Kellogg (K) Given New $70.00 Price Target at Morgan Stanley

Kellogg (NYSE:K) had its price objective lifted by Morgan Stanley from $69.00 to $70.00 in a research note issued on Friday. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 3.97% from the company’s current price.

K has been the subject of a number of other reports. Susquehanna Bancshares set a $71.00 price target on shares of Kellogg and gave the company a “hold” rating in a report on Tuesday, October 31st. Bank of America upped their price target on shares of Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a report on Friday. Royal Bank of Canada set a $81.00 price target on shares of Kellogg and gave the company a “hold” rating in a report on Wednesday, October 18th. Citigroup lowered their price target on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating for the company in a report on Friday. Finally, Buckingham Research lowered their price target on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $73.47.

Shares of Kellogg (NYSE:K) traded up $1.35 during trading on Friday, hitting $67.33. 4,205,213 shares of the stock were exchanged, compared to its average volume of 3,350,182. Kellogg has a 12 month low of $58.76 and a 12 month high of $76.56. The stock has a market cap of $22,770.00, a PE ratio of 18.55, a price-to-earnings-growth ratio of 2.39 and a beta of 0.47. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71.

Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same period in the prior year, the business posted $0.92 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. analysts predict that Kellogg will post 4.04 earnings per share for the current year.

Kellogg declared that its Board of Directors has approved a stock buyback program on Friday, December 15th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $65.11, for a total value of $2,898,371.65. Following the sale, the insider now directly owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the company’s stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $65.00, for a total transaction of $207,675.00. The disclosure for this sale can be found here. Insiders sold a total of 306,316 shares of company stock valued at $20,381,841 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Kellogg by 16.1% during the 4th quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock valued at $1,678,353,000 after purchasing an additional 3,421,334 shares during the last quarter. Bank of New York Mellon Corp grew its position in Kellogg by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 4,240,837 shares of the company’s stock valued at $288,290,000 after purchasing an additional 50,588 shares during the last quarter. Ameriprise Financial Inc. grew its position in Kellogg by 34.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after purchasing an additional 1,030,264 shares during the last quarter. American Century Companies Inc. grew its position in Kellogg by 5.9% during the 4th quarter. American Century Companies Inc. now owns 3,236,189 shares of the company’s stock valued at $219,996,000 after purchasing an additional 180,047 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in Kellogg by 45.2% during the 3rd quarter. Schroder Investment Management Group now owns 2,270,604 shares of the company’s stock valued at $142,617,000 after purchasing an additional 706,963 shares during the last quarter. 89.92% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Kellogg (NYSE:K)

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