Credit Suisse Group Boosts Kellogg (K) Price Target to $75.00

Kellogg (NYSE:K) had its price objective increased by Credit Suisse Group from $71.00 to $75.00 in a research report released on Thursday morning. The brokerage currently has a hold rating on the stock.

Several other equities analysts have also commented on K. Zacks Investment Research raised shares of Kellogg from a hold rating to a buy rating and set a $71.00 price target for the company in a research report on Wednesday, April 11th. Morgan Stanley dropped their price target on shares of Kellogg from $70.00 to $65.00 and set an equal weight rating for the company in a research report on Wednesday, April 18th. Royal Bank of Canada reaffirmed a hold rating and set a $72.00 price target on shares of Kellogg in a research report on Tuesday, April 24th. JPMorgan Chase & Co. dropped their price target on shares of Kellogg from $76.00 to $71.00 and set an overweight rating for the company in a research report on Tuesday, May 1st. Finally, ValuEngine lowered shares of Kellogg from a hold rating to a sell rating in a research report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $72.39.

Kellogg traded up $0.08, hitting $71.38, on Thursday, MarketBeat.com reports. 1,125,574 shares of the company were exchanged, compared to its average volume of 2,049,856. Kellogg has a twelve month low of $56.40 and a twelve month high of $73.24. 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 firm has a market capitalization of $24.72 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 2.08 and a beta of 0.51.

Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The firm had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the prior year, the business posted $0.97 earnings per share. Kellogg’s revenue for the quarter was up 5.8% compared to the same quarter last year. equities analysts forecast that Kellogg will post 4.5 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Tuesday, September 4th will be given a $0.56 dividend. The ex-dividend date is Friday, August 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.14%. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. Kellogg’s dividend payout ratio is presently 53.47%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 250,000 shares of the stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $65.64, for a total value of $16,410,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Amit Banati sold 1,992 shares of the stock in a transaction on Tuesday, May 29th. The stock was sold at an average price of $65.03, for a total transaction of $129,539.76. Following the completion of the sale, the senior vice president now directly owns 19,619 shares of the company’s stock, valued at approximately $1,275,823.57. The disclosure for this sale can be found here. Insiders sold 953,647 shares of company stock valued at $64,610,114 in the last three months. Company insiders own 1.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Triangle Securities Wealth Management acquired a new stake in Kellogg during the 2nd quarter valued at $431,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Kellogg by 76.5% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,000 shares of the company’s stock valued at $197,000 after acquiring an additional 1,300 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Kellogg by 2.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 302,797 shares of the company’s stock valued at $19,711,000 after acquiring an additional 7,754 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in Kellogg by 4.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 27,745 shares of the company’s stock valued at $1,939,000 after acquiring an additional 1,186 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Kellogg by 8.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 933,466 shares of the company’s stock valued at $60,685,000 after acquiring an additional 76,199 shares during the last quarter. 89.39% of the stock is owned by institutional investors and hedge funds.

About Kellogg

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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