Kellanova (NYSE:K) Declares Dividend Increase – $0.57 Per Share

Kellanova (NYSE:K) declared a quarterly dividend on Friday, July 26th, RTT News reports. Shareholders of record on Tuesday, September 3rd will be given a dividend of 0.57 per share on Friday, September 13th. This represents a $2.28 annualized dividend and a dividend yield of 3.98%. This is a positive change from Kellanova’s previous quarterly dividend of $0.56.

Kellanova has raised its dividend payment by an average of 0.9% annually over the last three years. Kellanova has a payout ratio of 58.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Kellanova to earn $3.82 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 58.6%.

Kellanova Stock Performance

Shares of NYSE:K traded up $0.06 on Friday, reaching $57.34. 781,084 shares of the company’s stock were exchanged, compared to its average volume of 2,771,354. The company has a market capitalization of $19.60 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 2.08 and a beta of 0.34. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The company has a fifty day moving average of $58.54 and a 200-day moving average of $57.08. Kellanova has a twelve month low of $47.63 and a twelve month high of $67.81.

Kellanova (NYSE:K) last issued its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.16. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. On average, research analysts predict that Kellanova will post 3.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Nicolas Amaya sold 9,800 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the transaction, the senior vice president now owns 26,191 shares of the company’s stock, valued at $1,572,769.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Nicolas Amaya sold 9,800 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $60.05, for a total value of $588,490.00. Following the completion of the transaction, the senior vice president now directly owns 26,191 shares of the company’s stock, valued at approximately $1,572,769.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $58.00, for a total value of $4,512,400.00. Following the sale, the insider now owns 51,842,238 shares of the company’s stock, valued at $3,006,849,804. The disclosure for this sale can be found here. Insiders sold a total of 865,600 shares of company stock valued at $50,897,082 over the last 90 days. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

K has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Kellanova from $59.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft reduced their price objective on Kellanova from $62.00 to $60.00 and set a “hold” rating for the company in a report on Tuesday. TD Cowen boosted their price objective on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Bank of America reduced their target price on shares of Kellanova from $64.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Barclays dropped their price target on shares of Kellanova from $64.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Thirteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.50.

About Kellanova

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.