Kellanova (NYSE:K) PT Raised to $83.50

Kellanova (NYSE:K) had its price target increased by Deutsche Bank Aktiengesellschaft from $76.00 to $83.50 in a report published on Thursday, Benzinga reports. The firm currently has a hold rating on the stock.

Other analysts have also recently issued research reports about the company. Bank of America upgraded Kellanova from a neutral rating to a buy rating and lifted their price objective for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. DA Davidson upped their price target on Kellanova from $69.00 to $73.00 and gave the stock a buy rating in a report on Monday, August 5th. Barclays increased their target price on Kellanova from $67.00 to $83.00 and gave the company an equal weight rating in a research note on Thursday. BNP Paribas raised Kellanova from a neutral rating to an outperform rating and set a $74.00 price target on the stock in a research report on Monday, August 5th. Finally, TD Cowen upped their price target on Kellanova from $57.00 to $62.00 and gave the company a hold rating in a research report on Friday, May 3rd. Thirteen analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova presently has an average rating of Hold and an average price target of $73.57.

Kellanova Price Performance

K stock opened at $80.29 on Thursday. The company has a market capitalization of $27.45 billion, a P/E ratio of 30.07, a PEG ratio of 2.22 and a beta of 0.34. Kellanova has a twelve month low of $47.63 and a twelve month high of $80.46. The business has a 50 day simple moving average of $61.42 and a 200-day simple moving average of $58.77. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.11. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company earned $1.25 earnings per share. The company’s revenue was down 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Kellanova will post 3.68 EPS for the current year.

Kellanova Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be paid a $0.57 dividend. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio is currently 85.39%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $60.16, for a total transaction of $4,680,448.00. Following the completion of the sale, the insider now directly owns 51,531,038 shares of the company’s stock, valued at approximately $3,100,107,246.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 855,800 shares of company stock valued at $52,647,260. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Kellanova

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after buying an additional 1,130,582 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Kellanova by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock worth $316,323,000 after acquiring an additional 98,294 shares during the last quarter. Beutel Goodman & Co Ltd. grew its stake in shares of Kellanova by 15.5% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after purchasing an additional 655,686 shares during the period. Norges Bank acquired a new stake in shares of Kellanova during the fourth quarter worth $150,184,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Kellanova by 11.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,616,312 shares of the company’s stock worth $150,909,000 after purchasing an additional 277,171 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

About Kellanova

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and 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.