Toronto Dominion Bank Trims Position in Kellanova (NYSE:K)

Toronto Dominion Bank decreased its position in shares of Kellanova (NYSE:K) by 11.6% during the second quarter, Holdings Channel reports. The institutional investor owned 170,159 shares of the company’s stock after selling 22,331 shares during the period. Toronto Dominion Bank’s holdings in Kellanova were worth $9,815,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. raised its position in shares of Kellanova by 57.2% during the second quarter. Blue Trust Inc. now owns 467 shares of the company’s stock valued at $27,000 after buying an additional 170 shares during the last quarter. Family Firm Inc. purchased a new position in Kellanova during the second quarter valued at $29,000. BNP Paribas bought a new stake in Kellanova in the 1st quarter valued at $30,000. Ridgewood Investments LLC purchased a new stake in Kellanova in the 2nd quarter worth $39,000. Finally, YHB Investment Advisors Inc. bought a new position in shares of Kellanova during the 1st quarter valued at about $42,000. Institutional investors own 83.87% of the company’s stock.

Insider Transactions at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellanova stock in a transaction on Monday, July 8th. The stock was sold at an average price of $56.14, for a total transaction of $4,367,692.00. Following the completion of the sale, the insider now directly owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The sale 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 77,800 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $56.14, for a total value of $4,367,692.00. Following the completion of the sale, the insider now owns 51,142,038 shares of the company’s stock, valued at approximately $2,871,114,013.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 114,583 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $80.68, for a total transaction of $9,244,556.44. Following the transaction, the insider now owns 50,253,689 shares in the company, valued at $4,054,467,628.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 966,149 shares of company stock valued at $69,866,455. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

K has been the topic of several research reports. Wells Fargo & Company lifted their target price on Kellanova from $76.00 to $83.50 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. BNP Paribas upgraded shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target on the stock in a research report on Monday, August 5th. Royal Bank of Canada lowered shares of Kellanova from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $76.00 to $83.50 in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Bank of America raised shares of Kellanova from a “neutral” rating to a “buy” rating and increased their price target for the company from $62.00 to $70.00 in a report on Friday, August 2nd. Fourteen investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Kellanova has a consensus rating of “Hold” and an average target price of $74.32.

Kellanova Price Performance

Shares of K stock opened at $80.76 on Friday. The stock has a 50 day moving average price of $74.25 and a 200 day moving average price of $63.74. The firm has a market capitalization of $27.61 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.59 and a beta of 0.39. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.48 and a current ratio of 0.73. Kellanova has a 52-week low of $47.63 and a 52-week high of $80.97.

Kellanova (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The business’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 earnings per share. As a group, sell-side analysts predict that Kellanova will post 3.7 earnings per share for the current year.

Kellanova Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd were paid a $0.57 dividend. This is an increase from Kellanova’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Tuesday, September 3rd. Kellanova’s dividend payout ratio is currently 85.39%.

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.