Kenvue Inc. (NYSE:KVUE) Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp reduced its stake in Kenvue Inc. by 20.3% during the first quarter, selling 66,080 shares, leaving them with 259,535 shares valued at approximately $6.22 million.
• Kenvue reported $0.29 earnings per share for the quarter, beating estimates slightly, but experienced a 4.0% drop in revenue year-over-year, totaling $3.84 billion.
• The company announced an increase in its quarterly dividend to $0.2075 per share, resulting in an annual yield of 3.9%, despite a payout ratio of over 110%.

Westpac Banking Corp decreased its position in shares of Kenvue Inc. (NYSE:KVUE - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 259,535 shares of the company's stock after selling 66,080 shares during the period. Westpac Banking Corp's holdings in Kenvue were worth $6,224,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its position in Kenvue by 4.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 106,140 shares of the company's stock valued at $2,545,000 after purchasing an additional 4,034 shares in the last quarter. IFP Advisors Inc raised its position in Kenvue by 25.3% in the 1st quarter. IFP Advisors Inc now owns 15,278 shares of the company's stock valued at $369,000 after purchasing an additional 3,081 shares in the last quarter. Starboard Value LP acquired a new stake in Kenvue in the 4th quarter valued at about $467,864,000. Kingswood Wealth Advisors LLC purchased a new position in shares of Kenvue in the 1st quarter valued at about $413,000. Finally, Cooper Investors PTY Ltd. increased its holdings in shares of Kenvue by 39.7% in the 1st quarter. Cooper Investors PTY Ltd. now owns 858,076 shares of the company's stock valued at $20,577,000 after acquiring an additional 244,043 shares during the last quarter. Institutional investors and hedge funds own 97.64% of the company's stock.

Kenvue Stock Performance

NYSE:KVUE traded down $0.66 during midday trading on Thursday, reaching $21.06. The stock had a trading volume of 14,760,615 shares, compared to its average volume of 17,592,551. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.66. The stock has a market cap of $40.41 billion, a P/E ratio of 28.45, a P/E/G ratio of 3.15 and a beta of 0.83. The firm has a fifty day simple moving average of $21.55 and a two-hundred day simple moving average of $22.42. Kenvue Inc. has a 12-month low of $19.75 and a 12-month high of $25.17.

Kenvue (NYSE:KVUE - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Kenvue had a net margin of 9.37% and a return on equity of 20.06%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.94 billion. The business's quarterly 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. On average, equities analysts expect that Kenvue Inc. will post 1.14 EPS for the current year.

Kenvue Increases Dividend

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

Analyst Upgrades and Downgrades

KVUE has been the topic of a number of recent analyst reports. Royal Bank Of Canada dropped their price objective on Kenvue from $24.00 to $22.00 and set a "sector perform" rating on the stock in a report on Friday, August 8th. JPMorgan Chase & Co. dropped their price objective on Kenvue from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Friday, July 25th. UBS Group dropped their price objective on Kenvue from $25.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Canaccord Genuity Group decreased their price objective on shares of Kenvue from $29.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Finally, Citigroup dropped their price objective on Kenvue from $24.50 to $22.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. 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, Kenvue presently has a consensus rating of "Hold" and an average target price of $24.38.

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.