Kenvue (NYSE:KVUE) Downgraded to Sector Perform at Royal Bank of Canada

Royal Bank of Canada cut shares of Kenvue (NYSE:KVUE) from an outperform rating to a sector perform rating in a research note released on Tuesday morning, Marketbeat reports. Royal Bank of Canada currently has $24.00 price objective on the stock.

KVUE has been the subject of a number of other research reports. Citigroup decreased their price target on shares of Kenvue from $21.00 to $20.00 and set a neutral rating for the company in a report on Wednesday, July 10th. UBS Group raised their target price on shares of Kenvue from $20.00 to $22.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Piper Sandler raised their target price on shares of Kenvue from $20.00 to $21.00 and gave the stock a neutral rating in a report on Monday. JPMorgan Chase & Co. raised their target price on shares of Kenvue from $22.00 to $24.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Kenvue from $23.00 to $24.00 and gave the stock a buy rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $22.10.

Kenvue Trading Up 0.5 %

NYSE KVUE opened at $23.12 on Tuesday. The company has a fifty day simple moving average of $21.21 and a two-hundred day simple moving average of $20.03. The stock has a market cap of $44.27 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.92 and a beta of 1.40. Kenvue has a 12-month low of $17.67 and a 12-month high of $23.55. The company has a current ratio of 0.99, a quick ratio of 0.68 and a debt-to-equity ratio of 0.69.

Kenvue (NYSE:KVUE) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $4 billion during 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 quarterly revenue was down .3% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. On average, analysts forecast that Kenvue will post 1.08 earnings per share for the current year.

Kenvue Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Wednesday, August 14th were given a dividend of $0.205 per share. The ex-dividend date was Wednesday, August 14th. This represents a $0.82 dividend on an annualized basis and a yield of 3.55%. This is an increase from Kenvue’s previous quarterly dividend of $0.20. Kenvue’s dividend payout ratio is currently 105.13%.

Institutional Trading of Kenvue

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Marathon Capital Management grew its stake in Kenvue by 0.3% in the 2nd quarter. Marathon Capital Management now owns 149,699 shares of the company’s stock valued at $2,722,000 after acquiring an additional 514 shares during the period. Manchester Capital Management LLC lifted its holdings in Kenvue by 80.8% during the first quarter. Manchester Capital Management LLC now owns 1,186 shares of the company’s stock valued at $25,000 after purchasing an additional 530 shares in the last quarter. Poehling Capital Management INC. lifted its holdings in Kenvue by 0.5% during the second quarter. Poehling Capital Management INC. now owns 104,934 shares of the company’s stock valued at $1,908,000 after purchasing an additional 547 shares in the last quarter. Pathway Financial Advisers LLC grew its position in shares of Kenvue by 12.0% in the second quarter. Pathway Financial Advisers LLC now owns 5,131 shares of the company’s stock valued at $93,000 after purchasing an additional 549 shares during the period. Finally, Tradition Wealth Management LLC increased its stake in shares of Kenvue by 2.8% during the fourth quarter. Tradition Wealth Management LLC now owns 21,278 shares of the company’s stock worth $458,000 after purchasing an additional 575 shares in the last quarter. 97.64% of the stock is currently owned by hedge funds and other institutional investors.

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.