BlackRock Inc. Increases Position in Kellogg Company (K)

Fintel reports that BlackRock Inc. has filed a 13G/A form with the SEC disclosing ownership of 31.33MM shares of Kellogg Company (K). This represents 9.2% of the company.

In their previous filing dated February 1, 2022 they reported 25.79MM shares and 7.60% of the company, an increase in shares of 21.47% and an increase in total ownership of 1.60% (calculated as current - previous percent ownership).

Analyst Price Forecast Suggests 10.41% Upside

As of January 25, 2023, the average one-year price target for Kellogg is $74.72. The forecasts range from a low of $57.57 to a high of $86.10. The average price target represents an increase of 10.41% from its latest reported closing price of $67.67.

The projected annual revenue for Kellogg is $15,767MM, an increase of 5.80%. The projected annual EPS is $4.24, a decrease of -3.21%.

Fund Sentiment

There are 1645 funds or institutions reporting positions in Kellogg Company. This is a decrease of 1 owner(s) or 0.06%.

Average portfolio weight of all funds dedicated to Kellogg Company is 0.2963%, a decrease of 0.2431%. Total shares owned by institutions decreased in the last three months by 1.31% to 309,031,770 shares.

What are large shareholders doing?

Kellogg W K Foundation Trust holds 56,531,838 shares representing 16.56% ownership of the company. In it's prior filing, the firm reported owning 57,316,450 shares, representing a decrease of 1.39%. The firm increased its portfolio allocation in K by 0.20% over the last quarter.

Keybank National Association/oh holds 20,846,099 shares representing 6.11% ownership of the company. In it's prior filing, the firm reported owning 21,110,564 shares, representing a decrease of 1.27%. The firm increased its portfolio allocation in K by 2.84% over the last quarter.

Wellington Management Group Llp holds 12,154,134 shares representing 3.56% ownership of the company. In it's prior filing, the firm reported owning 9,572,341 shares, representing an increase of 21.24%. The firm increased its portfolio allocation in K by 31.13% over the last quarter.

Capital World Investors holds 6,223,751 shares representing 1.82% ownership of the company. In it's prior filing, the firm reported owning 8,457,179 shares, representing a decrease of 35.89%. The firm decreased its portfolio allocation in K by 24.06% over the last quarter.

Geode Capital Management, Llc holds 5,412,752 shares representing 1.59% ownership of the company. In it's prior filing, the firm reported owning 4,952,480 shares, representing an increase of 8.50%. The firm increased its portfolio allocation in K by 10.59% over the last quarter.

Kellogg Declares $0.59 Dividend

Kellogg said on October 28, 2022 that its board of directors declared a regular quarterly dividend of $0.59 per share ($2.36 annualized). Shareholders of record as of November 30, 2022 received the payment on December 15, 2022. Previously, the company paid $0.59 per share.

At the most recent share price of $67.67 / share, the stock's dividend yield was 3.49%. Additionally, the company's dividend payout ratio is 0.54, indicating it is retaining a high percentage of its earnings to reinvest in growth opportunities.

The company's 3-Year dividend growth rate is 0.04%, demonstrating that it is increasing its dividends over time.

Kellogg Co Background Information
(This description is provided by the company.)

Kellogg Company strives to enrich and delight the world through foods and brands that matter. Company's beloved brands include Pringles®, Cheez-It®, Special K®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®,RXBAR®, MorningStar Farms® and more. Net sales in 2019 were approximately $13.6 billion, comprised principally of snacks and convenience foods like cereal and frozen foods. Kellogg brands are beloved in markets around the world. Kellogg is also a company with Heart & Soul, committed to creating Better Days for 3 billion people by the end of 2030 through our Kellogg's® Better Days global purpose platform.

This story originally appeared on Fintel.