Kellogg (NYSE:K – Get Rating) – Stock analysts at Zacks Research decreased their FY2022 earnings per share estimates for shares of Kellogg in a research note issued on Wednesday, November 16th. Zacks Research analyst V. Bagree now forecasts that the company will earn $4.06 per share for the year, down from their prior estimate of $4.12. The consensus estimate for Kellogg’s current full-year earnings is $4.13 per share. Zacks Research also issued estimates for Kellogg’s Q1 2023 earnings at $1.03 EPS, Q2 2023 earnings at $1.15 EPS, Q3 2023 earnings at $1.03 EPS, Q4 2023 earnings at $0.94 EPS and FY2023 earnings at $4.15 EPS.
Several other research firms have also issued reports on K. StockNews.com assumed coverage on Kellogg in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Credit Suisse Group raised their price objective on Kellogg to $72.00 in a research report on Tuesday, August 9th. Piper Sandler decreased their target price on Kellogg to $72.00 in a research note on Wednesday, October 5th. BNP Paribas began coverage on Kellogg in a research report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 target price on the stock. Finally, Exane BNP Paribas started coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Kellogg currently has a consensus rating of “Hold” and an average price target of $71.64.
Kellogg Stock Performance
Kellogg Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a $0.59 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.34%. Kellogg’s dividend payout ratio (DPR) is currently 54.38%.
Insider Buying and Selling
In related news, major shareholder Kellogg W. K. Foundation Trust sold 200,000 shares of the stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $70.79, for a total transaction of $14,158,000.00. Following the completion of the transaction, the insider now owns 56,231,838 shares of the company’s stock, valued at approximately $3,980,651,812.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Christopher M. Hood sold 2,800 shares of Kellogg stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $72.04, for a total value of $201,712.00. Following the sale, the senior vice president now owns 29,427 shares of the company’s stock, valued at $2,119,921.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 200,000 shares of the business’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $70.79, for a total transaction of $14,158,000.00. Following the sale, the insider now directly owns 56,231,838 shares in the company, valued at approximately $3,980,651,812.02. The disclosure for this sale can be found here. Insiders sold a total of 814,387 shares of company stock worth $58,809,063 in the last 90 days. Insiders own 1.40% of the company’s stock.
Hedge Funds Weigh In On Kellogg
A number of institutional investors have recently modified their holdings of K. State of New Jersey Common Pension Fund D boosted its stake in shares of Kellogg by 2.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 140,642 shares of the company’s stock valued at $10,033,000 after purchasing an additional 2,830 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Kellogg during the first quarter worth $1,949,000. IFM Investors Pty Ltd increased its holdings in shares of Kellogg by 13.6% in the 1st quarter. IFM Investors Pty Ltd now owns 39,585 shares of the company’s stock worth $2,553,000 after acquiring an additional 4,751 shares during the period. Veritable L.P. increased its holdings in shares of Kellogg by 6.8% in the 1st quarter. Veritable L.P. now owns 8,835 shares of the company’s stock worth $570,000 after acquiring an additional 561 shares during the period. Finally, Buckingham Strategic Wealth LLC increased its holdings in shares of Kellogg by 11.5% in the 1st quarter. Buckingham Strategic Wealth LLC now owns 7,576 shares of the company’s stock worth $489,000 after acquiring an additional 780 shares during the period. Institutional investors and hedge funds own 84.51% of the company’s stock.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East 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.
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