In a recent filing with the Securities and Exchange Commission, the W.K. Kellogg (NYSE:K) Foundation Trust disclosed a significant sale of Kellanova (NYSE:K) common stock. The sale comes as Kellanova, with its $27.86 billion market cap, trades near its 52-week high of $81.34, having delivered an impressive 50% return year-to-date. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. On December 30, the Trust sold 114,583 shares at an average price of $80.85 per share, amounting to a total transaction value of approximately $9.26 million. Following this sale, the Trust retains ownership of 48,764,110 shares. InvestingPro data reveals Kellanova has maintained dividend payments for 54 consecutive years, demonstrating strong financial stability. These transactions were executed under a pre-established trading plan compliant with Rule 10b5-1, according to the filing.
In other recent news, Kinross Gold (NYSE:KGC) Corporation and Kellanova have announced their respective dividends, marking significant milestones for the companies. Kinross Gold declared a Q3 dividend of $0.03 per share, highlighting the company's focus on delivering shareholder value and demonstrating its financial discipline. Kellanova, on the other hand, declared a quarterly dividend of $0.57 per share, marking the 400th instance of dividend payouts since 1925, underscoring its long-standing commitment to shareowner returns.
Notably, Kellanova has been a focal point in the investment world, with its acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion. This merger, expected to close in the first half of 2025, will unite two major entities in the global snacking industry. Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023, further emphasizes its strength.
In response to these developments, several analyst firms have adjusted their outlooks on Kellanova. Argus and DA Davidson downgraded Kellanova's shares to Hold and Neutral respectively, while RBC Capital downgraded the company to Sector Perform. Conversely, BofA Securities upgraded Kellanova's stock to Buy. Piper Sandler and Stifel raised their price targets to align with the acquisition price, and Goldman Sachs initiated coverage with a Neutral rating. These are just some of the recent developments involving Kinross Gold Corporation and Kellanova.
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