Cibc World Markets Corp Sells 39,682 Shares of Kellogg (NYSE:K)

Posted by Defense World Staff on Sep 3rd, 2023

Cibc World Markets Corp decreased its holdings in shares of Kellogg (NYSE:K – Free Report) by 75.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,944 shares of the company’s stock after selling 39,682 shares during the quarter. Cibc World Markets Corp’s holdings in Kellogg were worth $867,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ronald Blue Trust Inc. raised its holdings in Kellogg by 120.0% in the 1st quarter. Ronald Blue Trust Inc. now owns 385 shares of the company’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Heritage Wealth Management LLC acquired a new position in Kellogg in the 4th quarter valued at approximately $28,000. Parkside Financial Bank & Trust raised its holdings in Kellogg by 48.0% in the 1st quarter. Parkside Financial Bank & Trust now owns 453 shares of the company’s stock valued at $30,000 after acquiring an additional 147 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Kellogg by 402.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 462 shares of the company’s stock valued at $31,000 after acquiring an additional 370 shares in the last quarter. Finally, Cowa LLC acquired a new position in Kellogg in the 1st quarter valued at approximately $33,000. Institutional investors own 83.87% of the company’s stock.

Kellogg Stock Performance

Shares of Kellogg stock opened at $59.89 on Friday. The company has a market capitalization of $20.50 billion, a PE ratio of 23.96, a PEG ratio of 4.11 and a beta of 0.41. Kellogg has a 12 month low of $59.73 and a 12 month high of $77.17. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.20. The stock’s fifty day simple moving average is $65.15 and its 200 day simple moving average is $66.54.

Kellogg (NYSE:K – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.14. Kellogg had a return on equity of 33.33% and a net margin of 5.46%. The firm had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $4.05 billion. On average, research analysts predict that Kellogg will post 4.14 EPS for the current year.

Kellogg Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.60 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.59. The ex-dividend date is Thursday, August 31st. This represents a $2.40 annualized dividend and a dividend yield of 4.01%. Kellogg’s dividend payout ratio (DPR) is currently 96.00%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley dropped their target price on Kellogg from $73.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday, August 4th. Sanford C. Bernstein raised Kellogg from an “underperform” rating to a “market perform” rating and set a $62.00 target price for the company in a report on Thursday, June 22nd. Barclays dropped their target price on Kellogg from $74.00 to $69.00 and set an “underweight” rating for the company in a report on Friday, August 11th. The Goldman Sachs Group upgraded Kellogg from a “neutral” rating to a “buy” rating and increased their price target for the stock from $78.00 to $83.00 in a research report on Tuesday, June 27th. Finally, JPMorgan Chase & Co. decreased their price target on Kellogg from $73.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $70.42.

Read Our Latest Stock Analysis on Kellogg

Insider Buying and Selling at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $65.94, for a total value of $6,594,000.00. Following the sale, the insider now owns 54,731,838 shares of the company’s stock, valued at approximately $3,609,017,397.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 600,000 shares of company stock valued at $39,088,000 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

Kellogg Company Profile

(Free Report)

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.