TD Cowen Begins Coverage on Kraft Heinz (NASDAQ:KHC)

TD Cowen initiated coverage on shares of Kraft Heinz (NASDAQ:KHC) in a report released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a market perform rating and a $35.00 price objective on the stock.

Several other brokerages have also recently issued reports on KHC. Barclays decreased their target price on shares of Kraft Heinz from $40.00 to $38.00 and set an equal weight rating on the stock in a research report on Thursday, July 20th. Piper Sandler reduced their price objective on shares of Kraft Heinz from $43.00 to $41.00 in a research report on Monday, June 26th. StockNews.com started coverage on shares of Kraft Heinz in a research report on Thursday, August 17th. They issued a hold rating on the stock. Mizuho reduced their price objective on shares of Kraft Heinz from $50.00 to $47.00 in a research report on Monday, July 31st. Finally, Morgan Stanley reduced their price objective on shares of Kraft Heinz from $44.00 to $39.00 in a research report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $42.00.

Kraft Heinz Stock Down 0.9 %

KHC opened at $33.45 on Wednesday. The firm has a 50-day simple moving average of $34.52 and a two-hundred day simple moving average of $36.95. The company has a quick ratio of 0.50, a current ratio of 0.95 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $41.09 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 2.47 and a beta of 0.68. Kraft Heinz has a 52 week low of $32.42 and a 52 week high of $42.80.

Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.05. The firm had revenue of $6.72 billion for the quarter, compared to analysts’ expectations of $6.80 billion. Kraft Heinz had a net margin of 11.65% and a return on equity of 7.45%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 EPS. Analysts forecast that Kraft Heinz will post 2.89 earnings per share for the current fiscal year.

Kraft Heinz Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.40 dividend. The ex-dividend date is Thursday, August 31st. This represents a $1.60 annualized dividend and a dividend yield of 4.78%. Kraft Heinz’s dividend payout ratio is currently 62.50%.

Insider Activity

In other news, CAO Lande Rashida La sold 16,453 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $35.07, for a total value of $577,006.71. Following the completion of the sale, the chief accounting officer now owns 206,243 shares in the company, valued at approximately $7,232,942.01. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Kraft Heinz

Large investors have recently modified their holdings of the business. Proquility Private Wealth Partners LLC lifted its stake in shares of Kraft Heinz by 2.6% in the 2nd quarter. Proquility Private Wealth Partners LLC now owns 21,758 shares of the company’s stock valued at $772,000 after purchasing an additional 546 shares during the period. ST Germain D J Co. Inc. acquired a new position in Kraft Heinz during the second quarter worth $36,000. Portside Wealth Group LLC acquired a new position in Kraft Heinz during the second quarter worth $393,000. Alamar Capital Management LLC raised its position in Kraft Heinz by 4.8% during the second quarter. Alamar Capital Management LLC now owns 51,885 shares of the company’s stock worth $1,842,000 after acquiring an additional 2,385 shares during the period. Finally, Stonebridge Capital Advisors LLC raised its position in Kraft Heinz by 2.4% during the second quarter. Stonebridge Capital Advisors LLC now owns 62,189 shares of the company’s stock worth $2,208,000 after acquiring an additional 1,481 shares during the period. Institutional investors own 75.39% of the company’s stock.

About Kraft Heinz

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 products, meals, meats, refreshment beverages, coffee, and other grocery products.