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

Kraft Heinz (NASDAQ:KHC) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 3.010-3.010 for the period, compared to the consensus EPS estimate of 3.020. The company issued revenue guidance of -. Kraft Heinz also updated its FY24 guidance to $3.01-3.07 EPS.

Kraft Heinz Price Performance

Shares of NASDAQ:KHC traded down $1.07 during mid-day trading on Wednesday, reaching $33.73. The stock had a trading volume of 14,143,822 shares, compared to its average volume of 7,773,836. The company has a market cap of $40.96 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 3.48 and a beta of 0.49. The business’s 50 day moving average price is $35.24 and its 200 day moving average price is $34.86. The company has a current ratio of 1.01, a quick ratio of 0.53 and a debt-to-equity ratio of 0.39. Kraft Heinz has a 1 year low of $31.08 and a 1 year high of $38.96.

Kraft Heinz (NASDAQ:KHC) last posted its earnings results on Wednesday, July 31st. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. The firm had revenue of $6.50 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the prior year, the company earned $0.79 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts expect that Kraft Heinz will post 3.01 EPS for the current fiscal year.

Kraft Heinz Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.74%. Kraft Heinz’s payout ratio is 69.87%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on KHC shares. Barclays upped their price objective on Kraft Heinz from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. reduced their target price on shares of Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Citigroup dropped their price target on shares of Kraft Heinz from $41.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Evercore ISI reduced their price objective on shares of Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Kraft Heinz from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.58.

Insider Buying and Selling at Kraft Heinz

In related news, insider Cory Onell sold 4,076 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $36.00, for a total value of $146,736.00. Following the completion of the transaction, the insider now owns 143,970 shares of the company’s stock, valued at $5,182,920. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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.