Norges Bank Invests $521.35 Million in Kenvue Inc. (NYSE:KVUE)

Norges Bank bought a new stake in shares of Kenvue Inc. (NYSE:KVUE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,419,107 shares of the company’s stock, valued at approximately $521,348,000. Norges Bank owned 1.27% of Kenvue at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Grove Bank & Trust grew its position in shares of Kenvue by 438.4% during the 4th quarter. Grove Bank & Trust now owns 1,163 shares of the company’s stock valued at $25,000 after acquiring an additional 947 shares during the period. Geneos Wealth Management Inc. bought a new stake in Kenvue during the fourth quarter valued at about $29,000. SRS Capital Advisors Inc. increased its position in Kenvue by 67.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,418 shares of the company’s stock worth $30,000 after buying an additional 571 shares in the last quarter. Fortitude Family Office LLC raised its stake in shares of Kenvue by 106.6% in the fourth quarter. Fortitude Family Office LLC now owns 1,506 shares of the company’s stock worth $32,000 after buying an additional 777 shares during the period. Finally, Versant Capital Management Inc lifted its position in shares of Kenvue by 300.8% during the 4th quarter. Versant Capital Management Inc now owns 1,920 shares of the company’s stock valued at $41,000 after buying an additional 1,441 shares in the last quarter. 97.64% of the stock is owned by hedge funds and other institutional investors.

Kenvue Price Performance

KVUE stock opened at $23.74 on Friday. Kenvue Inc. has a 52 week low of $17.67 and a 52 week high of $24.46. The firm has a market capitalization of $45.36 billion, a P/E ratio of 44.78, a price-to-earnings-growth ratio of 2.62 and a beta of 1.25. The company has a fifty day simple moving average of $22.32 and a two-hundred day simple moving average of $22.46. The company has a quick ratio of 0.69, a current ratio of 1.00 and a debt-to-equity ratio of 0.66.

Kenvue (NYSE:KVUE) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. Kenvue had a net margin of 6.66% and a return on equity of 20.97%. Analysts anticipate that Kenvue Inc. will post 1.14 earnings per share for the current fiscal year.

Kenvue Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Wednesday, February 12th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $0.82 annualized dividend and a yield of 3.45%. Kenvue’s payout ratio is presently 154.72%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Evercore ISI started coverage on shares of Kenvue in a research note on Monday, March 24th. They set an “in-line” rating and a $25.00 target price on the stock. Citigroup dropped their target price on shares of Kenvue from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Barclays raised their price target on Kenvue from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday. UBS Group dropped their price objective on Kenvue from $23.00 to $21.00 and set a “neutral” rating for the company in a research note on Friday, February 7th. Finally, Canaccord Genuity Group boosted their price target on Kenvue from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $24.00.

Kenvue 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.