Top S&P Dow Jones indices, including the S&P 500 (SPX), the S&P MidCap 400 (MDY), and the S&P SmallCap 600 (RWJ), are set for a major reshuffle later this month. Several stocks will be removed from these indices on June 24, making way for new entrants. Consequently, shares of the companies involved are experiencing major gyrations today.
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The Reshuffle
Joining the S&P 500 are KKR (NYSE:KKR), CrowdStrike (NASDAQ:CRWD), and GoDaddy (NYSE:GDDY). These names will replace Robert Half (NYSE:RHI), Comerica (NYSE:CMA), and Illumina (NASDAQ:ILMN). In turn, Illumina will take GoDaddy’s place in the S&P Midcap 400. Furthermore, Robert Half and Comerica are replacing Anywhere Real Estate (NYSE:HOUS) and ADTRAN Holdings (NASDAQ:ADTN) in the S&P SmallCap 600.
Other major names joining the S&P MidCap 400 include Texas Pacific Land Corp. (NYSE:TPL), BioMarin Pharmaceutical (NASDAQ:BMRN), and Warner Music (NASDAQ:WMG). Top stocks being exited from the index include Werner Enterprises (NASDAQ:WERN), PENN Entertainment (NASDAQ:PENN), and Hertz Global (NASDAQ:HTZ). Hertz and PENN will be making their way into the S&P SmallCap 600.
New Winners and Losers
Inclusion in the S&P indices can result in significant stock price movements as institutional money flows into the stock. Consequently, shares of investment giant KKR are up nearly 11% today. Shares of CrowdStrike are also up by 8%. Conversely, Illumina shares are down nearly 5% today.
What Is the KKR Stock Price Forecast?
Impressively, today’s price surge has now pushed KKR shares nearly 96% higher over the past year. Overall, the Street has a Strong Buy consensus rating on the stock, alongside an average KKR price target of $118.27.
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