State Street Corp lessened its holdings in shares of The Kraft Heinz Company (NASDAQ:KHC) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 30,884,425 shares of the company’s stock after selling 342,529 shares during the period. State Street Corp’s holdings in The Kraft Heinz were worth $924,989,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in KHC. Glassman Wealth Services increased its position in shares of The Kraft Heinz by 28.5% during the 2nd quarter. Glassman Wealth Services now owns 1,383 shares of the company’s stock valued at $44,000 after purchasing an additional 307 shares during the last quarter. Provident Wealth Management LLC purchased a new stake in The Kraft Heinz in the 3rd quarter worth approximately $42,000. Global Wealth Management Investment Advisory Inc. increased its holdings in The Kraft Heinz by 27.4% in the 2nd quarter. Global Wealth Management Investment Advisory Inc. now owns 1,582 shares of the company’s stock worth $50,000 after acquiring an additional 340 shares in the last quarter. Rockbridge Investment Management LCC purchased a new stake in The Kraft Heinz in the 2nd quarter worth approximately $61,000. Finally, Rock Creek Group LP increased its holdings in The Kraft Heinz by 30.9% in the 3rd quarter. Rock Creek Group LP now owns 1,971 shares of the company’s stock worth $59,000 after acquiring an additional 465 shares in the last quarter. Hedge funds and other institutional investors own 58.02% of the company’s stock.
In related news, Director Damme Alexandre Van acquired 13,849,315 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were bought at an average price of $30.38 per share, with a total value of $420,742,189.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Global Food Holdings Lp 3G sold 29,169,550 shares of the firm’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $30.31, for a total value of $884,129,060.50. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.
Several equities research analysts recently issued reports on KHC shares. Morgan Stanley increased their target price on shares of The Kraft Heinz from $32.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. BidaskClub upgraded The Kraft Heinz from a “sell” rating to a “hold” rating in a research report on Monday, November 2nd. Jefferies Financial Group raised their price target on The Kraft Heinz from $32.00 to $36.00 and gave the stock a “hold” rating in a research report on Monday, July 27th. DZ Bank upgraded The Kraft Heinz from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Thursday, September 10th. Finally, Piper Sandler upgraded The Kraft Heinz from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $30.00 to $39.00 in a research report on Tuesday, July 28th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The Kraft Heinz currently has an average rating of “Hold” and an average price target of $34.50.
KHC stock opened at $32.26 on Friday. The firm has a market cap of $39.44 billion, a price-to-earnings ratio of -80.65, a PEG ratio of 2.27 and a beta of 0.99. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 0.57. The Kraft Heinz Company has a twelve month low of $19.99 and a twelve month high of $36.37. The business’s fifty day simple moving average is $31.28 and its two-hundred day simple moving average is $32.11.
The Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. The firm had revenue of $6.44 billion for the quarter, compared to analyst estimates of $6.32 billion. The Kraft Heinz had a positive return on equity of 6.80% and a negative net margin of 1.92%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 earnings per share. Research analysts expect that The Kraft Heinz Company will post 2.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 27th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 4.96%. The Kraft Heinz’s dividend payout ratio is currently 56.14%.
The Kraft Heinz Company Profile
The Kraft Heinz Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States, Canada, the United Kingdom, and internationally. Its products include condiments and sauces, cheese and dairy, meals, meats and seafood, frozen and chilled foods, packaged drinking pouches, appetizers, refreshment beverages, coffee, nuts and salted snacks, infant and nutrition products, and other grocery products, as well as desserts, dressings, toppings, and baking.
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