in shares of Kenvue in the second quarter valued at approximately $977,094,000. Bank of America Corp DE purchased a new position in shares of Kenvue in the second quarter valued at approximately $275,204,000. Legal & General Group Plc acquired a new stake in shares of Kenvue in the second quarter worth approximately $253,393,000. Finally, Bank of New York Mellon Corp purchased a new stake in Kenvue during the 2nd quarter worth about $192,080,000. 97.64% of the stock is owned by hedge funds and other institutional investors.

Kenvue Price Performance

Shares of KVUE opened at $19.89 on Friday. Kenvue Inc. has a 1-year low of $14.02 and a 1-year high of $20.13. The stock has a market cap of $38.19 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 1.74 and a beta of 0.48. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.01 and a quick ratio of 0.71. The firm has a fifty day moving average price of $18.34 and a 200 day moving average price of $18.26.

Kenvue (NYSE:KVUE - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company 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 was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. As a group, sell-side analysts anticipate that Kenvue Inc. will post 1.14 EPS for the current year.

Kenvue Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Monday, September 21st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, September 21st. Kenvue's dividend payout ratio is presently 96.55%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on KVUE. Weiss Ratings reissued a "hold (c)" rating on shares of Kenvue in a research report on Friday, September 11th. Barclays increased their price objective on shares of Kenvue from $18.00 to $19.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 21st. Zacks Research cut shares of Kenvue from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. UBS Group decreased their price objective on shares of Kenvue from $20.00 to $19.00 and set a "neutral" rating for the company in a research report on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of Kenvue from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Ten analysts have rated the stock with a Hold rating. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $18.43.

Kenvue Profile

Kenvue Inc is a 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, and essential health products, serving consumers through retail, e-commerce and other distribution channels.

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

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