Prospera Financial Services Inc Sells 14,684 Shares of Kellogg (NYSE:K)

Posted by AM Reporter Staff on Aug 6th, 2022

Prospera Financial Services Inc cut its position in Kellogg (NYSE:K – Get Rating) by 89.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,759 shares of the company’s stock after selling 14,684 shares during the quarter. Prospera Financial Services Inc’s holdings in Kellogg were worth $114,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in K. International Assets Investment Management LLC acquired a new stake in shares of Kellogg in the fourth quarter valued at about $161,000. Illinois Municipal Retirement Fund grew its stake in Kellogg by 33.0% during the fourth quarter. Illinois Municipal Retirement Fund now owns 13,767 shares of the company’s stock worth $887,000 after purchasing an additional 3,412 shares during the period. Yousif Capital Management LLC acquired a new stake in Kellogg during the fourth quarter worth approximately $3,696,000. D.A. Davidson & CO. grew its stake in Kellogg by 10.2% during the fourth quarter. D.A. Davidson & CO. now owns 19,793 shares of the company’s stock worth $1,275,000 after purchasing an additional 1,840 shares during the period. Finally, CWM LLC acquired a new stake in Kellogg during the fourth quarter worth approximately $204,000. Institutional investors and hedge funds own 84.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on K. UBS Group cut Kellogg from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, June 22nd. Credit Suisse Group raised their target price on Kellogg from $62.00 to $69.00 in a research note on Monday, May 9th. Finally, Citigroup increased their price target on Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $70.90.

Insider Activity

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $74.06, for a total transaction of $10,824,091.18. Following the sale, the insider now directly owns 57,754,909 shares in the company, valued at $4,277,328,560.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 876,918 shares of company stock worth $62,011,256 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

Kellogg Stock Up 1.7 %

K stock opened at $75.04 on Friday. Kellogg has a twelve month low of $59.54 and a twelve month high of $76.45. The company has a quick ratio of 0.39, a current ratio of 0.65 and a debt-to-equity ratio of 1.39. The stock’s 50 day moving average is $70.98 and its 200-day moving average is $67.74. The firm has a market capitalization of $25.35 billion, a PE ratio of 16.71, a P/E/G ratio of 4.77 and a beta of 0.43.

Kellogg (NYSE:K – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the company earned $1.14 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts expect that Kellogg will post 4.09 EPS for the current fiscal year.

Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Wednesday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is currently 51.67%.

Kellogg Profile

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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.