Kellanova (NYSE:K) Declares Quarterly Dividend of $0.57

by · The Cerbat Gem

Kellanova (NYSE:K – Get Free Report) announced a quarterly dividend on Friday, October 25th, RTT News reports. Shareholders of record on Monday, December 2nd will be paid a dividend of 0.57 per share on Friday, December 13th. This represents a $2.28 annualized dividend and a yield of 2.82%.

Kellanova has raised its dividend payment by an average of 0.9% per year over the last three years. Kellanova has a payout ratio of 58.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Kellanova to earn $3.90 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 58.5%.

Kellanova Stock Performance

NYSE:K traded down $0.20 during mid-day trading on Friday, hitting $80.83. The stock had a trading volume of 736,350 shares, compared to its average volume of 3,089,461. Kellanova has a twelve month low of $49.79 and a twelve month high of $81.26. The stock has a market cap of $27.63 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 2.59 and a beta of 0.39. The company’s 50 day simple moving average is $80.58 and its 200 day simple moving average is $67.15. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73.

Kellanova (NYSE:K – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 earnings per share. On average, equities research analysts forecast that Kellanova will post 3.7 earnings per share for the current year.

Insider Activity at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the sale, the insider now owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $80.25, for a total value of $9,195,285.75. Following the completion of the transaction, the insider now owns 50,482,855 shares of the company’s stock, valued at $4,051,249,113.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $74.01, for a total transaction of $5,757,978.00. Following the completion of the transaction, the insider now owns 50,830,838 shares of the company’s stock, valued at $3,761,990,320.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,191,081 shares of company stock worth $93,637,014. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on K shares. Barclays upped their price target on shares of Kellanova from $67.00 to $83.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. BNP Paribas raised Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target on the stock in a research note on Monday, August 5th. Evercore ISI upgraded shares of Kellanova to a “hold” rating in a research note on Friday, August 2nd. Piper Sandler increased their target price on shares of Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Bank of America upgraded Kellanova from a “neutral” rating to a “buy” rating and raised their target price for the company from $62.00 to $70.00 in a research note on Friday, August 2nd. Fifteen analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Kellanova presently has an average rating of “Hold” and an average target price of $74.32.

Read Our Latest Analysis on Kellanova

About Kellanova

(Get Free Report)

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and 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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