Goldman Sachs Upgrades Kellogg
Fintel reports that on June 27, 2023, Goldman Sachs upgraded their outlook for Kellogg (NYSE:K) from Neutral to Buy.
Analyst Price Forecast Suggests 12.15% Upside
As of June 1, 2023, the average one-year price target for Kellogg is 73.57. The forecasts range from a low of 62.62 to a high of $82.95. The average price target represents an increase of 12.15% from its latest reported closing price of 65.60.
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The projected annual revenue for Kellogg is 15,767MM, an increase of 0.45%. The projected annual non-GAAP EPS is 4.24.
Kellogg Declares $0.59 Dividend
On April 28, 2023 the company declared a regular quarterly dividend of $0.59 per share ($2.36 annualized). Shareholders of record as of June 1, 2023 received the payment on June 15, 2023. Previously, the company paid $0.59 per share.
At the current share price of $65.60 / share, the stock’s dividend yield is 3.60%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.55%, the lowest has been 3.00%, and the highest has been 4.26%. The standard deviation of yields is 0.26 (n=236).
The current dividend yield is 0.20 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.97. 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.
What is the Fund Sentiment?
There are 1717 funds or institutions reporting positions in Kellogg. This is an increase of 44 owner(s) or 2.63% in the last quarter. Average portfolio weight of all funds dedicated to K is 0.27%, an increase of 0.96%. Total shares owned by institutions decreased in the last three months by 1.06% to 310,523K shares. The put/call ratio of K is 0.77, indicating a bullish outlook.
What are Other Shareholders Doing?
Kellogg W K Foundation Trust holds 55,332K shares representing 16.14% ownership of the company. In it’s prior filing, the firm reported owning 55,932K shares, representing a decrease of 1.08%. The firm decreased its portfolio allocation in K by 0.10% over the last quarter.
Keybank National Association holds 20,650K shares representing 6.02% ownership of the company. In it’s prior filing, the firm reported owning 20,797K shares, representing a decrease of 0.71%. The firm increased its portfolio allocation in K by 24.87% over the last quarter.
Wellington Management Group Llp holds 10,989K shares representing 3.21% ownership of the company. In it’s prior filing, the firm reported owning 12,421K shares, representing a decrease of 13.02%. The firm decreased its portfolio allocation in K by 88.40% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 7,942K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 7,776K shares, representing an increase of 2.09%. The firm decreased its portfolio allocation in K by 11.35% over the last quarter.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 5,988K shares representing 1.75% ownership of the company. In it’s prior filing, the firm reported owning 5,962K shares, representing an increase of 0.43%. The firm decreased its portfolio allocation in K by 8.62% 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.
Key filings for this company:
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K
This article originally appeared on Fintel
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