Kenvue Inc. (NYSE:KVUE) Position Trimmed by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its holdings in Kenvue Inc. by 21.8%, owning 200,153 shares worth approximately $4.8 million after selling 55,640 shares in the first quarter.
• Kenvue reported earnings per share of $0.24 for the last quarter, exceeding analysts' expectations, despite a 3.9% decline in revenue year-over-year.
• The company's quarterly dividend was increased to $0.2075, representing an annual yield of 3.8%, with the next payment scheduled for August 27th.

Bank of Nova Scotia lessened its holdings in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 21.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 200,153 shares of the company's stock after selling 55,640 shares during the quarter. Bank of Nova Scotia's holdings in Kenvue were worth $4,800,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Starboard Value LP acquired a new position in Kenvue during the fourth quarter worth approximately $467,864,000. Price T Rowe Associates Inc. MD increased its position in Kenvue by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 245,885,918 shares of the company's stock worth $5,249,665,000 after purchasing an additional 8,211,748 shares during the last quarter. Epoch Investment Partners Inc. acquired a new position in Kenvue during the fourth quarter worth approximately $66,916,000. Dimensional Fund Advisors LP increased its position in Kenvue by 19.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,924,179 shares of the company's stock worth $404,002,000 after purchasing an additional 3,025,924 shares during the last quarter. Finally, Northern Trust Corp increased its position in Kenvue by 15.4% during the fourth quarter. Northern Trust Corp now owns 20,948,704 shares of the company's stock worth $447,255,000 after purchasing an additional 2,796,306 shares during the last quarter. 97.64% of the stock is owned by institutional investors and hedge funds.

Kenvue Stock Down 1.8%

Shares of NYSE KVUE traded down $0.39 during trading on Friday, reaching $21.37. 25,925,024 shares of the stock were exchanged, compared to its average volume of 21,613,902. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.63. The business's 50-day moving average price is $21.62 and its 200 day moving average price is $22.40. The company has a market capitalization of $41.00 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 3.65 and a beta of 0.83. Kenvue Inc. has a twelve month low of $19.75 and a twelve month high of $25.17.

Kenvue (NYSE:KVUE - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.94 billion. Kenvue had a net margin of 9.37% and a return on equity of 20.36%. The business's revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, equities analysts forecast that Kenvue Inc. will post 1.14 EPS for the current fiscal year.

Kenvue Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Wednesday, August 13th will be paid a dividend of $0.2075 per share. The ex-dividend date is Wednesday, August 13th. This is a positive change from Kenvue's previous quarterly dividend of $0.21. This represents a $0.83 annualized dividend and a yield of 3.9%. Kenvue's payout ratio is presently 149.09%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Redburn Atlantic assumed coverage on shares of Kenvue in a research report on Thursday, April 10th. They set a "neutral" rating and a $23.50 price target on the stock. Canaccord Genuity Group reduced their price target on shares of Kenvue from $29.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday. Barclays reduced their price target on shares of Kenvue from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. JPMorgan Chase & Co. reduced their price target on shares of Kenvue from $27.00 to $26.00 and set an "overweight" rating on the stock in a research report on Friday, July 25th. Finally, UBS Group reduced their price target on shares of Kenvue from $25.00 to $23.00 and set a "neutral" rating on the stock in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Kenvue presently has a consensus rating of "Hold" and an average target price of $24.38.

About Kenvue

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.