Wells Fargo & Company Increases Kellanova (NYSE:K) Price Target to $76.00

Kellanova (NYSE:K) had its price objective upped by analysts at Wells Fargo & Company from $62.00 to $76.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 4.17% from the company’s previous close.

A number of other brokerages also recently weighed in on K. BNP Paribas raised shares of Kellanova from a “neutral” rating to an “outperform” rating and set a $74.00 price target for the company in a report on Monday. TD Cowen upped their price target on shares of Kellanova from $57.00 to $62.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their price target on shares of Kellanova from $66.00 to $69.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. DA Davidson upped their price objective on shares of Kellanova from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Bank of America upgraded shares of Kellanova from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $62.00 to $70.00 in a research report on Friday, August 2nd. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $66.93.

Kellanova Stock Performance

NYSE K opened at $72.96 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 0.73 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $24.94 billion, a P/E ratio of 27.33, a P/E/G ratio of 2.22 and a beta of 0.34. Kellanova has a 12-month low of $47.63 and a 12-month high of $75.40. The firm has a 50-day moving average price of $59.04 and a two-hundred day moving average price of $57.64.

Kellanova (NYSE:K) last posted its quarterly earnings data 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. Kellanova had a net margin of 6.72% and a return on equity of 36.74%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the firm posted $1.25 EPS. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. Analysts anticipate that Kellanova will post 3.68 earnings per share for the current year.

Insider Buying and Selling at Kellanova

In other Kellanova news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $62.01, for a total value of $4,824,378.00. Following the transaction, the insider now directly owns 51,608,838 shares of the company’s stock, valued at $3,200,264,044.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 855,800 shares of company stock valued at $51,267,088. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Kellanova by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 32,150,331 shares of the company’s stock valued at $1,797,525,000 after purchasing an additional 1,130,582 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Kellanova by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,657,709 shares of the company’s stock worth $316,323,000 after buying an additional 98,294 shares during the last quarter. Beutel Goodman & Co Ltd. increased its holdings in Kellanova by 15.5% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 4,891,869 shares of the company’s stock worth $273,504,000 after buying an additional 655,686 shares during the last quarter. Norges Bank purchased a new stake in Kellanova during the fourth quarter worth about $150,184,000. Finally, Dimensional Fund Advisors LP increased its holdings in Kellanova by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,233,907 shares of the company’s stock worth $124,893,000 after buying an additional 9,726 shares during the last quarter. 83.87% of the stock is owned by institutional investors.

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.