Mission Wealth Management LP Purchases New Holdings in Kellogg (K)
Mission Wealth Management LP acquired a new stake in shares of Kellogg (NYSE:K) during the second quarter, HoldingsChannel.com reports. The fund acquired 3,340 shares of the company’s stock, valued at approximately $233,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in K. Integrated Investment Consultants LLC purchased a new position in shares of Kellogg during the 2nd quarter valued at about $110,000. NuWave Investment Management LLC purchased a new position in shares of Kellogg during the 1st quarter valued at about $139,000. QCI Asset Management Inc. NY raised its holdings in shares of Kellogg by 985.2% during the 1st quarter. QCI Asset Management Inc. NY now owns 2,203 shares of the company’s stock valued at $143,000 after buying an additional 2,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Kellogg by 76.5% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,000 shares of the company’s stock valued at $197,000 after buying an additional 1,300 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Kellogg during the 2nd quarter valued at about $201,000. 89.87% of the stock is currently owned by institutional investors.
Shares of K stock opened at $73.63 on Friday. The company has a market capitalization of $24.75 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 2.08 and a beta of 0.51. Kellogg has a fifty-two week low of $56.40 and a fifty-two week high of $73.88. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.50 and a current ratio of 0.82.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Tuesday, September 4th will be given a $0.56 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Friday, August 31st. Kellogg’s dividend payout ratio (DPR) is currently 53.47%.
In related news, SVP Amit Banati sold 1,992 shares of Kellogg stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $65.03, for a total transaction of $129,539.76. Following the sale, the senior vice president now directly owns 19,619 shares in the company, valued at $1,275,823.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 250,000 shares of Kellogg stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $65.64, for a total value of $16,410,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 778,647 shares of company stock worth $53,870,364. Corporate insiders own 1.40% of the company’s stock.
A number of equities analysts have commented on K shares. Credit Suisse Group lifted their price target on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Thursday, August 9th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $67.00 price target (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Buckingham Research lifted their price target on Kellogg from $79.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. ValuEngine raised Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, Susquehanna Bancshares set a $65.00 price target on Kellogg and gave the stock a “hold” rating in a research note on Wednesday, May 9th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. Kellogg has a consensus rating of “Hold” and an average price target of $72.39.
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.
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