Kellogg (K) to Issue Quarterly Dividend of $0.56 on December 17th

Kellogg (NYSE:K) declared a quarterly dividend on Friday, October 19th, RTT News reports. Stockholders of record on Monday, December 3rd will be given a dividend of 0.56 per share on Monday, December 17th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Friday, November 30th.

Kellogg has increased its dividend by an average of 3.7% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Kellogg has a payout ratio of 49.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Kellogg to earn $4.28 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 52.3%.

K opened at $61.74 on Friday. The firm has a market cap of $21.43 billion, a PE ratio of 15.28, a PEG ratio of 2.32 and a beta of 0.50. The company has a quick ratio of 0.52, a current ratio of 0.84 and a debt-to-equity ratio of 2.41. Kellogg has a one year low of $56.40 and a one year high of $74.98.

Kellogg (NYSE:K) last released its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 earnings per share. Sell-side analysts forecast that Kellogg will post 4.31 EPS for the current fiscal year.

In other Kellogg news, Chairman Steven A. Cahillane purchased 17,825 shares of the stock in a transaction on Monday, November 19th. The stock was acquired at an average cost of $61.63 per share, with a total value of $1,098,554.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $74.61, for a total transaction of $16,041,150.00. The disclosure for this sale can be found here. Insiders sold 600,000 shares of company stock valued at $41,536,950 over the last quarter. 1.40% of the stock is owned by company insiders.

K has been the subject of several research reports. Buckingham Research upped their target price on shares of Kellogg from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Wells Fargo & Co reiterated a “hold” rating and issued a $67.00 target price (up from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. Credit Suisse Group upped their target price on shares of Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, August 9th. Morgan Stanley initiated coverage on shares of Kellogg in a research report on Monday, September 17th. They issued an “equal weight” rating and a $75.00 target price for the company. Finally, Piper Jaffray Companies set a $79.00 target price on shares of Kellogg and gave the stock a “buy” rating in a research report on Tuesday, October 16th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $70.22.

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About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.

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Dividend History for Kellogg (NYSE:K)

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