Kellogg (NYSE:K) announced a quarterly dividend on Friday, February 16th, RTT News reports. Shareholders 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 yield of 3.15%. The ex-dividend date of this dividend is Friday, March 2nd.
Kellogg has raised 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 $4.74 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 45.6%.
Shares of Kellogg (NYSE K) opened at $68.54 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 3.52. The company has a market cap of $23,600.81, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 2.10 and a beta of 0.47. Kellogg has a twelve month low of $58.76 and a twelve month high of $75.31.
Kellogg declared that its Board of Directors has authorized a share buyback program on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $65.14, for a total value of $5,120,394.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Several equities analysts have commented on K shares. Piper Jaffray Companies reiterated a “neutral” rating and set a $77.00 price objective (up previously from $72.00) on shares of Kellogg in a research report on Thursday, February 15th. Barclays reiterated a “sell” rating and set a $69.00 price objective on shares of Kellogg in a research report on Sunday, February 11th. Morgan Stanley increased their price objective on shares of Kellogg from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, February 9th. Bank of America increased their price objective on shares of Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a research report on Friday, February 9th. Finally, Citigroup reduced their target price on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. The company 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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