Gradient Investments LLC Acquires 400 Shares of Kellogg (NYSE:K)

Posted by Defense World Staff on Jun 28th, 2023

Gradient Investments LLC raised its stake in shares of Kellogg (NYSE:K – Get Rating) by 5.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,191 shares of the company’s stock after buying an additional 400 shares during the period. Gradient Investments LLC’s holdings in Kellogg were worth $482,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Heritage Wealth Management LLC acquired a new position in shares of Kellogg during the 4th quarter worth about $28,000. RFP Financial Group LLC bought a new stake in shares of Kellogg in the fourth quarter valued at approximately $32,000. Prestige Wealth Management Group LLC grew its stake in shares of Kellogg by 72.6% in the fourth quarter. Prestige Wealth Management Group LLC now owns 459 shares of the company’s stock worth $33,000 after acquiring an additional 193 shares during the last quarter. Tanglewood Legacy Advisors LLC bought a new position in Kellogg during the fourth quarter worth $36,000. Finally, Dupont Capital Management Corp acquired a new position in Kellogg during the 4th quarter valued at $40,000. Institutional investors and hedge funds own 83.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on K shares. Stifel Nicolaus assumed coverage on shares of Kellogg in a report on Thursday, April 13th. They set a “hold” rating and a $71.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their price target on Kellogg from $60.00 to $71.00 in a report on Friday, May 5th. StockNews.com initiated coverage on Kellogg in a report on Thursday, May 18th. They set a “buy” rating on the stock. UBS Group upped their target price on Kellogg from $73.00 to $74.00 in a research note on Friday, May 5th. Finally, Barclays lifted their price target on shares of Kellogg from $72.00 to $74.00 in a research note on Monday, May 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $71.08.

Kellogg Stock Performance

NYSE K opened at $66.70 on Wednesday. Kellogg has a 1-year low of $63.74 and a 1-year high of $77.17. The company has a 50 day moving average of $68.00 and a 200-day moving average of $68.15. The company has a current ratio of 0.72, a quick ratio of 0.42 and a debt-to-equity ratio of 1.29. The firm has a market cap of $22.86 billion, a price-to-earnings ratio of 27.56, a PEG ratio of 3.81 and a beta of 0.42.

Kellogg (NYSE:K – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Kellogg had a return on equity of 32.09% and a net margin of 5.33%. The business’s revenue was up 10.4% on a year-over-year basis. During the same period last year, the firm posted $1.10 EPS. On average, equities analysts forecast that Kellogg will post 4.1 earnings per share for the current fiscal year.

Kellogg Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.54%. The ex-dividend date was Wednesday, May 31st. Kellogg’s payout ratio is presently 97.52%.

Insider Transactions at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $65.41, for a total value of $6,541,000.00. Following the transaction, the insider now directly owns 54,831,838 shares in the company, valued at approximately $3,586,550,523.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Kris Bahner sold 3,483 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $71.01, for a total value of $247,327.83. Following the transaction, the senior vice president now directly owns 18,013 shares in the company, valued at $1,279,103.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $65.41, for a total transaction of $6,541,000.00. Following the sale, the insider now owns 54,831,838 shares of the company’s stock, valued at approximately $3,586,550,523.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,483 shares of company stock worth $40,770,328. Corporate insiders own 1.40% of the company’s stock.

About Kellogg

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.