Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

KKR & Co Inc (KKR) will purchase online contact lens retailer 1-800 Contacts from AEA Investors LP, Reuters reported. The deal was valued at more than $3 billion, the same media said, citing a knowledgeable source.

Shares of KKR & Co closed lower for the sixth time in the past ten trading sessions in New York on Wednesday. The stock went down 1.59% ($0.55) to $34.10, after touching an intraday high at $35.39, or a price level not seen since September 18th ($36.03).

Shares of KKR & Co Inc have risen 16.90% so far this year, following another 48.60% gain in 2019.

Similar to other e-commerce companies, 1-800 Contacts’ client base and sales have surged during the coronavirus crisis, with many customers taking advantage of its online services.

For almost a decade, 1-800 Contacts was listed on NASDAQ before being acquired by Fenway Partners in 2007.

“KKR brings scale, unlike what we have had previously. At this stage of the growth of our business, it should be great to have access to their scale, resources and expertise,” John Graham, 1800-Contacts’ Chief Executive Officer, was quoted as saying by Reuters.

Earlier in 2020, KKR & Co Inc acquired a majority stake in Coty Inc’s professional and retail hair division and Roompot, a Dutch vacation parks company.

Analyst stock price forecast and recommendation

According to CNN Money, the 14 analysts, offering 12-month forecasts regarding KKR & Co Inc’s stock price, have a median target of $41.00, with a high estimate of $47.50 and a low estimate of $36.00. The median estimate represents a 20.23% upside compared to the closing price of $34.10 on September 23rd.

The same media also reported that at least 13 out of 17 surveyed investment analysts had rated KKR & Co Inc’s stock as “Buy”, while 4 – as “Hold”.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Hafnia announces $0.379 quarterly dividendHafnia announces $0.379 quarterly dividend Hafnia Limited (NYSE: HAFN) said on Wednesday that its Board of Directors had authorized a regular quarterly cash dividend of $0.379 per share of common stock.The dividend was kept unchanged from the previous quarterly dividend […]
  • Gold steady ahead of U.S. data, ECB policy meetingGold steady ahead of U.S. data, ECB policy meeting Gold was steady in a rangebound trade on Thursday after rising the most in two weeks on Wednesday ahead of the release of key U.S. economic data during the next two days and the conclusion of ECBs policy meeting later today. Silver and […]
  • US Prosecutors Call for Google to Sell Chrome and Exit Browser BusinessUS Prosecutors Call for Google to Sell Chrome and Exit Browser Business The US Justice Department and a group of states have filed a proposal that would require Google to sell its Chrome browser and take drastic steps to end its monopoly on internet searches. The proposal comes after a judge ruled that Google's […]
  • Copper futures rise on upbeat Japan data, Fed stimulus outlook weighsCopper futures rise on upbeat Japan data, Fed stimulus outlook weighs Copper advanced for the first day in four after upbeat manufacturing, housing and inflation data from Japan boosted the metals demand prospects in the worlds third biggest economy. Speculations for an earlier-than-expected deceleration of Feds […]
  • Gold futures weekly recap, March 17 – March 21Gold futures weekly recap, March 17 – March 21 Gold futures rose on Friday, trimming a weekly drop, as the European Union followed the United States in imposing further sanctions on the Russian Federation, which urged market players to look for safe haven assets, such as the precious […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Friday’s trade saw GBP/USD within the range of 1.4481-1.4615. The pair closed at 1.4501, tumbling 0.76% on a daily basis. It has been the 18th drop in the past 41 trading days and also the sharpest one since May 3rd, when the pair lost 0.95%. […]