Credit Suisse Group upgraded shares of Kellogg (NYSE:K) from a neutral rating to an outperform rating in a research report report published on Tuesday morning, Benzinga reports. Credit Suisse Group currently has $78.00 price objective on the stock, up from their previous price objective of $60.00.
K has been the topic of several other research reports. Zacks Investment Research cut Kellogg from a buy rating to a hold rating and set a $68.00 target price on the stock. in a research report on Tuesday, October 1st. Evercore ISI initiated coverage on Kellogg in a research report on Thursday, October 24th. They set an in-line rating and a $67.00 target price on the stock. Barclays cut Kellogg to an equal weight rating in a research report on Tuesday, October 15th. Deutsche Bank began coverage on Kellogg in a research report on Wednesday, December 11th. They issued a buy rating and a $74.00 price objective for the company. Finally, Bank of America raised Kellogg from a neutral rating to a buy rating and raised their price objective for the stock from $53.00 to $75.00 in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $67.31.
NYSE K traded up $0.13 during midday trading on Tuesday, hitting $69.27. 1,418,486 shares of the company traded hands, compared to its average volume of 1,448,838. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.80 and a quick ratio of 0.52. The company has a market cap of $23.58 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.86 and a beta of 0.53. The company’s 50-day simple moving average is $67.04 and its 200-day simple moving average is $62.71. Kellogg has a 52 week low of $51.34 and a 52 week high of $70.00.
The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.57 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $2.28 dividend on an annualized basis and a yield of 3.29%. Kellogg’s dividend payout ratio (DPR) is 52.66%.
In related news, SVP Maria Fernanda Mejia sold 2,136 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $63.70, for a total value of $136,063.20. Following the completion of the transaction, the senior vice president now owns 25,721 shares in the company, valued at approximately $1,638,427.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $62.56, for a total value of $6,256,000.00. The disclosure for this sale can be found here. Insiders sold a total of 625,291 shares of company stock valued at $41,158,106 in the last 90 days. 0.09% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Quest Capital Management Inc. ADV purchased a new position in shares of Kellogg in the 3rd quarter valued at about $26,000. Financial Architects Inc increased its stake in shares of Kellogg by 40.0% in the 3rd quarter. Financial Architects Inc now owns 700 shares of the company’s stock valued at $45,000 after purchasing an additional 200 shares in the last quarter. Coastal Investment Advisors Inc. increased its stake in shares of Kellogg by 46.4% in the 3rd quarter. Coastal Investment Advisors Inc. now owns 824 shares of the company’s stock valued at $53,000 after purchasing an additional 261 shares in the last quarter. WealthStone Inc. purchased a new position in shares of Kellogg in the 2nd quarter valued at about $48,000. Finally, Cerebellum GP LLC purchased a new position in shares of Kellogg in the 3rd quarter valued at about $72,000. Institutional investors own 86.96% of the company’s stock.
About Kellogg
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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