Wedmont Private Capital Sells 679 Shares of Kellanova (NYSE:K)

Wedmont Private Capital cut its stake in Kellanova (NYSE:K) by 14.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,032 shares of the company’s stock after selling 679 shares during the period. Wedmont Private Capital’s holdings in Kellanova were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Independent Advisor Alliance raised its stake in shares of Kellanova by 16.5% in the fourth quarter. Independent Advisor Alliance now owns 7,203 shares of the company’s stock worth $583,000 after acquiring an additional 1,019 shares during the last quarter. Aviva PLC raised its stake in shares of Kellanova by 2.6% in the fourth quarter. Aviva PLC now owns 542,709 shares of the company’s stock worth $43,943,000 after acquiring an additional 13,531 shares during the last quarter. Alpine Associates Management Inc. raised its stake in shares of Kellanova by 93.5% in the fourth quarter. Alpine Associates Management Inc. now owns 612,850 shares of the company’s stock worth $49,622,000 after acquiring an additional 296,150 shares during the last quarter. Decagon Asset Management LLP bought a new position in shares of Kellanova in the fourth quarter worth about $10,125,000. Finally, Pictet Asset Management Holding SA grew its position in shares of Kellanova by 12.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 164,657 shares of the company’s stock worth $13,332,000 after buying an additional 18,045 shares during the period. 83.87% of the stock is owned by institutional investors.

Kellanova Stock Down 0.7%

Shares of NYSE K opened at $81.41 on Wednesday. The stock has a market cap of $28.24 billion, a P/E ratio of 21.04, a P/E/G ratio of 4.21 and a beta of 0.30. The firm has a 50 day moving average price of $82.30 and a 200 day moving average price of $81.92. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.56 and a current ratio of 0.81. Kellanova has a 52-week low of $55.96 and a 52-week high of $83.22.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellanova had a net margin of 10.53% and a return on equity of 37.25%. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. Analysts expect that Kellanova will post 3.93 EPS for the current year.

Kellanova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 2nd will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.80%. Kellanova’s dividend payout ratio is currently 57.58%.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of Kellanova stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $82.26, for a total value of $9,425,597.58. Following the transaction, the insider now owns 47,618,280 shares of the company’s stock, valued at approximately $3,917,079,712.80. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 1,374,996 shares of company stock valued at $113,099,150. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

K has been the subject of several analyst reports. Royal Bank of Canada cut shares of Kellanova from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 14th. Citigroup upgraded shares of Kellanova to a “neutral” rating and set a $83.50 price target for the company in a research report on Thursday, May 29th. Finally, Wall Street Zen cut shares of Kellanova from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Fourteen analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $79.75.

About Kellanova

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and 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.