Wrapmanager Inc. cut its holdings in shares of Kellogg (NYSE:K) by 12.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,052 shares of the company’s stock after selling 586 shares during the period. Wrapmanager Inc.’s holdings in Kellogg were worth $252,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc boosted its position in shares of Kellogg by 18.6% during the fourth quarter. CIBC Asset Management Inc now owns 189,214 shares of the company’s stock worth $11,775,000 after purchasing an additional 29,626 shares in the last quarter. AMF Pensionsforsakring AB acquired a new stake in Kellogg in the 4th quarter valued at $20,971,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Kellogg by 6.7% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,375 shares of the company’s stock valued at $2,349,000 after buying an additional 2,300 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Kellogg by 8.4% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 44,572 shares of the company’s stock valued at $2,879,000 after buying an additional 3,462 shares during the last quarter. Finally, High Note Wealth LLC acquired a new stake in Kellogg in the 4th quarter valued at $532,000. Institutional investors own 86.08% of the company’s stock.
Shares of NYSE:K opened at $59.26 on Tuesday. The firm has a 50 day moving average of $58.84 and a 200-day moving average of $63.58. The stock has a market capitalization of $20.37 billion, a PE ratio of 17.13, a PEG ratio of 3.71 and a beta of 0.60. The company has a current ratio of 0.79, a quick ratio of 0.58 and a debt-to-equity ratio of 1.95. Kellogg has a 12 month low of $52.66 and a 12 month high of $72.88.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Investors of record on Tuesday, March 9th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Monday, March 1st. Kellogg’s dividend payout ratio is 57.87%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, December 21st. The shares were sold at an average price of $60.94, for a total transaction of $5,078,373.96. Over the last quarter, insiders have sold 500,001 shares of company stock valued at $29,627,558. 1.10% of the stock is owned by corporate insiders.
Several equities research analysts have issued reports on K shares. Jefferies Financial Group lowered their price target on shares of Kellogg from $69.00 to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, January 12th. Citigroup decreased their price objective on shares of Kellogg from $75.00 to $72.00 in a research report on Tuesday, February 16th. Piper Sandler downgraded shares of Kellogg from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $76.00 to $66.00 in a research report on Tuesday, January 5th. JPMorgan Chase & Co. decreased their price objective on shares of Kellogg from $67.00 to $58.00 in a research report on Tuesday, January 19th. Finally, Morgan Stanley decreased their price objective on shares of Kellogg from $64.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $66.83.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East 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.
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