Kellogg Company (K) PT Lowered to $78.00 at BMO Capital Markets
Kellogg Company (NYSE:K) had its price target trimmed by BMO Capital Markets from $85.00 to $78.00 in a research note released on Friday, MarketBeat Ratings reports. They currently have a market perform rating on the stock.
Several other research firms have also issued reports on K. Susquehanna Bancshares Inc set a $78.00 target price on Kellogg and gave the company a hold rating in a research note on Wednesday, June 14th. Zacks Investment Research lowered Kellogg from a hold rating to a sell rating in a research note on Tuesday, May 9th. Piper Jaffray Companies assumed coverage on Kellogg in a research note on Wednesday, May 24th. They issued an overweight rating and a $78.00 target price on the stock. Sanford C. Bernstein set a $62.00 target price on Kellogg and gave the company a sell rating in a research note on Tuesday, June 27th. Finally, Credit Suisse Group cut their target price on Kellogg from $80.00 to $75.00 and set a neutral rating on the stock in a research note on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Kellogg presently has an average rating of Hold and a consensus price target of $74.67.
Shares of Kellogg (K) traded up 0.582% during trading on Friday, reaching $70.025. 978,703 shares of the company were exchanged. Kellogg has a 1-year low of $65.32 and a 1-year high of $84.28. The firm has a market capitalization of $24.53 billion, a P/E ratio of 31.686 and a beta of 0.50. The firm’s 50 day moving average is $68.54 and its 200 day moving average is $71.70.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $3.16 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Kellogg will post $3.97 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.54 per share. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.10%. Kellogg’s payout ratio is presently 94.12%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Washington Trust Bank increased its stake in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the period. Exane Derivatives increased its stake in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC purchased a new stake in Kellogg during the first quarter worth approximately $143,000. Security National Trust Co. increased its stake in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its stake in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.
Kellogg Company Profile
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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