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.
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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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.
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