Kingswood Wealth Advisors Reduces Stake in Kroger Amid Market Moves
Kingswood Wealth Advisors LLC has reduced its stake in The Kroger Co. (NYSE: KR) by 36.5% during the second quarter, according to a recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). Following the sale of 2,910 shares, Kingswood now holds 5,069 shares valued at approximately $364,000 as of the end of the reporting period.
Several other institutional investors have also adjusted their positions in Kroger. Brighton Jones LLC increased its stake by 27.3% in the fourth quarter, acquiring an additional 3,373 shares to reach a total of 15,733 shares worth about $962,000. Farther Finance Advisors LLC nearly doubled its holdings, raising its stake by 99.6% in the first quarter, resulting in ownership of 14,429 shares valued at around $983,000.
Other notable investors include Harbor Capital Advisors Inc., which increased its stake by 37.3%, and GAMMA Investing LLC, which raised its position by 10.3%. With these adjustments, approximately 80.93% of Kroger’s stock is now held by hedge funds and institutional investors.
Kroger Stock Performance and Financial Metrics
On the trading front, Kroger shares opened at $67.88 on the latest trading day. The company’s financial metrics indicate a current ratio of 0.95, a quick ratio of 0.54, and a debt-to-equity ratio of 1.85. Kroger boasts a market capitalization of $44.98 billion, a price-to-earnings ratio of 17.23, and a price-to-earnings-growth ratio of 1.96. The stock has fluctuated between a 12-month low of $54.88 and a high of $74.90.
In a further development, Kroger recently announced a quarterly dividend of $0.35 per share, set to be paid on December 1, 2023. The ex-dividend date is November 14, 2023, and this represents an annualized dividend of $1.40 with a yield of 2.1%. The company’s dividend payout ratio stands at 35.53%, reflecting a commitment to returning value to shareholders.
Insider Trading and Analyst Insights
In related news, Kroger’s Director, Clyde R. Moore, sold 3,810 shares on July 16, 2023, at an average price of $71.61, amounting to a total transaction of $272,834.10. Following this transaction, Moore retains 85,850 shares worth approximately $6,147,718.50, indicating a 4.25% reduction in his ownership.
Analysts have recently updated their price targets for Kroger, reflecting varied perspectives on the stock. Morgan Stanley has set a price target of $76.00 with an “equal weight” rating. Meanwhile, Weiss Ratings reiterated a “buy” rating, and Roth MKM upgraded Kroger from “neutral” to “buy,” increasing its target from $66.00 to $75.00.
UBS Group also reaffirmed a “neutral” rating with a price target of $74.00, while JPMorgan Chase lowered its target from $82.00 to $75.00. Currently, ten analysts have rated Kroger as a “buy,” while an equal number have assigned a “hold” rating, leading to an average rating of “Moderate Buy” and an average price target of $73.63.
As Kroger continues to navigate the market landscape, its proactive adjustments and strategic dividend announcements underscore its commitment to both growth and shareholder returns.
