Piper Jaffray Companies set a $79.00 price objective on Kellogg (NYSE:K) in a research note published on Tuesday morning. The firm currently has a buy rating on the stock. Piper Jaffray Companies also issued estimates for Kellogg’s Q3 2018 earnings at $1.07 EPS, Q4 2018 earnings at $1.05 EPS, Q3 2019 earnings at $1.23 EPS and Q4 2019 earnings at $1.18 EPS.
A number of other research firms also recently issued reports on K. Wells Fargo & Co reissued a hold rating and set a $67.00 target price (up previously from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. ValuEngine raised shares of Kellogg from a sell rating to a hold rating in a research report on Tuesday, June 26th. Credit Suisse Group increased their target price on shares of Kellogg from $71.00 to $75.00 and gave the stock a hold rating in a research report on Thursday, August 9th. Buckingham Research increased their price objective on shares of Kellogg from $79.00 to $80.00 and gave the company a buy rating in a research report on Friday, August 3rd. Finally, Morgan Stanley began coverage on shares of Kellogg in a research report on Monday, September 17th. They issued an equal weight rating and a $75.00 price objective for the company. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. Kellogg has an average rating of Hold and a consensus price target of $72.71.
K traded up $1.61 on Tuesday, reaching $71.17. 2,648,686 shares of the company’s stock were exchanged, compared to its average volume of 1,846,934. The company has a market cap of $24.11 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 2.05 and a beta of 0.49. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.98. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.50 and a current ratio of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is 55.45%.
In other news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $71.20, for a total transaction of $10,680,000.00. The disclosure for this sale can be found here. Insiders sold 636,655 shares of company stock valued at $45,829,574 in the last ninety days. 1.40% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA acquired a new stake in shares of Kellogg during the second quarter worth approximately $103,000. Integrated Investment Consultants LLC acquired a new stake in shares of Kellogg during the second quarter worth approximately $110,000. CSat Investment Advisory L.P. acquired a new stake in shares of Kellogg during the second quarter worth approximately $127,000. Fort L.P. acquired a new stake in shares of Kellogg during the second quarter worth approximately $127,000. Finally, Kiley Juergens Wealth Management LLC grew its position in shares of Kellogg by 57.7% during the third quarter. Kiley Juergens Wealth Management LLC now owns 2,127 shares of the company’s stock worth $148,000 after buying an additional 778 shares in the last quarter. 89.03% of the stock is owned by institutional investors and hedge funds.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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