Conning Inc. raised its stake in shares of Kraft Heinz Co. (NASDAQ:KHC) by 1.3% during the second quarter, Holdings Channel reports. The fund owned 32,685 shares of the company’s stock after buying an additional 430 shares during the period. Conning Inc.’s holdings in Kraft Heinz were worth $2,892,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in KHC. Glenmede Trust Co. NA raised its position in Kraft Heinz by 8.5% in the first quarter. Glenmede Trust Co. NA now owns 43,921 shares of the company’s stock valued at $3,450,000 after buying an additional 3,448 shares during the last quarter. Chesley Taft & Associates LLC raised its position in Kraft Heinz by 2.1% in the first quarter. Chesley Taft & Associates LLC now owns 139,340 shares of the company’s stock valued at $10,947,000 after buying an additional 2,874 shares during the last quarter. IMS Capital Management acquired a new position in Kraft Heinz during the first quarter valued at about $263,000. Douglas Lane & Associates LLC acquired a new position in Kraft Heinz during the first quarter valued at about $469,000. Finally, First Manhattan Co. raised its position in Kraft Heinz by 101.0% in the first quarter. First Manhattan Co. now owns 376,455 shares of the company’s stock valued at $29,574,000 after buying an additional 189,193 shares during the last quarter. Hedge funds and other institutional investors own 61.30% of the company’s stock.
Shares of Kraft Heinz Co. (NASDAQ:KHC) traded down 0.34% on Monday, reaching $88.53. 1,487,435 shares of the company traded hands. The company has a 50-day moving average of $88.87 and a 200-day moving average of $84.47. The stock has a market capitalization of $107.80 billion, a price-to-earnings ratio of 64.90 and a beta of 0.47. Kraft Heinz Co. has a 1-year low of $68.18 and a 1-year high of $90.54.
Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.14. The business earned $6.79 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Kraft Heinz had a net margin of 6.87% and a return on equity of 5.78%. The business’s quarterly revenue was up 159.7% on a year-over-year basis. During the same quarter last year, the company posted $0.92 earnings per share. Analysts anticipate that Kraft Heinz Co. will post $3.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, August 26th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 24th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.71%. This is a boost from Kraft Heinz’s previous quarterly dividend of $0.58. Kraft Heinz’s dividend payout ratio (DPR) is currently 181.82%.
KHC has been the subject of a number of recent analyst reports. Susquehanna restated a “buy” rating on shares of Kraft Heinz in a report on Monday, August 22nd. Vetr upgraded shares of Kraft Heinz from a “sell” rating to a “buy” rating and set a $93.36 price objective for the company in a report on Monday, July 11th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $100.00 price objective on shares of Kraft Heinz in a report on Saturday, August 13th. Credit Suisse Group AG restated an “outperform” rating and issued a $100.00 price objective (up from $98.00) on shares of Kraft Heinz in a report on Tuesday, August 16th. Finally, Stifel Nicolaus boosted their price objective on shares of Kraft Heinz from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Two analysts have rated the stock with a sell rating and fourteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $98.79.
In other Kraft Heinz news, major shareholder Global Food Holdings Lp 3G sold 2,808,371 shares of the firm’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $87.05, for a total value of $244,468,695.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 26.92% of the stock is currently owned by company insiders.
About Kraft Heinz
The Kraft Heinz Company is a food and beverage company. The Company is engaged in the manufacturing and marketing of food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. The Company’s segments include the United States, Canada and Europe.
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