Cove Private Wealth LLC Lowers Stake in Kenvue Inc. (NYSE:KVUE)

Cove Private Wealth LLC cut its holdings in shares of Kenvue Inc. (NYSE:KVUE) by 4.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,639 shares of the company’s stock after selling 1,900 shares during the period. Cove Private Wealth LLC’s holdings in Kenvue were worth $986,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in KVUE. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Kenvue by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,864,575 shares of the company’s stock valued at $82,934,000 after purchasing an additional 20,943 shares during the last quarter. Norden Group LLC acquired a new position in Kenvue during the first quarter worth approximately $1,792,000. First Trust Direct Indexing L.P. boosted its stake in Kenvue by 29.2% during the 1st quarter. First Trust Direct Indexing L.P. now owns 24,463 shares of the company’s stock worth $525,000 after purchasing an additional 5,524 shares during the period. Everett Harris & Co. CA boosted its stake in shares of Kenvue by 7.1% during the first quarter. Everett Harris & Co. CA now owns 21,243 shares of the company’s stock worth $456,000 after buying an additional 1,400 shares during the period. Finally, SpiderRock Advisors LLC purchased a new stake in Kenvue during the 1st quarter valued at approximately $334,000. 97.64% of the stock is currently owned by institutional investors and hedge funds.

Kenvue Price Performance

Shares of Kenvue stock traded up $0.01 during trading on Wednesday, hitting $22.79. 3,391,650 shares of the company were exchanged, compared to its average volume of 17,985,398. The company has a quick ratio of 0.68, a current ratio of 0.99 and a debt-to-equity ratio of 0.69. Kenvue Inc. has a fifty-two week low of $17.67 and a fifty-two week high of $23.55. The firm has a 50 day moving average price of $22.46 and a 200 day moving average price of $20.34. The stock has a market capitalization of $43.64 billion, a price-to-earnings ratio of 29.21, a P/E/G ratio of 3.00 and a beta of 1.40.

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

Kenvue Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $0.82 annualized dividend and a yield of 3.60%. Kenvue’s dividend payout ratio is presently 105.13%.

Analysts Set New Price Targets

KVUE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upped their price target on Kenvue from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on Kenvue from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. raised their target price on Kenvue from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Royal Bank of Canada cut shares of Kenvue from an “outperform” rating to a “sector perform” rating and set a $24.00 price target on the stock. in a research note on Tuesday, September 24th. Finally, Jefferies Financial Group began coverage on shares of Kenvue in a research note on Tuesday, September 24th. They issued a “buy” rating and a $27.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Kenvue currently has an average rating of “Hold” and a consensus price target of $22.64.

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.