Food stocks look appetizing to investors as market continues to wobble
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Packaged food stocks outperformed in early trading on Wednesday after investors shifted into a defensive stance once again and digested the impact of Kellogg Company <<K>> announcing a breakup into three separate companies.
An upgrade from BMO Capital on Kraft Heinz <> also helped to tip sentiment positive in the sector.
Gainers included BRF S.A. (NYSE:BRFS) +5.53%, Whole Earth Brands (FREE) +2.15%, Hain Celestial Group (HAIN) +2.04%, Beyond Meat (BYND) +1.97%, Better Choice Company (BTTR) +1.69%, and Lifeway Foods (LWAY) +1.50%, and SunOpta (STKL) +1.22%. Those gains were all ahead of the broad market.
The food sector has also been catching due to the dividend payouts offered by many companies. Dividend yields are above 3% at B&G Foods (BGS), Kraft Heinz (KHC) 4.37%, ConAgra Brands (CAG) +3.87%, Flower Foods (FLO) +3.52%, Kellogg (K) +3.37%, J.M. Smucker (SJM) +3.18%, Campbell Soup (CPB) +3.15%, and Ingredion (INGR) +3.02%.
Read about the analyst reaction to Kellogg's breakup.