Kellogg (NYSE:K) PT Raised to $78.00

Kellogg (NYSE:K) had its price target increased by Buckingham Research from $71.00 to $78.00 in a research report released on Monday, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

Several other brokerages have also recently weighed in on K. Barclays cut shares of Kellogg to an equal weight rating in a research note on Tuesday, October 15th. Edward Jones raised shares of Kellogg from a hold rating to a buy rating in a research note on Wednesday, October 30th. Credit Suisse Group raised shares of Kellogg from a neutral rating to an outperform rating and boosted their price objective for the stock from $60.00 to $78.00 in a research note on Tuesday, January 7th. Bank of America upgraded shares of Kellogg from a neutral rating to a buy rating and boosted their target price for the company from $53.00 to $75.00 in a report on Friday, December 20th. Finally, Royal Bank of Canada initiated coverage on shares of Kellogg in a report on Thursday, October 17th. They issued a sector perform rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $67.75.

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Shares of Kellogg stock opened at $70.74 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.80 and a debt-to-equity ratio of 2.45. Kellogg has a twelve month low of $51.34 and a twelve month high of $70.86. The stock has a market cap of $23.88 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 2.90 and a beta of 0.53. The company’s fifty day moving average is $67.65 and its 200 day moving average is $63.17.

Kellogg (NYSE:K) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.12. Kellogg had a net margin of 5.35% and a return on equity of 42.47%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. Kellogg’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, equities analysts anticipate that Kellogg will post 3.88 earnings per share for the current fiscal year.

In other news, Vice Chairman Gary H. Pilnick sold 20,655 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $63.73, for a total transaction of $1,316,343.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $69.33, for a total transaction of $6,933,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 625,291 shares of company stock worth $41,158,106. 0.09% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Kellogg by 5.9% during the third quarter. State Street Corp now owns 12,963,660 shares of the company’s stock valued at $834,212,000 after purchasing an additional 725,882 shares during the period. Beutel Goodman & Co Ltd. raised its holdings in shares of Kellogg by 1.3% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 3,943,373 shares of the company’s stock worth $161,307,000 after acquiring an additional 48,795 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Kellogg by 9.5% in the 2nd quarter. Invesco Ltd. now owns 3,015,800 shares of the company’s stock worth $161,557,000 after acquiring an additional 262,198 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Kellogg by 3.0% in the 3rd quarter. California Public Employees Retirement System now owns 2,049,665 shares of the company’s stock worth $131,896,000 after acquiring an additional 59,742 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Kellogg by 31.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,978,156 shares of the company’s stock worth $105,970,000 after acquiring an additional 472,686 shares during the last quarter. Hedge funds and other 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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