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KKR Ups Share Buyback Authority to $500M; Street Says Buy

KKR & Co. Inc. (NYSE:KKR) revealed that it has increased its share repurchase authorization to $500 million. As of October 29, 2021, about $160 million of buyback authority remained outstanding under the previous program.

KKR engages in the provision of investment and private equity asset management services. Also, the company manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. 

The buyback plan will be carried out from time to time, depending on market, economic and other factors. Repurchases will be made using methods not limited to the open market or private transactions.

The company expects that the program, which has no expiration date, will be in effect until the maximum approved dollar amount has been used.

Wall Street’s Take

Last week, JMP Securities analyst Devin Ryan reiterated a Buy rating on the stock with a price target of $92 (19.1% upside potential from current levels).

Consensus among analysts is a Strong Buy based on 8 Buys and 2 Holds. The KKR price target of $89.40 implies upside potential of 15.7% to current levels.

Bullish Bloggers

TipRanks data shows that financial blogger opinions are 100% Bullish on KKR, compared to the sector average of 70%.

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