Kellogg (NYSE:K) Updates FY 2022 Earnings Guidance

Kellogg (NYSE:KGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $4.12-$4.12 for the period, compared to the consensus earnings per share estimate of $4.10. The company issued revenue guidance of -. Kellogg also updated its FY22 guidance to $4.24 EPS.

Analysts Set New Price Targets

A number of research firms have recently weighed in on K. StockNews.com upgraded shares of Kellogg from a hold rating to a buy rating in a report on Monday, May 9th. Morgan Stanley increased their target price on shares of Kellogg from $69.00 to $72.00 and gave the stock an equal weight rating in a report on Thursday, July 14th. JPMorgan Chase & Co. reiterated an underweight rating and set a $67.00 target price (up from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Citigroup increased their target price on shares of Kellogg from $83.00 to $87.00 and gave the stock a buy rating in a report on Wednesday, June 22nd. Finally, UBS Group lowered shares of Kellogg from a buy rating to a neutral rating and dropped their target price for the stock from $81.00 to $74.00 in a report on Thursday, July 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Kellogg currently has a consensus rating of Hold and a consensus target price of $70.90.

Kellogg Stock Performance

Shares of Kellogg stock traded down $0.14 on Thursday, hitting $73.82. 3,425,400 shares of the company’s stock were exchanged, compared to its average volume of 2,701,043. The company has a 50-day simple moving average of $70.87 and a 200-day simple moving average of $67.68. The stock has a market capitalization of $24.94 billion, a PE ratio of 16.44, a PEG ratio of 4.77 and a beta of 0.43. Kellogg has a 1 year low of $59.54 and a 1 year high of $76.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.39 and a current ratio of 0.65.

Kellogg (NYSE:KGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.91 by $0.19. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.59 billion. Kellogg had a net margin of 10.81% and a return on equity of 34.82%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $1.11 EPS. As a group, equities analysts anticipate that Kellogg will post 4.09 EPS for the current year.

Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.59 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Wednesday, August 31st. Kellogg’s payout ratio is currently 51.67%.

Insider Buying and Selling at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction on Friday, May 20th. The shares were sold at an average price of $66.92, for a total value of $9,780,558.76. Following the sale, the insider now directly owns 57,608,756 shares in the company, valued at approximately $3,855,177,951.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 876,918 shares of company stock worth $62,011,256. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellogg

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Kellogg by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock valued at $1,892,981,000 after buying an additional 646,828 shares during the period. State Street Corp boosted its position in Kellogg by 2.6% in the 1st quarter. State Street Corp now owns 14,696,120 shares of the company’s stock valued at $947,753,000 after buying an additional 369,620 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Kellogg by 8.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,185,275 shares of the company’s stock valued at $269,909,000 after buying an additional 310,891 shares during the period. Invesco Ltd. boosted its position in Kellogg by 6.3% in the 1st quarter. Invesco Ltd. now owns 5,137,164 shares of the company’s stock valued at $331,296,000 after buying an additional 302,388 shares during the period. Finally, Bridgewater Associates LP boosted its position in Kellogg by 41.4% in the 1st quarter. Bridgewater Associates LP now owns 814,622 shares of the company’s stock valued at $52,535,000 after buying an additional 238,358 shares during the period. 84.34% of the stock is owned by hedge funds and other institutional investors.

About Kellogg

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks 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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Earnings History and Estimates for Kellogg (NYSE:K)

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