Kraft Heinz (NASDAQ:KHC) Shares Down 7%

Shares of Kraft Heinz Co (NASDAQ:KHC) dropped 7% on Thursday . The stock traded as low as $30.61 and last traded at $30.96, approximately 14,508,900 shares traded hands during trading. An increase of 52% from the average daily volume of 9,565,397 shares. The stock had previously closed at $33.30.

KHC has been the subject of several research analyst reports. Goldman Sachs Group lowered shares of Kraft Heinz from a “neutral” rating to a “sell” rating and set a $29.00 target price for the company. in a research note on Thursday. ValuEngine raised shares of Kraft Heinz from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. UBS Group set a $30.00 target price on shares of Kraft Heinz and gave the stock a “hold” rating in a research note on Friday, August 9th. BMO Capital Markets increased their target price on shares of Kraft Heinz to $37.00 and gave the stock a “market perform” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Co reaffirmed a “hold” rating on shares of Kraft Heinz in a research note on Tuesday, September 3rd. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.00.

The firm has a market cap of $40.01 billion, a price-to-earnings ratio of 8.77, a PEG ratio of 2.59 and a beta of 0.80. The company has a quick ratio of 0.65, a current ratio of 1.00 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is $29.03 and its 200-day moving average price is $29.55.

Kraft Heinz (NASDAQ:KHC) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.15. The business had revenue of $6.08 billion for the quarter, compared to analysts’ expectations of $6.13 billion. Kraft Heinz had a negative net margin of 42.85% and a positive return on equity of 6.23%. The business’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. On average, sell-side analysts predict that Kraft Heinz Co will post 2.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, November 14th. This represents a $1.60 annualized dividend and a dividend yield of 5.17%. Kraft Heinz’s dividend payout ratio is presently 45.33%.

In related news, major shareholder Global Food Holdings Lp 3G sold 25,068,657 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.44, for a total value of $712,952,605.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Damme Alexandre Van bought 250,000 shares of Kraft Heinz stock in a transaction that occurred on Wednesday, September 18th. The stock was purchased at an average cost of $28.45 per share, for a total transaction of $7,112,500.00. Following the acquisition, the director now owns 8,168 shares of the company’s stock, valued at $232,379.60. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Kraft Heinz by 1.3% in the second quarter. Vanguard Group Inc. now owns 48,427,138 shares of the company’s stock valued at $1,503,178,000 after acquiring an additional 630,178 shares in the last quarter. BlackRock Inc. raised its holdings in Kraft Heinz by 5.1% during the second quarter. BlackRock Inc. now owns 38,743,271 shares of the company’s stock worth $1,202,590,000 after purchasing an additional 1,884,480 shares in the last quarter. Invesco Ltd. raised its holdings in Kraft Heinz by 2.7% during the second quarter. Invesco Ltd. now owns 20,084,226 shares of the company’s stock worth $623,415,000 after purchasing an additional 527,530 shares in the last quarter. Northern Trust Corp raised its holdings in Kraft Heinz by 4.5% during the second quarter. Northern Trust Corp now owns 7,780,206 shares of the company’s stock worth $241,497,000 after purchasing an additional 336,299 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its holdings in Kraft Heinz by 21.0% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 5,316,259 shares of the company’s stock worth $148,510,000 after purchasing an additional 922,376 shares in the last quarter. 56.93% of the stock is currently owned by hedge funds and other institutional investors.

About Kraft Heinz (NASDAQ:KHC)

The Kraft Heinz Company manufactures and markets food and beverage products in the United States, Canada, Europe, and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products. The company offers its products under the Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Planters, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid, Jell-O, Cracker Barrel, P'Tit Cheese, Tassimo, Classico, Plasmon, Pudliszki, Honig, HP, Benedicta, ABC, Master, Quero, Golden Circle, Wattie's, Glucon D, and Complan names.

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