Westpac Banking Corp cut its stake in Kraft Heinz Co (NASDAQ:KHC) by 79.6% in the second quarter, Holdings Channel reports. The firm owned 131,130 shares of the company’s stock after selling 511,242 shares during the period. Westpac Banking Corp’s holdings in Kraft Heinz were worth $4,070,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Parsons Capital Management Inc. RI raised its position in Kraft Heinz by 3.3% during the 1st quarter. Parsons Capital Management Inc. RI now owns 10,387 shares of the company’s stock worth $339,000 after buying an additional 334 shares during the last quarter. Trust Co. of Vermont raised its position in Kraft Heinz by 1.2% during the 1st quarter. Trust Co. of Vermont now owns 29,613 shares of the company’s stock worth $967,000 after buying an additional 343 shares during the last quarter. AGF Investments America Inc. raised its position in Kraft Heinz by 1.8% during the 2nd quarter. AGF Investments America Inc. now owns 19,364 shares of the company’s stock worth $601,000 after buying an additional 350 shares during the last quarter. Investment Management of Virginia LLC raised its position in Kraft Heinz by 5.3% during the 2nd quarter. Investment Management of Virginia LLC now owns 7,006 shares of the company’s stock worth $217,000 after buying an additional 350 shares during the last quarter. Finally, Carroll Financial Associates Inc. raised its position in Kraft Heinz by 8.5% during the 1st quarter. Carroll Financial Associates Inc. now owns 4,670 shares of the company’s stock worth $152,000 after buying an additional 364 shares during the last quarter. Institutional investors own 58.06% of the company’s stock.
A number of equities analysts have issued reports on the stock. Credit Suisse Group set a $26.00 price target on shares of Kraft Heinz and gave the stock a “sell” rating in a research report on Friday, August 9th. Wells Fargo & Co set a $29.00 price target on shares of Kraft Heinz and gave the stock a “hold” rating in a research report on Friday, August 9th. BMO Capital Markets cut their target price on shares of Kraft Heinz from $40.00 to $33.00 and set a “market perform” rating for the company in a report on Monday, August 12th. UBS Group set a $30.00 target price on shares of Kraft Heinz and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Guggenheim lowered shares of Kraft Heinz from a “neutral” rating to a “sell” rating and cut their target price for the company from $29.00 to $25.00 in a report on Friday, August 9th. Six research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $36.45.
Kraft Heinz (NASDAQ:KHC) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.75 by $0.03. The company had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.07 billion. Kraft Heinz had a negative net margin of 43.40% and a positive return on equity of 6.06%. The firm’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts anticipate that Kraft Heinz Co will post 2.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 21st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 6.30%. The ex-dividend date of this dividend is Tuesday, August 20th. Kraft Heinz’s payout ratio is presently 45.33%.
About Kraft Heinz
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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