{"id":51504,"date":"2023-08-22T07:49:51","date_gmt":"2023-08-22T11:49:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/kenvue-will-join-the-sp-500-friday-it-could-boost-the-stock\/"},"modified":"2023-08-22T07:49:53","modified_gmt":"2023-08-22T11:49:53","slug":"kenvue-will-join-the-sp-500-friday-it-could-boost-the-stock","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51504","title":{"rendered":"Kenvue Will Join the S&P 500 Friday. It Could Boost the Stock."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Kenvue
\n will join the
\n S&P 500
\n index prior to the opening of trading on Friday, replacing
\n Advance Auto Parts,<\/span>
\n which will move to the S&P SmallCap 400 index, S&P Dow Jones Indices said late Monday.<\/p>\n

The action could lift shares of Kenvue (ticker: KVUE) prior to the addition Friday as index funds, which control an estimated 20% of the S&P 500, buy shares in Kenvue, a consumer health company that owns such brands as Band-Aid, Tylenol, and Listerine. <\/p>\n

\n

\n Johnson & Johnson
\n (JNJ) stock could come under pressure due to index selling, a result of a lower weighting in the S&P 500 following its exchange offer for Kenvue.<\/p>\n

Johnson & Johnson said Monday there was strong interest from its holders in its $35 billion exchange offer for Kenvue that expired last week. As a result, J&J holders who elected to participate are going to be\u00a0able to swap only a fraction of their shares for Kenvue. The exception is that holders of less than 100 J&J shares who elected to tender all their shares in the exchange offer won\u2019t be subject to the proration.<\/p>\n

J&J will be swapping 1.53 billion shares of Kenvue for about 191 million of its own shares. The exchange ratio is roughly eight shares of Kenvue for each J&J share. The preliminary proration estimate is 23.8%, meaning that a holder of 1,000 J&J shares will see 238 J&J shares exchanged for Kenvue and retain the rest.<\/p>\n

Kenvue stock was up 0.1% Monday to $22.90 and added 0.7% in after-hours trading to $23.06. J&J was down 3% Monday to $167.35. Arbitragers had been buyers of J&J and sellers of Kenvue prior to the end of the exchange offer on Friday to capture a roughly 7% spread, but that activity ended Monday.<\/p>\n

The addition of Kenvue to the S&P 500 could result in the purchase of about 300 million Kenvue shares by indexers and sales of more than 30 million J&J shares. That could boost Kenvue and depress J&J stock prior to the S&P 500 addition on Friday. Kenvue has about 1.9 billion shares outstanding and the public float will be about 1.7 billion shares following the exchange offer. J&J is retaining a 9.5% stake in the Kenvue, which J&J took public in May.<\/p>\n

J&J will have a reduced weighting in the S&P 500 due to the retirement of its shares from the exchange offer, which amounted to a big buyback funded with Kenvue stock.<\/p>\n

There could be very active trading late Thursday in Kenvue prior to the S&P 500 addition.<\/p>\n

S&P Dow Jones Indices said recently that it planned to add Kenvue to the S&P 500 after the exchange offer but it didn\u2019t specify when. That news came Monday.<\/p>\n

Write to Andrew Bary at andrew.bary@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Kenvue will join the S&P 500 index prior to the opening of trading on Friday, replacing Advance Auto Parts, which will move to the S&P SmallCap 400 index, S&P Dow Jones Indices said late Monday. The action could lift shares of Kenvue (ticker: KVUE) prior to the addition Friday as index funds, which control an […]<\/p>\n","protected":false},"author":1,"featured_media":51505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-51504","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nKenvue Will Join the S&P 500 Friday. 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