Toronto Dominion Bank raised its stake in shares of Kellogg (NYSE:K) by 9.2% during the fourth quarter, Holdings Channel reports. The fund owned 155,666 shares of the company’s stock after acquiring an additional 13,150 shares during the quarter. Toronto Dominion Bank’s holdings in Kellogg were worth $10,583,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Kellogg by 2.6% during the second quarter. Dimensional Fund Advisors LP now owns 591,672 shares of the company’s stock worth $41,095,000 after purchasing an additional 15,096 shares during the period. Koch Industries Inc. acquired a new stake in shares of Kellogg during the second quarter worth $217,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Kellogg during the second quarter worth $350,000. Advisory Services Network LLC raised its holdings in shares of Kellogg by 10.5% during the second quarter. Advisory Services Network LLC now owns 4,689 shares of the company’s stock worth $326,000 after purchasing an additional 445 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of Kellogg during the second quarter worth $231,000. Hedge funds and other institutional investors own 90.18% of the company’s stock.
K has been the topic of a number of research reports. Credit Suisse Group dropped their target price on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Citigroup increased their target price on shares of Kellogg from $86.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. Argus raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 target price on the stock in a report on Wednesday, November 22nd. Buckingham Research dropped their target price on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Finally, Royal Bank of Canada reissued a “hold” rating and set a $78.00 target price on shares of Kellogg in a report on Wednesday, October 25th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. Kellogg has an average rating of “Hold” and a consensus price target of $73.50.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter last year, the company earned $0.92 EPS. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. analysts expect that Kellogg will post 4.44 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.10%. Kellogg’s payout ratio is 59.67%.
Kellogg declared that its board has approved a stock buyback plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the transaction, the insider now owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,316 shares of company stock worth $20,381,841. 1.30% of the stock is owned by corporate insiders.
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Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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