Royal Bank of Canada Boosts Kellanova (NYSE:K) Price Target to $62.00

Kellanova (NYSE:K) had its price objective boosted by Royal Bank of Canada from $60.00 to $62.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

K has been the topic of several other reports. Deutsche Bank Aktiengesellschaft increased their target price on Kellanova from $60.00 to $62.00 and gave the stock a hold rating in a research report on Friday. Barclays dropped their target price on Kellanova from $64.00 to $61.00 and set an equal weight rating on the stock in a research report on Friday, July 19th. JPMorgan Chase & Co. increased their target price on Kellanova from $66.00 to $69.00 and gave the stock a neutral rating in a research report on Friday. DA Davidson increased their target price on Kellanova from $67.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Finally, Bank of America raised Kellanova from a neutral rating to a buy rating and increased their target price for the stock from $62.00 to $70.00 in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $65.14.

Kellanova Stock Performance

K stock opened at $73.21 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.41 and a debt-to-equity ratio of 1.46. The firm has a market cap of $25.03 billion, a P/E ratio of 27.33, a P/E/G ratio of 2.22 and a beta of 0.34. Kellanova has a 12-month low of $47.63 and a 12-month high of $75.40. The stock’s 50 day simple moving average is $58.25 and its 200 day simple moving average is $57.26.

Kellanova (NYSE:K) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.11. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a return on equity of 36.74% and a net margin of 6.72%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 EPS. As a group, equities research analysts predict that Kellanova will post 3.68 EPS for the current year.

Kellanova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Tuesday, September 3rd. This is a positive change from Kellanova’s previous quarterly dividend of $0.56. Kellanova’s dividend payout ratio (DPR) is presently 85.39%.

Insider Transactions at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $62.01, for a total transaction of $4,824,378.00. Following the sale, the insider now owns 51,608,838 shares of the company’s stock, valued at approximately $3,200,264,044.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 778,000 shares of company stock valued at $45,509,110. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kellanova

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock worth $27,000 after purchasing an additional 170 shares during the period. Bfsg LLC grew its stake in shares of Kellanova by 64.5% during the first quarter. Bfsg LLC now owns 510 shares of the company’s stock worth $29,000 after purchasing an additional 200 shares during the period. Family Firm Inc. acquired a new stake in shares of Kellanova during the second quarter worth $29,000. BNP Paribas acquired a new stake in shares of Kellanova during the first quarter worth $30,000. Finally, Motco grew its stake in shares of Kellanova by 757.6% during the fourth quarter. Motco now owns 566 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. Institutional investors own 83.87% of the company’s stock.

About Kellanova

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.