Royal Bank of Canada Boosts Kellanova (NYSE:K) Price Target to $62.00

Kellanova (NYSE:K) had its price objective raised by Royal Bank of Canada from $60.00 to $62.00 in a report issued on Friday morning, Benzinga reports. They currently have a sector perform rating on the stock.

Other analysts have also issued research reports about the company. TD Cowen upped their price objective on Kellanova from $57.00 to $62.00 and gave the company a hold rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft upped their price target on Kellanova from $60.00 to $62.00 and gave the company a hold rating in a research report on Friday. Bank of America raised Kellanova from a neutral rating to a buy rating and upped their price target for the company from $62.00 to $70.00 in a research report on Friday. DA Davidson upped their target price on Kellanova from $67.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Finally, Barclays dropped their target price on Kellanova from $64.00 to $61.00 and set an equal weight rating on the stock in a research report on Friday, July 19th. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Kellanova has an average rating of Hold and a consensus price target of $65.14.

Kellanova Price Performance

Shares of K opened at $73.21 on Friday. The company has a market cap of $25.03 billion, a P/E ratio of 27.33, a PEG ratio of 2.22 and a beta of 0.34. The stock has a fifty day moving average price of $58.25 and a 200 day moving average price of $57.26. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.73 and a quick ratio of 0.41. Kellanova has a 12 month low of $47.63 and a 12 month high of $75.40.

Kellanova (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The firm’s revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. On average, research analysts forecast that Kellanova will post 3.68 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. The ex-dividend date is Tuesday, September 3rd. This is a boost from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.11%. Kellanova’s dividend payout ratio is presently 85.39%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the transaction, the insider now directly owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 778,000 shares of company stock valued at $45,509,110. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Kellanova

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Kellanova by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after buying an additional 1,130,582 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Kellanova by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock valued at $316,323,000 after buying an additional 98,294 shares during the period. Beutel Goodman & Co Ltd. increased its stake in shares of Kellanova by 15.5% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock valued at $273,504,000 after buying an additional 655,686 shares during the period. Norges Bank acquired a new stake in shares of Kellanova in the 4th quarter valued at $150,184,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Kellanova by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock valued at $124,893,000 after buying an additional 9,726 shares during the period. 83.87% of the stock is owned by institutional investors and hedge funds.

Kellanova Company Profile

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.