Morgan Stanley Boosts Kellogg (NYSE:K) Price Target to $67.00

Kellogg (NYSE:K) had its price objective boosted by Morgan Stanley from $64.00 to $67.00 in a research report report published on Tuesday, The Fly reports. They currently have an equal weight rating on the stock.

K has been the subject of a number of other research reports. Royal Bank of Canada cut their target price on shares of Kellogg from $67.00 to $66.00 and set a sector perform rating for the company in a research report on Friday, November 5th. Credit Suisse Group boosted their price objective on shares of Kellogg from $61.00 to $62.00 and gave the company a neutral rating in a research report on Friday, November 5th. Bank of America downgraded shares of Kellogg from a buy rating to a neutral rating and cut their price objective for the company from $76.00 to $70.00 in a research report on Wednesday, January 5th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Kellogg from $74.00 to $71.00 and set a buy rating for the company in a research report on Thursday, October 21st. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Kellogg has an average rating of Hold and a consensus price target of $67.89.

NYSE:K opened at $67.53 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.75. Kellogg has a 12 month low of $56.61 and a 12 month high of $68.60. The company has a market cap of $23.04 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 3.57 and a beta of 0.59. The company has a 50 day simple moving average of $63.76 and a two-hundred day simple moving average of $63.56.

Kellogg (NYSE:K) last posted its earnings results on Thursday, November 4th. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.14. Kellogg had a net margin of 8.86% and a return on equity of 37.88%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. Research analysts forecast that Kellogg will post 4.13 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st were paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Tuesday, November 30th. Kellogg’s dividend payout ratio (DPR) is 63.39%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of Kellogg stock in a transaction on Monday, November 22nd. The shares were sold at an average price of $62.70, for a total transaction of $5,225,041.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.20% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Spire Wealth Management lifted its stake in Kellogg by 53.9% in the 4th quarter. Spire Wealth Management now owns 2,435 shares of the company’s stock worth $157,000 after purchasing an additional 853 shares in the last quarter. Triangle Securities Wealth Management raised its position in shares of Kellogg by 6.6% during the 4th quarter. Triangle Securities Wealth Management now owns 22,211 shares of the company’s stock valued at $1,431,000 after buying an additional 1,373 shares in the last quarter. Dock Street Asset Management Inc. raised its position in shares of Kellogg by 3.7% during the 4th quarter. Dock Street Asset Management Inc. now owns 40,058 shares of the company’s stock valued at $2,581,000 after buying an additional 1,412 shares in the last quarter. Gateway Investment Advisers LLC raised its position in shares of Kellogg by 65.2% during the 4th quarter. Gateway Investment Advisers LLC now owns 10,401 shares of the company’s stock valued at $670,000 after buying an additional 4,104 shares in the last quarter. Finally, Stratos Wealth Advisors LLC raised its position in shares of Kellogg by 6.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 31,020 shares of the company’s stock valued at $1,998,000 after buying an additional 1,986 shares in the last quarter. Institutional investors and hedge funds own 83.69% of the company’s stock.

Kellogg Company Profile

Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. The firm markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Cheez-It, Pringles, and Austin to supermarkets in the U.S. It operates through the following geographical segments: North America, Europe, Latin America, and AMEA(Asia Middle East Africa).

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