Kellogg (K) PT Raised to $91.00
K has been the subject of several other research reports. Morgan Stanley decreased their price objective on Kellogg from $70.00 to $66.00 and set an equal weight rating for the company in a report on Friday, October 13th. Royal Bank of Canada restated a hold rating and issued a $78.00 price objective on shares of Kellogg in a report on Wednesday, October 25th. Credit Suisse Group decreased their price objective on Kellogg from $70.00 to $65.00 and set a neutral rating for the company in a report on Friday, October 20th. Bank of America restated an underperform rating and issued a $66.00 price objective (down previously from $72.00) on shares of Kellogg in a report on Monday, October 9th. Finally, Piper Jaffray Companies set a $72.00 price objective on Kellogg and gave the company a hold rating in a report on Tuesday, October 31st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. Kellogg currently has a consensus rating of Hold and a consensus price target of $72.57.
Kellogg (NYSE:K) traded up $0.81 during mid-day trading on Tuesday, reaching $66.62. The company’s stock had a trading volume of 3,450,000 shares, compared to its average volume of 3,110,000. The company has a market cap of $22,990.00, a PE ratio of 29.74, a PEG ratio of 2.49 and a beta of 0.52. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68. Kellogg has a 52-week low of $58.76 and a 52-week high of $76.69.
Kellogg declared that its board has approved a share repurchase program on Friday, December 15th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the completion of the sale, the insider now directly owns 67,887,323 shares in the company, valued at $4,420,143,600.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The disclosure for this sale can be found here. Insiders have sold 349,754 shares of company stock valued at $22,304,119 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. FTB Advisors Inc. lifted its position in Kellogg by 0.5% during the second quarter. FTB Advisors Inc. now owns 3,648 shares of the company’s stock worth $251,000 after acquiring an additional 17 shares during the last quarter. King Luther Capital Management Corp lifted its position in Kellogg by 2.7% during the second quarter. King Luther Capital Management Corp now owns 3,640 shares of the company’s stock worth $253,000 after acquiring an additional 95 shares during the last quarter. Nordea Investment Management AB lifted its position in Kellogg by 0.8% during the second quarter. Nordea Investment Management AB now owns 14,637 shares of the company’s stock worth $1,017,000 after acquiring an additional 117 shares during the last quarter. BRYN MAWR TRUST Co lifted its position in Kellogg by 4.0% during the second quarter. BRYN MAWR TRUST Co now owns 5,187 shares of the company’s stock worth $361,000 after acquiring an additional 200 shares during the last quarter. Finally, Veritable L.P. lifted its position in Kellogg by 5.1% during the second quarter. Veritable L.P. now owns 6,456 shares of the company’s stock worth $448,000 after acquiring an additional 315 shares during the last quarter. Hedge funds and other institutional investors own 89.62% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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