Resona Asset Management Boosts Stake in Kimberly-Clark by 2.9%

Resona Asset Management Co. Ltd. has increased its stake in Kimberly-Clark Corporation (NASDAQ: KMB) by 2.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now holds 164,877 shares of Kimberly-Clark, having acquired an additional 4,677 shares during this period. The total value of Resona’s holdings in Kimberly-Clark stands at approximately $21.22 million as of the end of June.

Several other institutional investors have also adjusted their positions in Kimberly-Clark recently. Notably, Strs Ohio purchased a new stake in the company valued at about $12.85 million during the first quarter. Citigroup Inc. significantly raised its position by 86.8%, now owning 509,585 shares worth around $72.47 million after buying an additional 236,733 shares. Similarly, OVERSEA CHINESE BANKING Corp Ltd. increased its stake by an impressive 270.2%, bringing its total to 984,695 shares valued at $140.04 million.

Other firms, such as Verdence Capital Advisors LLC and United Community Bank, also expanded their holdings in Kimberly-Clark in the second quarter. Verdence Capital Advisors now owns 8,547 shares valued at $1.10 million, while United Community Bank raised its stake by 340%, totaling 18,518 shares worth $2.63 million. Overall, institutional investors now hold approximately 76.29% of Kimberly-Clark’s stock.

Kimberly-Clark’s Current Market Performance

As of the latest trading session, Kimberly-Clark shares opened at $100.77. The company’s stock has seen a 1-year low of $99.22 and a high of $150.45. Kimberly-Clark maintains a market capitalization of $33.44 billion, with a price-to-earnings (P/E) ratio of 13.88 and a current ratio of 0.77. The company’s debt-to-equity ratio stands at 4.61.

Analyst ratings for Kimberly-Clark have been mixed. The Royal Bank of Canada reaffirmed an “overweight” rating, setting a price target of $162.00. Cowen maintained a “hold” rating, while Weiss Ratings initiated coverage with a “hold (C+)” rating. Evercore ISI revised its price target down from $150.00 to $120.00, indicating a cautious outlook. UBS Group raised its target from $130.00 to $132.00 while maintaining a “neutral” rating. Currently, two analysts rate the stock as a Buy, nine as a Hold, and one as a Sell, leading to a consensus rating of “Hold” with a target price of $129.80, according to MarketBeat.com.

About Kimberly-Clark Corporation

Kimberly-Clark Corporation, headquartered in the United States, is engaged in the manufacturing and marketing of personal care and consumer tissue products. The company operates through three primary segments: Personal Care, Consumer Tissue, and K-C Professional. The Personal Care segment features a range of products, including disposable diapers, feminine hygiene items, and incontinence care products, marketed under well-known brands such as Huggies, Kotex, and Depend.

As Kimberly-Clark continues to adapt to market demands, the recent adjustments by institutional investors signal confidence in the company’s long-term potential. The ongoing changes in ownership reflect a broader trend among institutional investors seeking to capitalize on the consumer goods sector’s stability and growth prospects.