Kellogg (NYSE:K) Shares Bought by Czech National Bank

Posted by Defense World Staff on Mar 26th, 2023

Czech National Bank raised its position in Kellogg (NYSE:K – Get Rating) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,960 shares of the company’s stock after purchasing an additional 316 shares during the quarter. Czech National Bank’s holdings in Kellogg were worth $2,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of K. AdvisorNet Financial Inc lifted its holdings in shares of Kellogg by 379.2% in the 3rd quarter. AdvisorNet Financial Inc now owns 369 shares of the company’s stock worth $26,000 after acquiring an additional 292 shares during the last quarter. Asset Dedication LLC acquired a new position in shares of Kellogg in the 3rd quarter worth approximately $29,000. Coston McIsaac & Partners acquired a new position in shares of Kellogg in the 2nd quarter worth approximately $31,000. Exos TFP Holdings LLC acquired a new position in shares of Kellogg in the 3rd quarter worth approximately $32,000. Finally, Guardian Wealth Advisors LLC acquired a new position in shares of Kellogg in the 3rd quarter worth approximately $33,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on K shares. Morgan Stanley upped their price objective on shares of Kellogg from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 20th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Kellogg from $73.00 to $69.00 and set a “hold” rating on the stock in a research note on Monday, March 20th. TheStreet downgraded shares of Kellogg from a “b” rating to a “c+” rating in a research note on Thursday, February 9th. StockNews.com downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Tuesday, March 21st. Finally, Credit Suisse Group cut their target price on shares of Kellogg from $72.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, February 10th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $71.78.

Kellogg Trading Up 1.3 %

Shares of NYSE:K opened at $65.47 on Friday. Kellogg has a 52 week low of $61.70 and a 52 week high of $77.17. The company’s 50 day moving average is $66.78 and its two-hundred day moving average is $70.21. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.22. The company has a market cap of $22.38 billion, a PE ratio of 23.47, a P/E/G ratio of 2.66 and a beta of 0.42.

Kellogg (NYSE:K – Get Rating) last announced its quarterly earnings data on Thursday, February 9th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. Kellogg had a net margin of 6.27% and a return on equity of 32.51%. The company had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. Equities analysts predict that Kellogg will post 4.04 earnings per share for the current fiscal year.

Kellogg Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend was Tuesday, February 28th. Kellogg’s payout ratio is 84.59%.

Kellogg announced that its Board of Directors has authorized a share buyback program on Monday, December 12th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Friday, March 10th. The shares were sold at an average price of $63.99, for a total value of $6,399,000.00. Following the completion of the transaction, the insider now owns 55,431,838 shares in the company, valued at approximately $3,547,083,313.62. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Vice Chairman Gary H. Pilnick sold 22,197 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $68.81, for a total transaction of $1,527,375.57. Following the completion of the sale, the insider now owns 23,464 shares in the company, valued at approximately $1,614,557.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $63.99, for a total transaction of $6,399,000.00. Following the sale, the insider now owns 55,431,838 shares of the company’s stock, valued at approximately $3,547,083,313.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 528,437 shares of company stock worth $35,218,511. Corporate insiders own 1.40% of the company’s stock.

Kellogg Profile

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Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It operates through the following segments: North America, Europe, Latin America, and Asia Middle East Africa. The North America segment includes the U.S. businesses and Canada. The Europe segment consists of European countries.