Covington Capital Management Acquires 3,815 Shares of Kellogg’s (K)

Covington Capital Management boosted its position in Kellogg’s (NYSE:K) by 3,815.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,915 shares of the company’s stock after acquiring an additional 3,815 shares during the period. Covington Capital Management’s holdings in Kellogg’s were worth $266,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. American International Group Inc. boosted its stake in shares of Kellogg’s by 6,576.3% during the 4th quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock valued at $508,167,000 after purchasing an additional 7,363,283 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Kellogg’s by 16.1% during the 4th quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock valued at $1,678,353,000 after purchasing an additional 3,421,334 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Kellogg’s by 15,410.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock valued at $141,596,000 after purchasing an additional 2,255,617 shares in the last quarter. HS Management Partners LLC bought a new stake in shares of Kellogg’s during the 3rd quarter valued at about $122,431,000. Finally, LSV Asset Management bought a new stake in shares of Kellogg’s during the 4th quarter valued at about $79,597,000. 91.87% of the stock is currently owned by institutional investors and hedge funds.

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Kellogg’s stock traded down $0.32 during trading hours on Friday, hitting $64.24. The stock had a trading volume of 1,653,445 shares, compared to its average volume of 2,845,480. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.41 and a current ratio of 0.68. The stock has a market capitalization of $22,321.54, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.98 and a beta of 0.45. Kellogg’s has a 12-month low of $58.76 and a 12-month high of $74.28.

Kellogg’s (NYSE:K) last issued its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.10 billion. Kellogg’s had a net margin of 9.82% and a return on equity of 70.35%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 earnings per share. equities research analysts forecast that Kellogg’s will post 4.46 EPS for the current fiscal year.

Kellogg’s declared that its board has authorized a stock repurchase plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Monday, March 5th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $2.16 annualized dividend and a yield of 3.36%. Kellogg’s’s dividend payout ratio (DPR) is presently 53.47%.

In other news, insider Amit Banati sold 2,767 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $67.97, for a total transaction of $188,072.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. Insiders sold 623,763 shares of company stock valued at $42,787,777 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Kellogg’s from a “hold” rating to a “buy” rating and set a $73.00 target price on the stock in a research note on Thursday. Citigroup lowered their price target on shares of Kellogg’s from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Pivotal Research initiated coverage on shares of Kellogg’s in a research report on Monday, February 5th. They set a “buy” rating and a $80.00 price target for the company. Barclays reissued a “sell” rating and set a $69.00 price target on shares of Kellogg’s in a research report on Sunday, February 11th. Finally, Bank of America lifted their price target on shares of Kellogg’s from $66.00 to $69.00 and gave the company an “underperform” rating in a research report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.65.

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Kellogg’s Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.

Institutional Ownership by Quarter for Kellogg`s (NYSE:K)

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