Kraft Heinz (NASDAQ:KHC) Releases FY 2024 Earnings Guidance

Kraft Heinz (NASDAQ:KHC) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.010-3.070 for the period, compared to the consensus estimate of 3.010. The company issued revenue guidance of -. Kraft Heinz also updated its FY24 guidance to $3.01-$3.07 EPS.

Kraft Heinz Stock Up 1.9 %

Shares of KHC traded up $0.66 during trading on Friday, reaching $36.06. The company’s stock had a trading volume of 15,882,140 shares, compared to its average volume of 8,236,811. The company has a fifty day moving average of $33.34 and a two-hundred day moving average of $35.30. Kraft Heinz has a twelve month low of $30.68 and a twelve month high of $38.96. The company has a market cap of $43.60 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 3.52 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 1.01 and a debt-to-equity ratio of 0.39.

Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Wednesday, July 31st. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. The company had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.55 billion. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. Kraft Heinz’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 EPS. On average, sell-side analysts predict that Kraft Heinz will post 3.02 EPS for the current fiscal year.

Kraft Heinz Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Friday, August 30th. Kraft Heinz’s dividend payout ratio is currently 69.87%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KHC. JPMorgan Chase & Co. lowered their price objective on Kraft Heinz from $38.00 to $37.00 and set a neutral rating for the company in a research note on Wednesday. Evercore ISI lowered their price objective on Kraft Heinz from $42.00 to $38.00 and set an overweight rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price target on Kraft Heinz from $43.00 to $39.00 and set a buy rating for the company in a research note on Wednesday. Wells Fargo & Company increased their price target on Kraft Heinz from $34.00 to $35.00 and gave the stock an equal weight rating in a research note on Thursday. Finally, Barclays increased their price target on Kraft Heinz from $34.00 to $36.00 and gave the stock an equal weight rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $37.58.

Insiders Place Their Bets

In other Kraft Heinz news, insider Lande Rashida La sold 10,140 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $35.95, for a total value of $364,533.00. Following the transaction, the insider now directly owns 158,266 shares of the company’s stock, valued at approximately $5,689,662.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

About Kraft Heinz

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.