Kenvue (NYSE:KVUE) Downgraded by Royal Bank of Canada

Kenvue (NYSE:KVUE) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. They currently have a $24.00 price target on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 4.26% from the company’s current price.

A number of other research firms also recently weighed in on KVUE. Piper Sandler increased their target price on Kenvue from $20.00 to $21.00 and gave the company a “neutral” rating in a report on Monday. Deutsche Bank Aktiengesellschaft upped their price objective on Kenvue from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Kenvue from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Citigroup cut their target price 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. Finally, UBS Group boosted their price objective on Kenvue from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.10.

Kenvue Stock Performance

Shares of KVUE stock opened at $23.02 on Tuesday. The stock has a fifty day moving average of $21.02 and a 200 day moving average of $19.99. Kenvue has a 52 week low of $17.67 and a 52 week high of $23.55. The company has a quick ratio of 0.68, a current ratio of 0.99 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $44.08 billion, a price-to-earnings ratio of 29.51, a PEG ratio of 2.92 and a beta of 1.40.

Kenvue (NYSE:KVUE) last announced its earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. The business had revenue of $4 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. As a group, research analysts expect that Kenvue will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of KVUE. Manchester Capital Management LLC increased its position in shares of Kenvue by 80.8% during the 1st quarter. Manchester Capital Management LLC now owns 1,186 shares of the company’s stock worth $25,000 after purchasing an additional 530 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Kenvue in the 1st quarter valued at $28,000. MV Capital Management Inc. increased its position in shares of Kenvue by 71.2% during the first quarter. MV Capital Management Inc. now owns 1,544 shares of the company’s stock worth $33,000 after purchasing an additional 642 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in Kenvue during the first quarter worth approximately $33,000. Finally, Riverview Trust Co acquired a new position in shares of Kenvue in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 97.64% of the company’s stock.

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.