Massachusetts Financial Services Co. MA Increases Position in Kellogg (NYSE:K)

Massachusetts Financial Services Co. MA lifted its holdings in Kellogg (NYSE:KGet Rating) by 0.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,925,522 shares of the company’s stock after purchasing an additional 15,624 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Kellogg were worth $124,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. CVA Family Office LLC bought a new position in Kellogg in the 4th quarter valued at $26,000. Heritage Wealth Advisors bought a new position in Kellogg in the 4th quarter valued at $26,000. Bell Investment Advisors Inc bought a new position in shares of Kellogg during the 3rd quarter worth $29,000. AHL Investment Management Inc. bought a new position in shares of Kellogg during the 4th quarter worth $29,000. Finally, SouthState Corp bought a new position in shares of Kellogg during the 3rd quarter worth $30,000. Institutional investors own 84.34% of the company’s stock.

A number of equities analysts have recently issued reports on K shares. JPMorgan Chase & Co. downgraded Kellogg from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $64.00 to $57.00 in a research report on Friday, February 11th. UBS Group started coverage on Kellogg in a research report on Wednesday, March 30th. They set a “buy” rating and a $73.00 price target on the stock. Deutsche Bank Aktiengesellschaft downgraded Kellogg from a “buy” rating to a “hold” rating and dropped their price target for the stock from $74.00 to $73.00 in a research report on Monday, April 25th. Piper Sandler cut Kellogg from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Finally, BMO Capital Markets cut Kellogg from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $75.00 to $70.00 in a research note on Monday, January 31st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Kellogg currently has a consensus rating of “Hold” and a consensus price target of $68.80.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $74.06, for a total value of $10,824,091.18. Following the transaction, the insider now directly owns 57,754,909 shares of the company’s stock, valued at $4,277,328,560.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,163 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $66.08, for a total value of $9,658,451.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 914,942 shares of company stock valued at $60,805,193. 1.40% of the stock is currently owned by company insiders.

Kellogg stock opened at $73.01 on Friday. The stock has a 50-day moving average of $66.23 and a two-hundred day moving average of $64.76. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.39 and a current ratio of 0.65. Kellogg has a one year low of $59.54 and a one year high of $75.56. The stock has a market cap of $24.67 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 4.66 and a beta of 0.48.

Kellogg (NYSE:KGet Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business posted $1.11 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kellogg will post 4.09 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Tuesday, May 31st. Kellogg’s dividend payout ratio (DPR) is presently 51.67%.

About Kellogg (Get Rating)

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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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