Alberta Investment Management Corp Buys 84,321 Shares of Kenvue Inc. (NYSE:KVUE)

Key Points

• Alberta Investment Management Corp increased its position in Kenvue Inc. by 14.5% during the 1st quarter, owning 667,216 shares valued at approximately $16 million.
• Kenvue reported a quarterly earnings per share (EPS) of $0.24, slightly exceeding analysts' estimates, with revenue of $3.74 billion.
• The company announced a dividend increase, raising its quarterly payout from $0.21 to $0.2075 per share, representing an annualized yield of 3.9%.

Alberta Investment Management Corp grew its holdings in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 14.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 667,216 shares of the company's stock after purchasing an additional 84,321 shares during the quarter. Alberta Investment Management Corp's holdings in Kenvue were worth $16,000,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in KVUE. Pittenger & Anderson Inc. purchased a new stake in Kenvue in the 1st quarter worth about $30,000. TruNorth Capital Management LLC purchased a new position in Kenvue during the 1st quarter valued at about $36,000. Bank Julius Baer & Co. Ltd Zurich grew its holdings in Kenvue by 120.6% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,699 shares of the company's stock valued at $41,000 after buying an additional 929 shares in the last quarter. Clarity Asset Management Inc. purchased a new position in Kenvue during the 4th quarter valued at about $45,000. Finally, Continuum Advisory LLC grew its holdings in Kenvue by 2,071.1% during the 1st quarter. Continuum Advisory LLC now owns 1,954 shares of the company's stock valued at $47,000 after buying an additional 1,864 shares in the last quarter. 97.64% of the stock is owned by hedge funds and other institutional investors.

Kenvue Price Performance

NYSE:KVUE traded up $0.16 during mid-day trading on Friday, reaching $21.60. The stock had a trading volume of 13,846,355 shares, compared to its average volume of 18,076,148. The firm has a 50 day moving average price of $21.82 and a two-hundred day moving average price of $22.39. The stock has a market capitalization of $41.44 billion, a P/E ratio of 39.27, a P/E/G ratio of 3.62 and a beta of 0.83. Kenvue Inc. has a one year low of $18.10 and a one year high of $25.17. 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 released its earnings results on Thursday, May 8th. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.69 billion. Kenvue had a return on equity of 20.87% and a net margin of 6.90%. Kenvue's quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. As a group, analysts expect that Kenvue Inc. will post 1.14 earnings per share for the current year.

Kenvue Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Wednesday, August 13th will be given a $0.2075 dividend. This represents a $0.83 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Wednesday, August 13th. This is a positive change from Kenvue's previous quarterly dividend of $0.21. Kenvue's dividend payout ratio is presently 150.91%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on KVUE shares. UBS Group reduced their target price on Kenvue from $25.00 to $23.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Redburn Atlantic started coverage on Kenvue in a report on Thursday, April 10th. They set a "neutral" rating and a $23.50 target price for the company. JPMorgan Chase & Co. reduced their target price on Kenvue from $27.00 to $26.00 and set an "overweight" rating for the company in a report on Friday, July 25th. Citigroup reduced their target price on Kenvue from $24.50 to $22.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Finally, Bank of America dropped their price target on Kenvue from $27.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $24.79.

Kenvue Company Profile

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.