Starboard Value LP Buys Shares of 21,914,000 Kenvue Inc. (NYSE:KVUE)

Starboard Value LP purchased a new position in Kenvue Inc. (NYSE:KVUE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 21,914,000 shares of the company's stock, valued at approximately $467,864,000. Kenvue comprises about 8.5% of Starboard Value LP's holdings, making the stock its 4th biggest position. Starboard Value LP owned approximately 1.14% of Kenvue as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Kenvue by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 245,885,918 shares of the company's stock valued at $5,249,665,000 after purchasing an additional 8,211,748 shares during the last quarter. Vanguard Group Inc. lifted its position in Kenvue by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 218,543,705 shares of the company's stock valued at $4,665,908,000 after purchasing an additional 1,636,741 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Kenvue by 12.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 97,661,344 shares of the company's stock valued at $2,085,070,000 after purchasing an additional 10,682,003 shares during the last quarter. Geode Capital Management LLC lifted its position in Kenvue by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 46,068,931 shares of the company's stock valued at $980,989,000 after purchasing an additional 1,391,854 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Kenvue by 61.5% during the 4th quarter. Franklin Resources Inc. now owns 42,719,377 shares of the company's stock valued at $912,059,000 after buying an additional 16,269,721 shares during the period. 97.64% of the stock is currently owned by institutional investors.

Kenvue Trading Down 0.6%

Shares of KVUE traded down $0.14 during midday trading on Wednesday, hitting $24.00. The stock had a trading volume of 15,095,636 shares, compared to its average volume of 16,432,886. Kenvue Inc. has a fifty-two week low of $17.67 and a fifty-two week high of $25.17. The business has a 50-day simple moving average of $23.20 and a two-hundred day simple moving average of $22.61. The firm has a market cap of $46.04 billion, a P/E ratio of 45.27, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. The company has a current ratio of 1.00, a quick ratio of 0.69 and a debt-to-equity ratio of 0.66.

Kenvue (NYSE:KVUE - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $3.74 billion during the quarter, compared to analysts' expectations of $3.69 billion. Kenvue had a net margin of 6.66% and a return on equity of 20.97%. The firm's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period last year, the company posted $0.28 earnings per share. As a group, equities analysts forecast that Kenvue Inc. will post 1.14 EPS for the current year.

Kenvue Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Wednesday, May 14th. Kenvue's dividend payout ratio is currently 149.09%.

Wall Street Analyst Weigh In

KVUE has been the topic of several research analyst reports. Royal Bank of Canada reissued a "sector perform" rating and set a $24.00 target price on shares of Kenvue in a research note on Monday, February 3rd. Citigroup raised their target price on shares of Kenvue from $22.00 to $24.50 and gave the company a "neutral" rating in a research note on Friday, May 9th. UBS Group lifted their price objective on shares of Kenvue from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Barclays lifted their price objective on shares of Kenvue from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Monday, May 12th. Finally, Redburn Atlantic started coverage on shares of Kenvue in a research note on Thursday, April 10th. They issued a "neutral" rating and a $23.50 price objective on the stock. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Kenvue currently has a consensus rating of "Hold" and an average price target of $25.33.

Kenvue 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.