Wells Fargo & Company Cuts Kraft Heinz (NASDAQ:KHC) Price Target to $31.00

Kraft Heinz (NASDAQ:KHC) had its price objective trimmed by Wells Fargo & Company from $35.00 to $31.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts have also recently issued reports about the company. Barclays cut their price objective on Kraft Heinz from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Evercore ISI reaffirmed an “in-line” rating and set a $35.00 price objective (down from $38.00) on shares of Kraft Heinz in a research report on Tuesday. Stifel Nicolaus lowered shares of Kraft Heinz from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $38.00 in a research report on Friday, October 25th. The Goldman Sachs Group decreased their price target on shares of Kraft Heinz from $34.00 to $32.00 and set a “sell” rating on the stock in a research note on Thursday, October 31st. Finally, Piper Sandler restated a “neutral” rating and set a $35.00 price objective (down from $40.00) on shares of Kraft Heinz in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.58.

Kraft Heinz Price Performance

NASDAQ:KHC opened at $29.66 on Tuesday. The stock has a market capitalization of $35.86 billion, a PE ratio of 26.72, a P/E/G ratio of 3.62 and a beta of 0.48. Kraft Heinz has a 1-year low of $29.23 and a 1-year high of $38.96. The firm has a fifty day simple moving average of $31.33 and a 200 day simple moving average of $33.36. The company has a current ratio of 1.06, a quick ratio of 0.56 and a debt-to-equity ratio of 0.40.

Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.42 billion. Kraft Heinz had a net margin of 5.24% and a return on equity of 7.46%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. On average, research analysts expect that Kraft Heinz will post 3.01 EPS for the current fiscal year.

Kraft Heinz Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, November 29th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend was Friday, November 29th. Kraft Heinz’s dividend payout ratio (DPR) is currently 144.14%.

Insider Buying and Selling

In other Kraft Heinz news, EVP Pedro F. P. Navio sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $33.45, for a total transaction of $1,505,250.00. Following the completion of the transaction, the executive vice president now directly owns 168,195 shares in the company, valued at $5,626,122.75. The trade was a 21.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Kraft Heinz

Several hedge funds and other institutional investors have recently modified their holdings of KHC. First Hawaiian Bank boosted its stake in Kraft Heinz by 7.8% in the fourth quarter. First Hawaiian Bank now owns 11,713 shares of the company’s stock valued at $360,000 after buying an additional 849 shares in the last quarter. Pensionfund Sabic boosted its stake in shares of Kraft Heinz by 34.3% in the 4th quarter. Pensionfund Sabic now owns 47,000 shares of the company’s stock valued at $1,443,000 after purchasing an additional 12,000 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Kraft Heinz by 16.3% during the 4th quarter. Nordea Investment Management AB now owns 8,813,268 shares of the company’s stock valued at $269,906,000 after purchasing an additional 1,238,200 shares during the last quarter. Versant Capital Management Inc increased its position in Kraft Heinz by 40.7% during the 4th quarter. Versant Capital Management Inc now owns 2,082 shares of the company’s stock worth $64,000 after purchasing an additional 602 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Kraft Heinz by 14.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,097,084 shares of the company’s stock valued at $38,519,000 after purchasing an additional 138,101 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.

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.