Kellanova (NYSE:K) Announces Quarterly Dividend of $0.58

Key Points

• Kellanova announced a quarterly dividend of $0.58 per share, reflecting a 1.8% increase from the previous quarter's dividend of $0.57.
• The company has a dividend payout ratio of 57.4%, indicating its ability to sustain the dividend payment based on its earnings.
• Kellanova's stock is currently priced at $79.85 with a market capitalization of $27.70 billion, and its stock is rated as a "Hold" by most analysts.
• Insider activity includes a significant share sell-off by the major shareholder, Kellogg W. K. Foundation Trust, who sold 114,583 shares valued at over $9 million.

Kellanova (NYSE:K - Get Free Report) announced a quarterly dividend on Friday, July 25th, RTT News reports. Stockholders of record on Tuesday, September 2nd will be paid a dividend of 0.58 per share on Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.91%. This is a 1.8% increase from Kellanova's previous quarterly dividend of $0.57.

Kellanova has a dividend payout ratio of 57.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Kellanova to earn $4.06 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 56.2%.

Kellanova Stock Down 0.0%

Shares of K traded down $0.02 during trading hours on Friday, hitting $79.85. The company had a trading volume of 625,461 shares, compared to its average volume of 3,055,797. The firm has a fifty day moving average price of $80.53 and a 200-day moving average price of $81.63. 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 market capitalization of $27.70 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 4.25 and a beta of 0.28. Kellanova has a 52-week low of $56.62 and a 52-week high of $83.22.

Kellanova (NYSE:K - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). Kellanova had a return on equity of 34.80% and a net margin of 10.93%. The business had revenue of $3.08 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period last year, the firm posted $1.01 EPS. Kellanova's quarterly revenue was down 3.7% compared to the same quarter last year. On average, equities research analysts forecast that Kellanova will post 3.93 EPS for the current fiscal year.

Analyst Ratings Changes

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

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 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 completion of the sale, the insider directly owned 45,670,369 shares in the company, valued at $3,649,975,890.48. The trade was a 0.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 1,374,996 shares of company stock valued at $111,198,218 in the last three months. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Kellanova

An institutional investor recently raised its position in Kellanova stock. NewEdge Advisors LLC grew its holdings in Kellanova (NYSE:K - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,751 shares of the company's stock after purchasing an additional 679 shares during the period. NewEdge Advisors LLC's holdings in Kellanova were worth $639,000 as of its most recent filing with the Securities & Exchange Commission. 83.87% of the stock is owned by institutional investors.

Kellanova Company 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.

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