KENVUE INC. $23 is a hold. The company (New York symbol KVUE; Consumer sector; Shares outstanding: 1.9 billion; Market cap: $43.7 billion; Dividend yield: 3.6%; Takeover Target Rating: Medium; www.kenvue.com) makes a variety of over-the-counter drugs and health products, including Tylenol, Band-Aid and Listerine.
In May 2023, medical products giant Johnson & Johnson sold shares in Kenvue to the public at $22.00 a share. It later let its own shareholders exchange JNJ shares for Kenvue shares at a 7% discount.
Kenvue’s sales in the three months ended June 30, 2024, fell 0.3%, to $4.00 billion from $4.01 billion a year earlier. Excluding currency rates, sales improved 1.5%. As well, earning before unusual items rose 3.2%, to $0.32 from $0.31.
The new firm expects its sales will rise between 2.0% and 4.0% in 2024. However, the stock trades at a somewhat high 20.0 times this year’s likely earnings of $1.15 a share. The $0.82 dividend yields 3.6%.
Kenvue is a hold. hold…
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