BMO Capital Markets reiterated their hold rating on shares of Kellogg Company (NYSE:K) in a research report released on Wednesday, September 6th. They currently have a $78.00 price objective on the stock.
A number of other research analysts also recently weighed in on the company. BidaskClub downgraded Kellogg from a sell rating to a strong sell rating in a research note on Friday, June 23rd. Zacks Investment Research downgraded Kellogg from a hold rating to a sell rating in a research note on Tuesday, May 9th. Morgan Stanley reissued an equal weight rating and issued a $69.00 price objective (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the stock a sell rating in a research note on Tuesday, June 27th. Finally, Credit Suisse Group lowered their price objective on Kellogg from $80.00 to $75.00 and set a neutral rating for the company in a research note on Monday, May 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Kellogg presently has a consensus rating of Hold and an average target price of $74.50.
Shares of Kellogg (NYSE K) opened at 68.32 on Wednesday. The firm has a 50-day moving average of $68.39 and a 200 day moving average of $70.57. The company has a market capitalization of $23.58 billion, a PE ratio of 30.93 and a beta of 0.49. Kellogg has a 12 month low of $65.06 and a 12 month high of $78.69.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Kellogg will post $3.98 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.16%. This is an increase from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is currently 97.74%.
Several hedge funds have recently modified their holdings of the stock. Invictus RG purchased a new stake in Kellogg during the first quarter valued at about $458,000. Dupont Capital Management Corp purchased a new stake in Kellogg during the second quarter valued at about $268,000. Beutel Goodman & Co Ltd. raised its position in Kellogg by 28.8% during the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after purchasing an additional 616,120 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Kellogg by 157.0% during the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after buying an additional 8,353 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Kellogg by 6.6% during the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the last quarter. Institutional investors own 85.42% of the company’s stock.
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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