Kellogg to Issue Quarterly Dividend of $0.54 (K)

Kellogg (NYSE:K) declared a quarterly dividend on Friday, February 16th, RTT News reports. Investors of record on Monday, March 5th will be paid a dividend of 0.54 per share on Thursday, March 15th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.10%.

Kellogg has increased its dividend by an average of 3.7% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Kellogg has a dividend payout ratio of 53.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Kellogg to earn $4.73 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 45.7%.

Kellogg (NYSE:K) opened at $69.66 on Friday. The company has a debt-to-equity ratio of 3.52, a current ratio of 0.68 and a quick ratio of 0.41. The company has a market capitalization of $24,120.90, a price-to-earnings ratio of 19.24, a P/E/G ratio of 2.15 and a beta of 0.47. Kellogg has a 12 month low of $58.76 and a 12 month high of $76.44.

Kellogg (NYSE:K) last issued its earnings results on Thursday, February 8th. The company reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. Kellogg’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.92 earnings per share. research analysts predict that Kellogg will post 4.44 EPS for the current fiscal year.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the sale, the insider now owns 67,887,323 shares in the company, valued at $4,420,143,600.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The disclosure for this sale can be found here. Insiders sold 306,316 shares of company stock worth $20,381,841 over the last quarter. Company insiders own 1.30% of the company’s stock.

Kellogg declared that its Board of Directors has approved a share repurchase plan on Friday, December 15th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

A number of brokerages recently commented on K. Susquehanna Bancshares set a $71.00 target price on Kellogg and gave the company a “hold” rating in a research note on Tuesday, October 31st. Bank of America upped their price target on Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a research report on Friday, February 9th. Citigroup lowered their price target on Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Buckingham Research lowered their price target on Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, November 1st. Finally, Credit Suisse Group lowered their price target on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.50.

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About Kellogg

Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.

Dividend History for Kellogg (NYSE:K)

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