Nuveen LLC Buys New Position in Kenvue Inc. (NYSE:KVUE)

Key Points

• Nuveen LLC has acquired a new position in Kenvue Inc., purchasing 8,041,659 shares valued at approximately $187 million, which represents a 0.42% ownership stake in the company.
• Kenvue recently announced a quarterly dividend of $0.2075 per share, reflecting an increase from its previous dividend and resulting in a 3.9% dividend yield.
• Analysts have reduced their price targets for Kenvue, with Bank of America setting a target at $25.00, while the average target price now stands at $24.38, reflecting a general consensus of a "Hold" rating.

Nuveen LLC acquired a new position in Kenvue Inc. (NYSE:KVUE - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 8,041,659 shares of the company's stock, valued at approximately $187,123,000. Nuveen LLC owned 0.42% of Kenvue at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. King Luther Capital Management Corp raised its holdings in shares of Kenvue by 3.2% in the 1st quarter. King Luther Capital Management Corp now owns 213,954 shares of the company's stock worth $5,131,000 after buying an additional 6,587 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Kenvue by 2.1% in the 1st quarter. Benjamin Edwards Inc. now owns 38,168 shares of the company's stock worth $915,000 after buying an additional 772 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Kenvue by 11.6% in the 1st quarter. JPMorgan Chase & Co. now owns 24,912,226 shares of the company's stock worth $597,395,000 after buying an additional 2,597,920 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of Kenvue in the 1st quarter worth approximately $444,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Kenvue by 39.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 29,030 shares of the company's stock worth $696,000 after buying an additional 8,178 shares in the last quarter. Institutional investors own 97.64% of the company's stock.

Kenvue Stock Down 0.6%

NYSE KVUE opened at $21.22 on Tuesday. The stock has a fifty day moving average of $21.57 and a 200-day moving average of $22.43. The stock has a market capitalization of $40.71 billion, a P/E ratio of 28.67, a price-to-earnings-growth ratio of 4.08 and a beta of 0.83. Kenvue Inc. has a 52 week low of $19.75 and a 52 week high of $25.17. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.68 and a current ratio of 0.98.

Kenvue (NYSE:KVUE - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.94 billion. Kenvue had a return on equity of 20.06% and a net margin of 9.37%. The business's revenue for the quarter was down 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. On average, equities research analysts forecast that Kenvue Inc. will post 1.14 EPS for the current year.

Kenvue Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Wednesday, August 13th will be given a $0.2075 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.83 annualized dividend and a dividend yield of 3.9%. This is an increase from Kenvue's previous quarterly dividend of $0.21. Kenvue's dividend payout ratio is 110.81%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KVUE. Bank of America dropped their target price on Kenvue from $27.00 to $25.00 and set a "buy" rating for the company in a report on Tuesday, July 15th. Barclays dropped their price target on Kenvue from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Citigroup dropped their price target on Kenvue from $24.50 to $22.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their price target on Kenvue from $27.00 to $26.00 and set an "overweight" rating for the company in a report on Friday, July 25th. Finally, UBS Group dropped their price target on Kenvue from $25.00 to $23.00 and set a "neutral" rating for the company in a report on Thursday, July 17th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $24.38.

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.

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