Kellanova (NYSE:K) Given New $83.50 Price Target at Wells Fargo & Company

Kellanova (NYSE:K) had its price target increased by Wells Fargo & Company from $76.00 to $83.50 in a research note published on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

K has been the topic of a number of other research reports. TD Cowen raised their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a hold rating in a report on Friday, May 3rd. Royal Bank of Canada cut shares of Kellanova from an outperform rating to a sector perform rating and raised their target price for the stock from $76.00 to $83.50 in a research report on Thursday. The Goldman Sachs Group assumed coverage on shares of Kellanova in a research report on Monday, August 12th. They issued a neutral rating and a $75.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Kellanova from $66.00 to $69.00 and gave the company a neutral rating in a research report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their price target on shares of Kellanova from $64.00 to $76.00 and gave the company a hold rating in a research report on Monday, August 12th. Thirteen research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kellanova presently has an average rating of Hold and an average target price of $73.57.

Kellanova Price Performance

Shares of Kellanova stock opened at $80.29 on Thursday. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.46. The stock has a market capitalization of $27.45 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 2.22 and a beta of 0.34. The company has a fifty day moving average of $61.42 and a 200-day moving average of $58.77. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.41 and a current ratio of 0.73.

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

Kellanova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given a $0.57 dividend. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Tuesday, September 3rd. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

Insider Buying and Selling

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $62.01, for a total transaction of $4,824,378.00. Following the sale, the insider now owns 51,608,838 shares of the company’s stock, valued at approximately $3,200,264,044.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 855,800 shares of company stock worth $52,647,260. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of Kellanova by 57.2% during the 2nd quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the last quarter. Bfsg LLC grew its position in Kellanova by 64.5% in the 1st quarter. Bfsg LLC now owns 510 shares of the company’s stock valued at $29,000 after acquiring an additional 200 shares in the last quarter. Family Firm Inc. acquired a new position in Kellanova in the 2nd quarter valued at about $29,000. BNP Paribas acquired a new position in Kellanova in the 1st quarter valued at about $30,000. Finally, Motco grew its position in Kellanova by 757.6% in the 4th quarter. Motco now owns 566 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 83.87% of the company’s stock.

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.