Kellogg (NYSE:K) Issues FY22 Earnings Guidance

Kellogg (NYSE:KGet Rating) updated its FY22 earnings guidance on Thursday. The company provided EPS guidance of $4.24 for the period, compared to the consensus EPS estimate of $4.11. Kellogg also updated its FY 2022 guidance to $4.12-$4.12 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Kellogg from a hold rating to a buy rating in a research note on Monday, May 9th. Credit Suisse Group boosted their price objective on shares of Kellogg from $62.00 to $69.00 in a research note on Monday, May 9th. JPMorgan Chase & Co. restated an underweight rating and issued a $67.00 price objective (up from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Kellogg from $74.00 to $72.00 and set a hold rating on the stock in a research report on Wednesday, June 22nd. Finally, Citigroup boosted their target price on shares of Kellogg from $83.00 to $87.00 and gave the stock a buy rating in a research report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $70.90.

Kellogg Stock Up 1.7 %

Shares of K traded up $1.22 during mid-day trading on Friday, hitting $75.04. 2,550,529 shares of the company’s stock were exchanged, compared to its average volume of 2,382,826. The company has a market cap of $25.35 billion, a PE ratio of 17.33, a P/E/G ratio of 4.73 and a beta of 0.43. Kellogg has a 52 week low of $59.54 and a 52 week high of $76.45. The company has a 50-day simple moving average of $70.98 and a 200 day simple moving average of $67.74. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.70 and a quick ratio of 0.39.

Kellogg (NYSE:KGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.05 by $0.13. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 EPS. On average, research analysts forecast that Kellogg will post 4.12 earnings per share for the current fiscal year.

Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.59 per share. The ex-dividend date is Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is currently 53.58%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the business’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $74.06, for a total transaction of $10,824,091.18. Following the sale, the insider now directly owns 57,754,909 shares in the company, valued at $4,277,328,560.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 876,918 shares of company stock worth $62,011,256. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Power Corp of Canada purchased a new position in shares of Kellogg during the 1st quarter valued at about $520,000. EHP Funds Inc. bought a new stake in Kellogg in the first quarter worth $516,000. Ergoteles LLC bought a new stake in Kellogg in the first quarter worth $480,000. Range Financial Group LLC bought a new stake in Kellogg in the first quarter worth $476,000. Finally, Sawtooth Solutions LLC bought a new stake in Kellogg in the first quarter worth $326,000. Institutional investors own 84.34% of the company’s stock.

Kellogg Company Profile

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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.

Further Reading

Earnings History and Estimates for Kellogg (NYSE:K)

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