Kraft Heinz (NASDAQ:KHC) PT Lowered to $38.00 at Bank of America

Kraft Heinz (NASDAQ:KHC) had its target price cut by equities researchers at Bank of America from $42.00 to $38.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 19.05% from the stock’s previous close.

A number of other brokerages have also issued reports on KHC. Piper Sandler decreased their price target on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, June 20th. Wells Fargo & Company decreased their price target on Kraft Heinz from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Kraft Heinz from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.42.

Kraft Heinz Stock Performance

KHC stock traded down $0.01 on Wednesday, reaching $31.92. The company’s stock had a trading volume of 2,416,785 shares, compared to its average volume of 7,898,862. Kraft Heinz has a 52 week low of $30.68 and a 52 week high of $38.96. The company has a market capitalization of $38.76 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 2.59 and a beta of 0.53. The firm has a fifty day moving average of $34.30 and a two-hundred day moving average of $35.80. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.09 and a quick ratio of 0.61.

Kraft Heinz (NASDAQ:KHC) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. Kraft Heinz had a return on equity of 7.41% and a net margin of 10.62%. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.43 billion. During the same period in the prior year, the company posted $0.68 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, analysts predict that Kraft Heinz will post 3.02 EPS for the current fiscal year.

Insider Activity

In other news, insider Lande Rashida La sold 10,140 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $35.95, for a total transaction of $364,533.00. Following the completion of the sale, the insider now owns 158,266 shares in the company, valued at approximately $5,689,662.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.37% of the company’s stock.

Institutional Trading of Kraft Heinz

A number of hedge funds have recently modified their holdings of KHC. The Manufacturers Life Insurance Company lifted its holdings in shares of Kraft Heinz by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 559,583 shares of the company’s stock valued at $18,824,000 after purchasing an additional 5,999 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Kraft Heinz by 18.9% in the third quarter. Harbour Investments Inc. now owns 10,699 shares of the company’s stock worth $360,000 after acquiring an additional 1,700 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Kraft Heinz by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 85,698 shares of the company’s stock worth $2,883,000 after acquiring an additional 9,313 shares during the last quarter. EP Wealth Advisors LLC increased its stake in shares of Kraft Heinz by 54.4% in the third quarter. EP Wealth Advisors LLC now owns 38,641 shares of the company’s stock worth $1,300,000 after acquiring an additional 13,616 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Kraft Heinz by 12.5% in the third quarter. Deutsche Bank AG now owns 2,814,695 shares of the company’s stock worth $94,686,000 after acquiring an additional 312,617 shares during the last quarter. Hedge funds and other institutional investors own 78.17% 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.