Fintel reports that on October 5, 2023, RBC Capital maintained coverage of Kellogg (NYSE:K) with a Sector Perform recommendation.
Analyst Price Forecast Suggests 29.79% Upside
As of October 5, 2023, the average one-year price target for Kellogg is 68.75. The forecasts range from a low of 55.55 to a high of $82.95. The average price target represents an increase of 29.79% from its latest reported closing price of 52.97.
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The projected annual revenue for Kellogg is 15,767MM, a decrease of 0.67%. The projected annual non-GAAP EPS is 4.24.
Kellogg Declares $0.60 Dividend
On July 28, 2023 the company declared a regular quarterly dividend of $0.60 per share ($2.40 annualized). Shareholders of record as of September 1, 2023 received the payment on September 15, 2023. Previously, the company paid $0.59 per share.
At the current share price of $52.97 / share, the stock's dividend yield is 4.53%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.58%, the lowest has been 3.07%, and the highest has been 4.57%. The standard deviation of yields is 0.25 (n=236).
The current dividend yield is 3.78 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.95. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.05%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1616 funds or institutions reporting positions in Kellogg. This is a decrease of 59 owner(s) or 3.52% in the last quarter. Average portfolio weight of all funds dedicated to K is 0.20%, a decrease of 22.28%. Total shares owned by institutions decreased in the last three months by 0.94% to 307,736K shares. 
The put/call ratio of K is 0.49, indicating a bullish outlook.
What are Other Shareholders Doing?
Kellogg W K Foundation Trust holds 54,732K shares representing 15.99% ownership of the company. In it's prior filing, the firm reported owning 55,332K shares, representing a decrease of 1.10%. The firm increased its portfolio allocation in K by 0.37% over the last quarter.
Keybank National Association holds 20,591K shares representing 6.01% ownership of the company. In it's prior filing, the firm reported owning 20,650K shares, representing a decrease of 0.29%. The firm increased its portfolio allocation in K by 70.28% over the last quarter.
Wellington Management Group Llp holds 13,674K shares representing 3.99% ownership of the company. In it's prior filing, the firm reported owning 10,989K shares, representing an increase of 19.63%. The firm increased its portfolio allocation in K by 19.52% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,990K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 7,942K shares, representing an increase of 0.60%. The firm decreased its portfolio allocation in K by 6.57% over the last quarter.
VEIPX - Vanguard Equity Income Fund Investor Shares holds 6,529K shares representing 1.91% ownership of the company. In it's prior filing, the firm reported owning 5,241K shares, representing an increase of 19.72%. The firm increased its portfolio allocation in K by 24.35% over the last quarter.
Kellogg Background Information
(This description is provided by the company.)
Kellogg Company strives to enrich and delight the world through foods and brands that matter. Company's beloved brands include Pringles®, Cheez-It®, Special K®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®,RXBAR®, MorningStar Farms® and more. Net sales in 2019 were approximately $13.6 billion, comprised principally of snacks and convenience foods like cereal and frozen foods. Kellogg brands are beloved in markets around the world. Kellogg is also a company with Heart & Soul, committed to creating Better Days for 3 billion people by the end of 2030 through our Kellogg's® Better Days global purpose platform.
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