TD Asset Management Inc Sells 43,967 Shares of Kellanova (NYSE:K)

Key Points

• TD Asset Management Inc has reduced its stake in Kellanova by 30.7%, selling 43,967 shares and bringing its total holdings down to 99,201 shares valued at approximately $8.18 million.
• Major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares at a total value of over $9 million, leading to a slight reduction in their overall stake.
• Kellanova has announced an increase in its quarterly dividend to $0.58, reflecting an annualized dividend yield of 2.9%, with a payout ratio of 57.58%.

TD Asset Management Inc lessened its stake in shares of Kellanova (NYSE:K - Free Report) by 30.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,201 shares of the company's stock after selling 43,967 shares during the period. TD Asset Management Inc's holdings in Kellanova were worth $8,183,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. FIL Ltd increased its stake in shares of Kellanova by 182.3% in the 4th quarter. FIL Ltd now owns 2,388,000 shares of the company's stock valued at $193,356,000 after purchasing an additional 1,542,000 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in shares of Kellanova by 136.0% in the 4th quarter. Tudor Investment Corp ET AL now owns 1,745,788 shares of the company's stock valued at $141,356,000 after purchasing an additional 1,006,100 shares during the last quarter. TIG Advisors LLC increased its stake in shares of Kellanova by 76.5% in the 4th quarter. TIG Advisors LLC now owns 1,878,275 shares of the company's stock valued at $152,084,000 after purchasing an additional 813,901 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Kellanova by 43.1% in the 4th quarter. Bank of America Corp DE now owns 2,255,889 shares of the company's stock valued at $182,659,000 after purchasing an additional 679,754 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Kellanova by 107.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,262,032 shares of the company's stock valued at $102,187,000 after purchasing an additional 653,504 shares during the last quarter. Institutional investors own 83.87% of the company's stock.

Insider Buying and Selling at Kellanova

In other news, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $79.92, for a total value of $9,157,473.36. Following the transaction, the insider owned 45,670,369 shares in the company, valued at $3,649,975,890.48. The trade was a 0.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 1,374,996 shares of company stock valued at $110,891,136. 1.80% of the stock is owned by insiders.

Kellanova Stock Performance

Shares of K opened at $79.80 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.52 and a current ratio of 0.80. The stock has a 50 day moving average price of $80.29 and a two-hundred day moving average price of $81.58. The firm has a market capitalization of $27.68 billion, a P/E ratio of 20.15, a P/E/G ratio of 4.24 and a beta of 0.28. Kellanova has a 52 week low of $57.40 and a 52 week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $0.99 by ($0.05). The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The business's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 earnings per share. Equities analysts forecast that Kellanova will post 3.93 earnings per share for the current fiscal year.

Kellanova Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from Kellanova's previous quarterly dividend of $0.57. Kellanova's payout ratio is presently 57.58%.

Analysts Set New Price Targets

Several research firms recently weighed in on K. Citigroup raised Kellanova to a "neutral" rating and set a $83.50 price objective on the stock in a report on Thursday, May 29th. Wall Street Zen downgraded Kellanova from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Fourteen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $79.75.

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.

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