Toronto Dominion Bank Sells 24,176 Shares of Kellanova (NYSE:K)

Toronto Dominion Bank decreased its holdings in Kellanova (NYSE:K) by 13.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 154,669 shares of the company’s stock after selling 24,176 shares during the quarter. Toronto Dominion Bank’s holdings in Kellanova were worth $12,522,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in K. Stonebridge Financial Group LLC purchased a new position in shares of Kellanova during the fourth quarter valued at about $27,000. BankPlus Trust Department bought a new stake in Kellanova in the 4th quarter worth approximately $28,000. Rialto Wealth Management LLC purchased a new stake in shares of Kellanova during the 4th quarter worth approximately $32,000. Flagship Wealth Advisors LLC bought a new position in shares of Kellanova during the 4th quarter valued at approximately $32,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Kellanova by 64.8% in the fourth quarter. First Horizon Advisors Inc. now owns 440 shares of the company’s stock valued at $36,000 after purchasing an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $81.79, for a total transaction of $9,371,743.57. Following the completion of the sale, the insider now owns 46,701,616 shares of the company’s stock, valued at approximately $3,819,725,172.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 1,260,413 shares of company stock worth $103,786,990 over the last quarter. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on K shares. Royal Bank of Canada downgraded shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 14th. StockNews.com downgraded shares of Kellanova from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Thirteen equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kellanova currently has a consensus rating of “Hold” and a consensus target price of $79.41.

Kellanova Stock Up 0.1%

Shares of NYSE K opened at $82.50 on Wednesday. Kellanova has a 1 year low of $55.96 and a 1 year high of $83.22. The firm has a 50-day simple moving average of $82.37 and a two-hundred day simple moving average of $81.78. The company has a market cap of $28.62 billion, a P/E ratio of 21.32, a PEG ratio of 4.21 and a beta of 0.30. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.81 and a quick ratio of 0.56.

Kellanova (NYSE:K) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.11). Kellanova had a return on equity of 37.25% and a net margin of 10.53%. The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. Research analysts anticipate that Kellanova will post 3.93 earnings per share for the current year.

Kellanova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.76%. Kellanova’s dividend payout ratio (DPR) is presently 57.58%.

Kellanova Company Profile

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and 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.