Avidity Partners Management LP Sells 32,400 Shares of Kenvue Inc. $KVUE

Avidity Partners Management LP trimmed its stake in shares of Kenvue Inc. (NYSE:KVUE) by 12.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 232,800 shares of the company’s stock after selling 32,400 shares during the quarter. Kenvue accounts for about 1.2% of Avidity Partners Management LP’s holdings, making the stock its 17th largest position. Avidity Partners Management LP’s holdings in Kenvue were worth $4,016,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Kenvue by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 234,951,484 shares of the company’s stock valued at $4,052,913,000 after purchasing an additional 1,604,040 shares during the period. State Street Corp grew its position in Kenvue by 3.5% during the fourth quarter. State Street Corp now owns 118,865,134 shares of the company’s stock worth $2,050,424,000 after buying an additional 4,063,257 shares in the last quarter. Geode Capital Management LLC grew its position in Kenvue by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 49,862,574 shares of the company’s stock worth $856,778,000 after buying an additional 371,322 shares in the last quarter. Norges Bank purchased a new position in Kenvue during the fourth quarter worth about $756,862,000. Finally, American Century Companies Inc. grew its position in Kenvue by 22.4% during the third quarter. American Century Companies Inc. now owns 37,046,660 shares of the company’s stock worth $601,267,000 after buying an additional 6,781,640 shares in the last quarter. 97.64% of the stock is currently owned by institutional investors.

Insider Activity

In other news, General Counsel Matthew Orlando sold 38,491 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $17.66, for a total value of $679,751.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.59% of the company’s stock.

Kenvue Price Performance

KVUE opened at $18.13 on Friday. The stock has a 50-day moving average price of $17.43 and a 200-day moving average price of $17.53. Kenvue Inc. has a 12-month low of $14.02 and a 12-month high of $22.87. The company has a current ratio of 0.98, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $34.80 billion, a P/E ratio of 21.32, a PEG ratio of 1.38 and a beta of 0.54.

Kenvue (NYSE:KVUE) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Kenvue had a return on equity of 20.81% and a net margin of 10.61%.The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the prior year, the business earned $0.24 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. Equities analysts predict that Kenvue Inc. will post 1.16 earnings per share for the current fiscal year.

Kenvue Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Wednesday, May 13th were issued a $0.2075 dividend. This represents a $0.83 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Wednesday, May 13th. Kenvue’s dividend payout ratio is presently 97.65%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup reduced their target price on Kenvue from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Wednesday, April 15th. Barclays reduced their target price on Kenvue from $19.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings cut Kenvue from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Canaccord Genuity Group boosted their target price on Kenvue from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Wednesday, February 18th. Finally, Argus upgraded Kenvue to a “hold” rating in a research report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $19.33.

Kenvue Profile

Kenvue is a consumer health company that was established as a standalone, publicly traded business after separating from Johnson & Johnson. Listed on the New York Stock Exchange under the symbol KVUE, Kenvue focuses on the development, manufacture, marketing and distribution of consumer health and personal care products across a range of categories including skin and beauty care, baby care, oral care, wound care and over?the?counter medicines.

The company owns and markets a portfolio of widely recognized consumer brands, including names familiar to global shoppers across retail and pharmacy channels.