Cigna Investments Inc. New Takes Position in Kellanova (NYSE:K)

Cigna Investments Inc. New purchased a new position in Kellanova (NYSE:K) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,656 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also recently modified their holdings of the stock. Swedbank AB boosted its position in shares of Kellanova by 20.5% during the third quarter. Swedbank AB now owns 273,521 shares of the company’s stock valued at $22,076,000 after buying an additional 46,450 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Kellanova by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 256,520 shares of the company’s stock worth $14,705,000 after buying an additional 10,676 shares during the last quarter. SG Americas Securities LLC grew its position in Kellanova by 498.7% during the second quarter. SG Americas Securities LLC now owns 260,901 shares of the company’s stock valued at $15,049,000 after buying an additional 217,320 shares during the period. M&G Plc purchased a new stake in Kellanova during the first quarter valued at approximately $9,346,000. Finally, Atria Investments Inc bought a new position in Kellanova in the first quarter worth approximately $1,003,000. 83.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on K. Barclays upped their price objective on Kellanova from $67.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. Piper Sandler raised their price objective on Kellanova from $63.00 to $83.50 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Evercore ISI upgraded Kellanova to a “hold” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Kellanova from $76.00 to $83.50 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group began coverage on shares of Kellanova in a research report on Monday, August 12th. They issued a “neutral” rating and a $75.00 price target for the company. Sixteen investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kellanova currently has a consensus rating of “Hold” and an average target price of $74.96.

Kellanova Stock Performance

Shares of NYSE K opened at $80.61 on Friday. The company has a market cap of $27.78 billion, a P/E ratio of 27.70, a P/E/G ratio of 2.58 and a beta of 0.39. Kellanova has a 52-week low of $50.81 and a 52-week high of $81.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.48 and a current ratio of 0.77. The firm’s fifty day moving average is $80.63 and its two-hundred day moving average is $68.27.

Kellanova (NYSE:K) last issued its earnings results on Thursday, October 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Kellanova had a return on equity of 37.05% and a net margin of 7.85%. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was down .7% compared to the same quarter last year. As a group, analysts anticipate that Kellanova will post 3.71 EPS for the current fiscal year.

Kellanova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.57 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.83%. Kellanova’s dividend payout ratio is currently 78.35%.

Insider Activity at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.96, for a total value of $9,276,639.68. Following the sale, the insider now directly owns 49,795,357 shares in the company, valued at $4,031,432,102.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.96, for a total value of $9,276,639.68. Following the completion of the sale, the insider now directly owns 49,795,357 shares of the company’s stock, valued at $4,031,432,102.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $80.05, for a total value of $6,227,890.00. Following the transaction, the insider now directly owns 50,753,038 shares in the company, valued at approximately $4,062,780,691.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,227,864 shares of company stock valued at $98,438,243. 1.80% of the stock is owned by corporate insiders.

Kellanova Profile

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.