Kenvue (NYSE:KVUE) Shares Gap Down to $20.63

Kenvue Inc. (NYSE:KVUE - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $20.63, but opened at $20.20. Kenvue shares last traded at $20.47, with a volume of 30,049,764 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KVUE. Sanford C. Bernstein initiated coverage on Kenvue in a report on Thursday, April 11th. They set an "underperform" rating and a $18.00 price target on the stock. HSBC raised their price objective on shares of Kenvue from $20.00 to $21.00 and gave the company a "hold" rating in a research report on Wednesday, May 8th. The Goldman Sachs Group started coverage on Kenvue in a research report on Friday, March 1st. They set a "neutral" rating and a $20.00 price target on the stock. Royal Bank of Canada decreased their target price on shares of Kenvue from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Friday, February 9th. Finally, William Blair assumed coverage on shares of Kenvue in a research note on Wednesday, April 3rd. They set a "market perform" rating on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $24.38.

Kenvue Price Performance

The company has a quick ratio of 0.68, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The stock's 50 day moving average price is $20.00 and its two-hundred day moving average price is $20.16. The stock has a market cap of $39.33 billion and a price-to-earnings ratio of 25.99.

Kenvue (NYSE:KVUE - Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.25 by $0.03. The firm had revenue of $2.89 billion during the quarter, compared to analysts' expectations of $3.79 billion. Kenvue had a return on equity of 21.06% and a net margin of 9.63%. Kenvue's revenue was down 24.9% compared to the same quarter last year. Equities research analysts forecast that Kenvue Inc. will post 1.18 EPS for the current fiscal year.

Kenvue Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, May 7th. This represents a $0.80 annualized dividend and a yield of 3.89%. Kenvue's dividend payout ratio is currently 102.56%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. purchased a new position in shares of Kenvue during the 3rd quarter worth approximately $2,944,816,000. FMR LLC raised its position in Kenvue by 572.1% in the third quarter. FMR LLC now owns 89,182,980 shares of the company's stock worth $1,790,794,000 after acquiring an additional 75,913,107 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Kenvue by 576.1% in the third quarter. Wellington Management Group LLP now owns 71,686,830 shares of the company's stock valued at $1,439,472,000 after acquiring an additional 61,084,123 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Kenvue by 227.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 61,091,189 shares of the company's stock worth $1,226,711,000 after purchasing an additional 42,449,470 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Kenvue by 4,057.4% during the 3rd quarter. Morgan Stanley now owns 31,162,614 shares of the company's stock worth $625,745,000 after purchasing an additional 30,413,040 shares during the period. 97.64% of the stock is owned by hedge funds and other institutional investors.

About Kenvue

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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