Park Place Capital Corp Trims Stock Position in Kenvue Inc. (NYSE:KVUE)

Park Place Capital Corp reduced its stake in shares of Kenvue Inc. (NYSE:KVUE) by 8.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,358 shares of the company’s stock after selling 1,055 shares during the quarter. Park Place Capital Corp’s holdings in Kenvue were worth $263,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in KVUE. Price T Rowe Associates Inc. MD increased its position in Kenvue by 23.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 134,565,333 shares of the company’s stock valued at $2,887,773,000 after purchasing an additional 25,238,112 shares during the period. Vanguard Group Inc. grew its position in shares of Kenvue by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 166,789,085 shares of the company’s stock worth $3,579,294,000 after buying an additional 17,908,497 shares during the period. Van ECK Associates Corp grew its position in shares of Kenvue by 110.9% in the 2nd quarter. Van ECK Associates Corp now owns 20,510,427 shares of the company’s stock worth $372,880,000 after buying an additional 10,783,258 shares during the period. Clearbridge Investments LLC grew its position in shares of Kenvue by 16,051.1% in the 1st quarter. Clearbridge Investments LLC now owns 9,813,597 shares of the company’s stock worth $210,600,000 after buying an additional 9,752,836 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Kenvue by 21.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 43,444,085 shares of the company’s stock worth $789,813,000 after buying an additional 7,546,362 shares during the period. 97.64% of the stock is owned by hedge funds and other institutional investors.

Kenvue Stock Performance

Shares of Kenvue stock opened at $21.85 on Wednesday. The stock has a market cap of $41.84 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 2.92 and a beta of 1.40. The firm’s 50-day moving average is $21.97 and its 200 day moving average is $20.17. Kenvue Inc. has a 1 year low of $17.67 and a 1 year high of $23.55. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.99 and a quick ratio of 0.68.

Kenvue (NYSE:KVUE) last posted its earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.04. The business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.93 billion. Kenvue had a net margin of 7.23% and a return on equity of 21.80%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. Sell-side analysts anticipate that Kenvue Inc. will post 1.08 EPS for the current fiscal year.

Kenvue Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Wednesday, August 14th were paid a dividend of $0.205 per share. The ex-dividend date was Wednesday, August 14th. This represents a $0.82 annualized dividend and a yield of 3.75%. This is a boost from Kenvue’s previous quarterly dividend of $0.20. Kenvue’s dividend payout ratio is currently 105.13%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on KVUE shares. JPMorgan Chase & Co. upped their target price on shares of Kenvue from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada downgraded shares of Kenvue from an “outperform” rating to a “sector perform” rating and set a $24.00 target price on the stock. in a research report on Tuesday, September 24th. Citigroup reduced their target price on shares of Kenvue from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Kenvue from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler upped their price target on shares of Kenvue from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.10.

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.