DAVENPORT & Co LLC boosted its holdings in shares of Kellogg (NYSE:K – Get Rating) by 36.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,477 shares of the company's stock after acquiring an additional 1,718 shares during the quarter. DAVENPORT & Co LLC's holdings in Kellogg were worth $462,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of K. Veriti Management LLC lifted its holdings in shares of Kellogg by 3.5% in the 2nd quarter. Veriti Management LLC now owns 12,933 shares of the company's stock worth $923,000 after buying an additional 439 shares during the period. Destiny Wealth Partners LLC lifted its holdings in shares of Kellogg by 112.7% in the 2nd quarter. Destiny Wealth Partners LLC now owns 3,133 shares of the company's stock worth $224,000 after buying an additional 1,660 shares during the period. Foster Dykema Cabot & Co. Inc. MA purchased a new stake in shares of Kellogg in the 2nd quarter worth $146,000. Perfromance Wealth Partners LLC bought a new position in shares of Kellogg in the 2nd quarter worth $232,000. Finally, APCM Wealth Management for Individuals raised its position in shares of Kellogg by 1,223.5% in the 2nd quarter. APCM Wealth Management for Individuals now owns 113,301 shares of the company's stock worth $8,083,000 after acquiring an additional 104,740 shares in the last quarter. Hedge funds and other institutional investors own 84.51% of the company's stock.
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Wall Street Analyst Weigh In
K has been the subject of several recent research reports. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $67.00 price target (up from $64.00) on shares of Kellogg in a research report on Wednesday, June 22nd. UBS Group lowered Kellogg from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $81.00 to $74.00 in a research report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft reduced their target price on Kellogg from $74.00 to $72.00 and set a "hold" rating on the stock in a research report on Wednesday, June 22nd. Credit Suisse Group upped their target price on Kellogg to $72.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley upped their target price on Kellogg from $69.00 to $72.00 and gave the company an "equal weight" rating in a research report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Kellogg presently has a consensus rating of "Hold" and a consensus target price of $71.20.
Insider Transactions at Kellogg
In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company's stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $72.68, for a total value of $10,622,400.04. Following the sale, the insider now owns 57,170,297 shares in the company, valued at $4,155,137,185.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through
this link. In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $72.68, for a total transaction of $10,622,400.04. Following the transaction, the insider now owns 57,170,297 shares in the company, valued at $4,155,137,185.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through
the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $71.12, for a total value of $7,112,000.00. Following the transaction, the insider now owns 56,531,838 shares in the company, valued at approximately $4,020,544,318.56. The disclosure for this sale can be found
here. Insiders have sold 996,199 shares of company stock worth $73,257,333 over the last quarter. 1.40% of the stock is currently owned by insiders.
Kellogg Stock Down 2.6 %
Shares of K stock opened at $69.66 on Friday. The stock's 50-day simple moving average is $73.50 and its 200-day simple moving average is $70.43. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.43 and a current ratio of 0.70. The firm has a market capitalization of $23.69 billion, a PE ratio of 16.09, a P/E/G ratio of 4.23 and a beta of 0.43. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.99.
Kellogg (NYSE:K – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.13. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the company earned $1.14 earnings per share. The company's revenue was up 8.7% on a year-over-year basis. Equities analysts expect that Kellogg will post 4.12 earnings per share for the current year.
Kellogg Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.59 dividend. This is an increase from Kellogg's previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.39%. Kellogg's dividend payout ratio is presently 54.50%.
About Kellogg
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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.
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