SP Asset Management LLC Cuts Stock Position in Kraft Heinz Company $KHC

SP Asset Management LLC lessened its stake in Kraft Heinz Company (NASDAQ:KHC) by 26.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 7,923 shares of the company’s stock after selling 2,819 shares during the quarter. SP Asset Management LLC’s holdings in Kraft Heinz were worth $205,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Kraft Heinz by 12.7% during the first quarter. Vanguard Group Inc. now owns 101,980,834 shares of the company’s stock valued at $3,103,277,000 after buying an additional 11,472,071 shares in the last quarter. Pacer Advisors Inc. boosted its position in Kraft Heinz by 4,390.7% during the 1st quarter. Pacer Advisors Inc. now owns 7,444,062 shares of the company’s stock worth $226,523,000 after acquiring an additional 7,278,295 shares during the period. Nuveen LLC bought a new stake in shares of Kraft Heinz during the 1st quarter worth about $61,110,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Kraft Heinz by 22.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 10,480,889 shares of the company’s stock worth $318,933,000 after buying an additional 1,895,722 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in Kraft Heinz by 24.1% in the 1st quarter. Deutsche Bank AG now owns 6,460,347 shares of the company’s stock valued at $196,588,000 after acquiring an additional 1,255,022 shares during the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.

Kraft Heinz Stock Performance

KHC stock traded up $0.02 during trading hours on Monday, hitting $24.30. 16,356,083 shares of the stock were exchanged, compared to its average volume of 13,470,133. Kraft Heinz Company has a 12 month low of $23.70 and a 12 month high of $33.35. The company has a 50-day simple moving average of $25.70 and a two-hundred day simple moving average of $26.75. The firm has a market capitalization of $28.76 billion, a P/E ratio of -6.51, a P/E/G ratio of 2.88 and a beta of 0.16. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.46.

Kraft Heinz (NASDAQ:KHC) last released its quarterly earnings data on Friday, July 8th. The company reported $0.72 earnings per share for the quarter. The business had revenue of $6.39 billion for the quarter. Kraft Heinz had a positive return on equity of 7.26% and a negative net margin of 17.35%. On average, analysts forecast that Kraft Heinz Company will post 2.68 earnings per share for the current fiscal year.

Kraft Heinz Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 28th. This represents a $1.60 annualized dividend and a yield of 6.6%. Kraft Heinz’s dividend payout ratio (DPR) is presently -42.90%.

Wall Street Analyst Weigh In

Several brokerages have commented on KHC. Evercore ISI decreased their target price on shares of Kraft Heinz from $30.00 to $28.00 and set an “in-line” rating for the company in a report on Thursday, October 30th. Morgan Stanley reduced their price target on Kraft Heinz from $28.00 to $27.00 and set an “equal weight” rating for the company in a report on Thursday, October 30th. UBS Group dropped their price target on shares of Kraft Heinz from $27.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Stifel Nicolaus decreased their price target on Kraft Heinz from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, September 3rd. Finally, BNP Paribas Exane dropped their target price on shares of Kraft Heinz from $29.00 to $26.00 in a report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $26.58.

Kraft Heinz Company Profile

The Kraft Heinz Company, together with its subsidiaries, manufactures and markets food and beverage products in North America and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products under the Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Ore-Ida, Maxwell House, Kool-Aid, Jell-O, Heinz, ABC, Master, Quero, Kraft, Golden Circle, Wattie's, Pudliszki, and Plasmon brands.