Kenvue Inc. (NYSE:KVUE) saw a significant increase in its stock price before the market opened on Monday. The shares, which closed at $14.37 the previous day, opened at $17.07, reflecting a notable jump. As of the latest trading session, the stock was last quoted at $16.6520, with a trading volume of 66,887,499 shares.
Analysts Adjust Ratings and Price Targets
Several prominent research analysts have recently revised their ratings and price targets for Kenvue. On October 10, 2023, JPMorgan Chase & Co. lowered its price target from $24.00 to $21.00, maintaining an “overweight” rating. Rothschild & Co Redburn raised its rating from “neutral” to “buy,” while also adjusting their price objective down from $22.50 to $22.00 on September 26, 2023.
Jefferies Financial Group also revised their expectations, reducing their price target from $25.00 to $23.00 with a “buy” rating on October 27, 2023. Another report from Redburn Partners reaffirmed a price objective of $22.00. Additionally, Johnson Rice updated its assessment to a “neutral” rating on October 28, 2023.
Currently, one equity research analyst rates Kenvue with a “Strong Buy,” five have issued a “Buy,” eleven maintain a “Hold,” and one has given a “Sell” rating. According to data from MarketBeat.com, the stock enjoys an average rating of “Hold” with an average price target of $20.17.
Recent Earnings and Dividend Announcement
Kenvue recently released its earnings report on November 6, 2023, revealing an earnings per share (EPS) of $0.28, slightly exceeding the consensus estimate of $0.27. The company reported a return on equity of 20.06% and a net margin of 9.37%. However, quarterly revenue decreased by 3.5% compared to the same period last year.
In addition to the earnings report, Kenvue has announced a quarterly dividend of $0.2075 per share, which is set to be paid on November 26, 2023. Shareholders on record as of November 12, 2023 will qualify for this dividend, which translates to an annualized dividend of $0.83 and a yield of 5.1%. The company’s dividend payout ratio stands at 112.16%.
Institutional Investor Activity
Institutional investors have been actively adjusting their positions in Kenvue. Notably, Salomon & Ludwin LLC established a new position valued at approximately $25,000 during the third quarter. NBT Bank N A NY significantly increased its holdings by 180.3%, now owning 1,564 shares worth around $25,000 after acquiring an additional 1,006 shares.
Other institutional movements include Pittenger & Anderson Inc. purchasing a new position valued at approximately $30,000, and Trust Co. of Vermont increasing its stake by 266.8%, owning 1,581 shares after an additional purchase of 1,150 shares. TruNorth Capital Management LLC also established a new position valued at around $36,000. Currently, institutional investors hold approximately 97.64% of Kenvue’s stock.
Kenvue operates as a global consumer health company, divided into three main segments: Self Care, Skin Health and Beauty, and Essential Health. Its product offerings include well-known brands such as Tylenol, Motrin, Benadryl, and Zyrtec.
As Kenvue continues to navigate market dynamics, the responses from analysts and institutional investors provide a glimpse into the company’s evolving landscape and potential future performance.
