Starboard Value LP Acquires New Position in Kenvue Inc. (NYSE:KVUE)

Starboard Value LP bought a new stake in Kenvue Inc. (NYSE:KVUE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 21,914,000 shares of the company's stock, valued at approximately $467,864,000. Kenvue accounts for about 8.5% of Starboard Value LP's investment portfolio, making the stock its 4th biggest holding. Starboard Value LP owned about 1.14% of Kenvue as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Grove Bank & Trust lifted its stake in shares of Kenvue by 438.4% in the 4th quarter. Grove Bank & Trust now owns 1,163 shares of the company's stock valued at $25,000 after purchasing an additional 947 shares in the last quarter. Geneos Wealth Management Inc. acquired a new stake in Kenvue during the 4th quarter worth approximately $29,000. SRS Capital Advisors Inc. raised its holdings in Kenvue by 67.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,418 shares of the company's stock valued at $30,000 after buying an additional 571 shares during the period. Asset Planning Inc acquired a new position in Kenvue during the fourth quarter valued at approximately $42,000. Finally, Clarity Asset Management Inc. acquired a new position in Kenvue during the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 97.64% of the company's stock.

Wall Street Analysts Forecast Growth

KVUE has been the subject of several recent research reports. Canaccord Genuity Group increased their price objective on shares of Kenvue from $24.00 to $29.00 and gave the stock a "buy" rating in a research report on Wednesday, March 5th. Redburn Atlantic assumed coverage on Kenvue in a report on Thursday, April 10th. They issued a "neutral" rating and a $23.50 price target for the company. UBS Group raised their price objective on Kenvue from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Royal Bank of Canada restated a "sector perform" rating and set a $24.00 price objective on shares of Kenvue in a research note on Monday, February 3rd. Finally, Piper Sandler increased their target price on Kenvue from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Seven 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.com, the stock currently has an average rating of "Hold" and an average price target of $25.33.

Kenvue Stock Up 0.9%

KVUE traded up $0.21 on Friday, reaching $23.71. The company's stock had a trading volume of 3,251,869 shares, compared to its average volume of 16,373,782. Kenvue Inc. has a 1 year low of $17.67 and a 1 year high of $25.17. The business's 50 day moving average is $23.23 and its 200 day moving average is $22.62. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.69. The stock has a market cap of $45.48 billion, a price-to-earnings ratio of 44.73, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02.

Kenvue (NYSE:KVUE - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.69 billion. Kenvue had a return on equity of 20.97% and a net margin of 6.66%. Kenvue's quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 EPS. As a group, research analysts forecast that Kenvue Inc. will post 1.14 EPS for the current fiscal 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 $0.205 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $0.82 annualized dividend and a yield of 3.46%. Kenvue's dividend payout ratio is presently 149.09%.

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.