Equities researchers at TD Cowen began coverage on shares of Kellogg (NYSE:K – Get Free Report) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage set a “market perform” rating and a $63.00 price target on the stock. TD Cowen’s price target suggests a potential upside of 5.16% from the company’s current price.
A number of other research analysts have also recently commented on K. Sanford C. Bernstein upgraded shares of Kellogg from an “underperform” rating to a “market perform” rating and set a $62.00 price target on the stock in a research report on Thursday, June 22nd. StockNews.com began coverage on shares of Kellogg in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Barclays cut their price target on shares of Kellogg from $74.00 to $69.00 and set an “underweight” rating for the company in a research report on Friday, August 11th. The Goldman Sachs Group upgraded Kellogg from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $78.00 to $83.00 in a report on Tuesday, June 27th. Finally, JPMorgan Chase & Co. dropped their target price on Kellogg from $73.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.86.
Check Out Our Latest Research Report on K
Kellogg Stock Performance
Kellogg (NYSE:K – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $1.25 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $4.05 billion. As a group, equities research analysts predict that Kellogg will post 4.14 EPS for the current fiscal year.
Insiders Place Their Bets
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $67.10, for a total value of $6,710,000.00. Following the completion of the sale, the insider now directly owns 54,631,838 shares in the company, valued at $3,665,796,329.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $59.42, for a total value of $4,622,876.00. Following the sale, the insider now directly owns 54,254,038 shares of the company’s stock, valued at approximately $3,223,774,937.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $67.10, for a total transaction of $6,710,000.00. Following the transaction, the insider now directly owns 54,631,838 shares of the company’s stock, valued at $3,665,796,329.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 655,600 shares of company stock worth $41,811,424. 1.40% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Kellogg
Several large investors have recently made changes to their positions in K. BlackRock Inc. grew its position in Kellogg by 1.2% during the 1st quarter. BlackRock Inc. now owns 31,697,821 shares of the company’s stock valued at $2,122,486,000 after purchasing an additional 369,648 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Kellogg by 2.3% during the first quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock valued at $1,892,981,000 after acquiring an additional 646,828 shares in the last quarter. State Street Corp increased its position in shares of Kellogg by 2.6% during the first quarter. State Street Corp now owns 14,696,120 shares of the company’s stock valued at $947,753,000 after acquiring an additional 369,620 shares in the last quarter. Geode Capital Management LLC raised its holdings in Kellogg by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 5,855,495 shares of the company’s stock worth $393,670,000 after acquiring an additional 196,091 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Kellogg by 11.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,396,277 shares of the company’s stock valued at $384,431,000 after acquiring an additional 552,179 shares in the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.
Kellogg Company Profile
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.
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