Kellanova sets dividend at $0.57 per share in 400th payout By Investing.com



CHICAGO – Kellanova (NYSE:K), known for its wide range of snack and breakfast food products, has declared a quarterly dividend of $0.57 per share. The dividend is scheduled to be paid out on December 13, 2024, to shareholders on record as of December 2, 2024. The ex-dividend date, which is the cutoff for eligibility to receive the dividend, is also set for December 2, 2024.

This dividend marks a significant milestone for Kellanova, representing the 400th instance the company has paid dividends to its common stock shareholders since 1925. The consistency of dividend payments underscores the company’s long-standing commitment to shareowner returns.

Kellanova, formerly known as Kellogg Company (NYSE:), has evolved into a global leader in the snacking sector, as well as in international cereal and noodles, and North American frozen foods. With over a century of history, the company boasts a portfolio of popular brands including Pringles, Cheez-It, Pop-Tarts, Kellogg’s Rice Krispies Treats, RXBAR, Eggo, and MorningStar Farms, among others.

The company’s vision is to be the premier snacks-led powerhouse, leveraging the strengths of its well-known brands and dedicated workforce. Kellanova reported net sales of $13 billion for the year 2023.

In addition to its financial goals, Kellanova is also focused on social and environmental objectives. The company aims to create better days and more inclusive food access through its various brands. It has set an ambitious target to impact 4 billion people positively by the end of 2030, building on initiatives that address hunger, sustainability, wellbeing, and equity, diversity & inclusion.

The information reported here is based on a press release statement issued by Kellanova.

In other recent news, Kellanova’s acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion, has been a key highlight. This deal, expected to close in the first half of 2025, will merge two major entities in the global snacking industry. Kellanova’s strong financial performance, with net sales surpassing $13 billion in 2023, underscores the company’s robustness.

Analysts have reacted to these developments: Argus downgraded Kellanova’s shares from Buy to Hold, and DA Davidson downgraded Kellanova from a Buy to a Neutral rating, both citing the nearing of Kellanova’s stock price to the offered purchase price. Piper Sandler and Stifel raised their price targets to align with the acquisition price. RBC Capital downgraded the company from Outperform to Sector Perform, and Goldman Sachs initiated coverage with a Neutral rating. Lastly, BofA Securities upgraded Kellanova’s stock from Neutral to Buy.

These are just a few of the recent developments involving Kellanova.

InvestingPro Insights

Kellanova’s commitment to shareholder returns is further emphasized by recent data from InvestingPro. The company has maintained dividend payments for an impressive 54 consecutive years, a testament to its financial stability and shareholder-friendly policies. This aligns perfectly with the article’s mention of Kellanova’s 400th dividend payment since 1925.

InvestingPro data shows that Kellanova’s dividend yield stands at 2.81%, offering a steady income stream for investors. However, it’s worth noting that the dividend growth rate over the last twelve months as of Q2 2024 was -3.39%, which may be a point of consideration for income-focused investors.

The company’s market capitalization of $27.88 billion USD reflects its significant presence in the global snack and food industry. Kellanova’s revenue for the last twelve months as of Q2 2024 was $12.82 billion USD, closely matching the $13 billion reported for 2023 in the article.

An InvestingPro Tip indicates that Kellanova is trading near its 52-week high, with the stock price at 99.52% of its 52-week peak. This suggests strong market confidence in the company’s performance and outlook, potentially reflecting the success of its snack-led strategy mentioned in the article.

Another relevant InvestingPro Tip highlights that Kellanova operates with a moderate level of debt. This financial prudence may contribute to the company’s ability to maintain its long-standing dividend policy while pursuing its ambitious social and environmental goals.

For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Kellanova, providing deeper insights into the company’s financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.





Source link