Pinnacle Associates Ltd. Increases Stock Position in KKR & Co. Inc. (NYSE:KKR)

Key Points

• Pinnacle Associates Ltd. increased its holdings in KKR & Co. Inc. by 34.5% in the first quarter, owning a total of 25,747 shares valued at approximately $2.98 million.
• Several other institutional investors also significantly increased their positions in KKR, with Jennison Associates LLC raising its stake by 4,918.6%, now holding over 4.39 million shares valued at nearly $508 million.
• KKR's stock has received a mix of ratings from analysts, with a consensus price target currently set at $154.33 and a majority rating of "Moderate Buy".

Pinnacle Associates Ltd. raised its position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) by 34.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,747 shares of the asset manager's stock after buying an additional 6,602 shares during the quarter. Pinnacle Associates Ltd.'s holdings in KKR & Co. Inc. were worth $2,977,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of KKR. Massachusetts Financial Services Co. MA increased its holdings in KKR & Co. Inc. by 14.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 19,081,760 shares of the asset manager's stock worth $2,206,042,000 after buying an additional 2,391,434 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of KKR & Co. Inc. by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 14,047,900 shares of the asset manager's stock valued at $2,073,624,000 after buying an additional 458,048 shares in the last quarter. FMR LLC lifted its holdings in KKR & Co. Inc. by 6.7% in the 4th quarter. FMR LLC now owns 12,003,389 shares of the asset manager's stock worth $1,775,421,000 after purchasing an additional 752,056 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in KKR & Co. Inc. by 106.2% in the 4th quarter. Nuveen Asset Management LLC now owns 6,584,370 shares of the asset manager's stock worth $973,894,000 after purchasing an additional 3,391,581 shares in the last quarter. Finally, Northern Trust Corp increased its stake in KKR & Co. Inc. by 10.8% in the 4th quarter. Northern Trust Corp now owns 6,150,636 shares of the asset manager's stock worth $909,741,000 after acquiring an additional 600,696 shares during the last quarter. 76.26% of the stock is currently owned by institutional investors.

KKR & Co. Inc. Price Performance

KKR & Co. Inc. stock traded down $1.41 during mid-day trading on Tuesday, hitting $150.74. The company's stock had a trading volume of 1,246,398 shares, compared to its average volume of 5,015,618. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $134.26 billion, a P/E ratio of 63.60, a P/E/G ratio of 1.69 and a beta of 1.88. KKR & Co. Inc. has a twelve month low of $86.15 and a twelve month high of $170.40. The stock's fifty day moving average price is $130.88 and its two-hundred day moving average price is $128.09.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The asset manager reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.71 billion. KKR & Co. Inc. had a net margin of 14.75% and a return on equity of 6.43%. KKR & Co. Inc.'s quarterly revenue was down 67.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.97 EPS. Research analysts forecast that KKR & Co. Inc. will post 5.19 earnings per share for the current year.

KKR & Co. Inc. Increases Dividend

The firm also recently disclosed a dividend, which was paid on Tuesday, May 27th. Investors of record on Tuesday, May 13th were issued a $0.185 dividend. This is a positive change from KKR & Co. Inc.'s previous dividend of $0.17. This represents a yield of 0.64%. The ex-dividend date of this dividend was Monday, May 12th. KKR & Co. Inc.'s dividend payout ratio is currently 31.22%.

Insiders Place Their Bets

In other KKR & Co. Inc. news, Chairman Henry R. Kravis sold 1,150,469 shares of KKR & Co. Inc. stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $119.80, for a total value of $137,826,186.20. Following the completion of the sale, the chairman owned 73,006,022 shares in the company, valued at $8,746,121,435.60. The trade was a 1.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert W. Scully bought 13,250 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was purchased at an average price of $113.49 per share, with a total value of $1,503,742.50. Following the completion of the transaction, the director directly owned 13,250 shares in the company, valued at approximately $1,503,742.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 8,471,488 shares of company stock valued at $501,529,092 over the last three months. 39.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on KKR shares. TD Cowen cut their target price on KKR & Co. Inc. from $183.00 to $126.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Evercore ISI upped their target price on KKR & Co. Inc. from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Citizens Jmp cut KKR & Co. Inc. from an "outperform" rating to a "market perform" rating in a research note on Monday, July 14th. HSBC cut KKR & Co. Inc. from a "buy" rating to a "hold" rating and set a $142.00 price target for the company. in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company increased their price target on KKR & Co. Inc. from $140.00 to $156.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $154.33.

About KKR & Co. Inc.

KKR & Co, Inc operates as an investment firm. It offers alternative asset management as well as capital markets and insurance solutions. The firm's business segments include Asset Management and Insurance Business. The Asset Management segment engages in providing private equity, real assets, credit and liquid strategies, capital markets, and principal activities.