Toronto Dominion Bank trimmed its stake in Kellogg (NYSE:K) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,228 shares of the company’s stock after selling 7,726 shares during the period. Toronto Dominion Bank’s holdings in Kellogg were worth $14,322,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. raised its position in shares of Kellogg by 22.7% in the 4th quarter. Sei Investments Co. now owns 201,588 shares of the company’s stock worth $12,526,000 after acquiring an additional 37,354 shares in the last quarter. Jacobi Capital Management LLC raised its position in shares of Kellogg by 9.3% in the 4th quarter. Jacobi Capital Management LLC now owns 8,127 shares of the company’s stock worth $496,000 after acquiring an additional 691 shares in the last quarter. Railway Pension Investments Ltd raised its position in shares of Kellogg by 0.5% in the 4th quarter. Railway Pension Investments Ltd now owns 87,557 shares of the company’s stock worth $5,449,000 after acquiring an additional 400 shares in the last quarter. Elk River Wealth Management LLC bought a new position in shares of Kellogg in the 4th quarter worth $224,000. Finally, Nissay Asset Management Corp Japan ADV raised its position in shares of Kellogg by 2.4% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 26,101 shares of the company’s stock worth $1,624,000 after acquiring an additional 603 shares in the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the company’s stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $58.28, for a total value of $4,856,705.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 500,001 shares of company stock valued at $29,627,558 in the last ninety days. 1.10% of the stock is currently owned by insiders.
Several research firms have recently commented on K. Citigroup reduced their price target on Kellogg from $75.00 to $72.00 in a research report on Tuesday, February 16th. Jefferies Financial Group dropped their target price on Kellogg from $69.00 to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, January 12th. JPMorgan Chase & Co. dropped their target price on Kellogg from $67.00 to $58.00 in a research note on Tuesday, January 19th. Morgan Stanley dropped their price target on Kellogg from $64.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Friday, February 12th. Finally, Piper Sandler downgraded Kellogg from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $76.00 to $66.00 in a research note on Tuesday, January 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $66.83.
Shares of K opened at $59.26 on Tuesday. The company has a market capitalization of $20.37 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 3.71 and a beta of 0.60. Kellogg has a 52 week low of $52.66 and a 52 week high of $72.88. The company has a quick ratio of 0.58, a current ratio of 0.79 and a debt-to-equity ratio of 1.95. The stock’s 50-day moving average price is $58.84 and its 200-day moving average price is $63.58.
Kellogg (NYSE:K) last released its quarterly earnings results on Wednesday, February 10th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.03). Kellogg had a return on equity of 41.23% and a net margin of 8.80%. As a group, equities analysts anticipate that Kellogg will post 4.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 15th. Investors of record on Tuesday, March 9th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, March 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.85%. Kellogg’s payout ratio is 57.87%.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal 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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