Sat Sep 28 17:45:01 UTC 2024: ## Toronto Dominion Bank Cuts Kellanova Holdings, While Other Investors Show Interest

**New York, NY (MarketBeat News) -** Toronto Dominion Bank, a prominent institutional investor, reduced its stake in Kellanova (NYSE: K) by 11.6% during the second quarter, according to filings with the Securities and Exchange Commission. The bank now owns 170,159 shares of the snack food giant, worth approximately $9.8 million.

While Toronto Dominion Bank trimmed its position, several other hedge funds took the opposite approach. Blue Trust Inc. increased its holdings in Kellanova by 57.2%, now owning 467 shares valued at $27,000. Family Firm Inc. and BNP Paribas also entered new positions in the company during the second and first quarters respectively, while Ridgewood Investments LLC and YHB Investment Advisors Inc. followed suit in the second and first quarters. Institutional investors collectively own 83.87% of Kellanova’s stock.

Meanwhile, major shareholder Kellogg W. K. Foundation Trust continued to sell shares of Kellanova. The trust offloaded 77,800 shares on July 8th at an average price of $56.14, generating $4,367,692 in proceeds. This transaction brought the trust’s ownership down to 51,142,038 shares, valued at approximately $2.87 billion.

In a separate transaction on September 23rd, the trust sold another 114,583 shares at an average price of $80.68, for a total of $9,244,556.44. Following this sale, the trust now owns 50,253,689 shares in Kellanova, valued at $4,054,467,628.52.

Over the past three months, insiders have sold a total of 966,149 shares of Kellanova stock, representing a value of $69,866,455. Currently, 1.80% of the company’s stock is owned by insiders.

Kellanova’s stock opened at $80.76 on Friday. The company’s recent earnings report, released on August 1st, showed an EPS of $1.01, exceeding analyst expectations of $0.90. The company’s revenue for the quarter reached $3.19 billion, surpassing the estimated $3.15 billion. Despite this positive performance, Kellanova’s revenue declined by 4.7% year-over-year.

Kellanova also announced a quarterly dividend of $0.57, payable on September 13th to shareholders of record on September 3rd. This represents an increase from the previous dividend of $0.56.

Kellanova, a leading manufacturer and marketer of snacks and convenience foods, operates across North America, Europe, Latin America, Asia Pacific, the Middle East, Australia, and Africa. Its product portfolio includes crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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