Kornitzer Capital Management Inc. KS Cuts Position in The Kraft Heinz Company (NASDAQ:KHC)

Kornitzer Capital Management Inc. KS reduced its stake in The Kraft Heinz Company (NASDAQ:KHC) by 0.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 291,335 shares of the company’s stock after selling 1,412 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Kraft Heinz were worth $10,229,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of KHC. Clifford Capital Partners LLC increased its position in shares of Kraft Heinz by 21.4% in the second quarter. Clifford Capital Partners LLC now owns 454,884 shares of the company’s stock valued at $14,656,000 after buying an additional 80,101 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Kraft Heinz by 13.2% in the 1st quarter. Lazard Asset Management LLC now owns 2,006,917 shares of the company’s stock valued at $74,053,000 after buying an additional 234,783 shares during the period. Smith Thornton Advisors LLC purchased a new stake in Kraft Heinz in the 2nd quarter valued at about $654,000. MBB Public Markets I LLC purchased a new stake in Kraft Heinz in the 2nd quarter valued at about $2,001,000. Finally, Sei Investments Co. lifted its stake in shares of Kraft Heinz by 12.8% in the 2nd quarter. Sei Investments Co. now owns 760,222 shares of the company’s stock valued at $24,495,000 after purchasing an additional 86,311 shares in the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

Kraft Heinz Price Performance

Shares of KHC stock opened at $32.82 on Friday. The stock has a 50 day moving average of $35.01 and a two-hundred day moving average of $34.74. The company has a current ratio of 1.06, a quick ratio of 0.56 and a debt-to-equity ratio of 0.40. The Kraft Heinz Company has a 12 month low of $31.58 and a 12 month high of $38.96. The company has a market capitalization of $39.69 billion, a P/E ratio of 29.57, a P/E/G ratio of 3.81 and a beta of 0.49.

Kraft Heinz (NASDAQ:KHC) last issued its earnings results on Wednesday, October 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Kraft Heinz had a return on equity of 7.46% and a net margin of 5.24%. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.42 billion. During the same period in the prior year, the firm posted $0.72 EPS. Kraft Heinz’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, equities analysts expect that The Kraft Heinz Company will post 3.01 EPS for the current year.

Kraft Heinz Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be given a $0.40 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.60 annualized dividend and a yield of 4.88%. Kraft Heinz’s payout ratio is 144.14%.

Insider Buying and Selling at Kraft Heinz

In other news, EVP Pedro F. P. Navio sold 45,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $33.45, for a total transaction of $1,505,250.00. Following the completion of the sale, the executive vice president now owns 168,195 shares in the company, valued at $5,626,122.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

KHC has been the topic of a number of recent analyst reports. Piper Sandler cut their target price on Kraft Heinz from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Barclays reduced their price target 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. The Goldman Sachs Group cut their price objective on Kraft Heinz from $34.00 to $32.00 and set a “sell” rating for the company in a report on Thursday, October 31st. Evercore ISI reduced their target price on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, Mizuho reduced their target price on Kraft Heinz from $43.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Kraft Heinz has a consensus rating of “Hold” and an average price target of $37.25.

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.