Fintel reports that Vanguard Group has filed a 13G/A form with the SEC disclosing ownership of 30.73MM shares of Kellogg Company (K). This represents 9.01% of the company.
In their previous filing dated February 10, 2022 they reported 28.71MM shares and 8.42% of the company, an increase in shares of 7.06% and an increase in total ownership of 0.59% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 11.27% Upside
As of February 8, 2023, the average one-year price target for Kellogg is $74.77. The forecasts range from a low of $59.59 to a high of $86.10. The average price target represents an increase of 11.27% from its latest reported closing price of $67.20.
The projected annual revenue for Kellogg is $15,767MM, an increase of 5.80%. The projected annual EPS is $4.24, a decrease of 3.21%.
What is the Fund Sentiment?
There are 1640 funds or institutions reporting positions in Kellogg. This is a decrease of 18 owner(s) or 1.09% in the last quarter. Average portfolio weight of all funds dedicated to K is 0.29%, a decrease of 2.01%. Total shares owned by institutions decreased in the last three months by 0.85% to 309,047K shares. The put/call ratio of K is 0.92, indicating a bullish outlook.
What are large shareholders doing?
Kellogg W K Foundation Trust holds 56,532K shares representing 16.56% ownership of the company. In it's prior filing, the firm reported owning 57,316K shares, representing a decrease of 1.39%. The firm increased its portfolio allocation in K by 0.20% over the last quarter.
Keybank National Association holds 20,797K shares representing 6.09% ownership of the company. In it's prior filing, the firm reported owning 20,846K shares, representing a decrease of 0.24%. The firm decreased its portfolio allocation in K by 3.84% over the last quarter.
Wellington Management Group Llp holds 12,154K shares representing 3.56% ownership of the company. In it's prior filing, the firm reported owning 9,572K shares, representing an increase of 21.24%. The firm increased its portfolio allocation in K by 31.13% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,618K shares representing 2.23% ownership of the company. In it's prior filing, the firm reported owning 7,457K shares, representing an increase of 2.12%. The firm increased its portfolio allocation in K by 3.99% over the last quarter.
Capital World Investors holds 6,224K shares representing 1.82% ownership of the company. In it's prior filing, the firm reported owning 8,457K shares, representing a decrease of 35.89%. The firm decreased its portfolio allocation in K by 24.06% over the last quarter.
Kellogg Declares $0.59 Dividend
On October 28, 2022 the company declared a regular quarterly dividend of $0.59 per share ($2.36 annualized). Shareholders of record as of November 30, 2022 received the payment on December 15, 2022. Previously, the company paid $0.59 per share.
At the current share price of $67.20 / share, the stock's dividend yield is 3.51%. Looking back five years and taking a sample every week, the average dividend yield has been 3.53%, the lowest has been 3.00%, and the highest has been 4.26%. The standard deviation of yields is 0.27 (n=236).
The current dividend yield is 0.08 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.54. 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 0.04%, demonstrating that it has increased its dividend over time.
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.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
