Kellogg Company (K) Announces $0.54 Quarterly Dividend
Kellogg Company (NYSE:K) announced a quarterly dividend on Friday, October 20th, RTT News reports. Investors of record on Friday, December 1st will be given a dividend of 0.54 per share on Friday, December 15th. This represents a $2.16 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Thursday, November 30th.
Kellogg has increased its dividend payment by an average of 4.3% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Kellogg has a payout ratio of 54.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Kellogg to earn $4.28 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 50.5%.
Shares of Kellogg (NYSE:K) opened at 61.45 on Friday. The company has a 50-day moving average of $64.23 and a 200 day moving average of $68.61. The firm has a market capitalization of $21.21 billion, a PE ratio of 27.82 and a beta of 0.48. Kellogg has a 12-month low of $60.96 and a 12-month high of $78.37.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share 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 during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the business earned $0.91 earnings per share. Kellogg’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts predict that Kellogg will post $3.98 EPS for the current year.
Several equities research analysts have recently weighed in on the company. BidaskClub cut Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Credit Suisse Group reduced their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday. J P Morgan Chase & Co raised Kellogg from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $76.00 to $78.00 in a research report on Friday, August 4th. Susquehanna Bancshares Inc reissued a “hold” rating on shares of Kellogg in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reduced their price objective on Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and an average price target of $72.55.
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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