Intact Investment Management Inc. Sells 31,600 Shares of The Kraft Heinz Company (NASDAQ:KHC)

Intact Investment Management Inc. cut its holdings in The Kraft Heinz Company (NASDAQ:KHC) by 38.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,800 shares of the company’s stock after selling 31,600 shares during the period. Intact Investment Management Inc.’s holdings in Kraft Heinz were worth $1,842,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Trust N.A. grew its holdings in Kraft Heinz by 11.0% during the 4th quarter. Raymond James Trust N.A. now owns 39,610 shares of the company’s stock valued at $1,465,000 after purchasing an additional 3,916 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in Kraft Heinz during the 3rd quarter valued at about $5,399,000. Cutter & CO Brokerage Inc. grew its holdings in Kraft Heinz by 6.6% during the 4th quarter. Cutter & CO Brokerage Inc. now owns 13,857 shares of the company’s stock valued at $512,000 after purchasing an additional 864 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Kraft Heinz by 16.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,768,073 shares of the company’s stock valued at $59,478,000 after purchasing an additional 247,896 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in Kraft Heinz by 42.5% during the 4th quarter. Cerity Partners LLC now owns 457,923 shares of the company’s stock valued at $16,934,000 after purchasing an additional 136,556 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.

Kraft Heinz Stock Performance

KHC stock traded down $0.21 during midday trading on Friday, hitting $38.16. 5,342,375 shares of the stock traded hands, compared to its average volume of 6,515,615. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.99 and a quick ratio of 0.54. The firm has a market cap of $46.39 billion, a P/E ratio of 16.52, a PEG ratio of 3.01 and a beta of 0.67. The Kraft Heinz Company has a 1-year low of $30.68 and a 1-year high of $41.47. The stock’s fifty day simple moving average is $36.20 and its 200-day simple moving average is $35.59.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.01. Kraft Heinz had a net margin of 10.72% and a return on equity of 7.42%. The firm had revenue of $6.86 billion for the quarter, compared to the consensus estimate of $6.99 billion. During the same period last year, the firm posted $0.85 earnings per share. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. On average, analysts expect that The Kraft Heinz Company will post 3.02 earnings per share for the current year.

Kraft Heinz Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Thursday, March 7th. Kraft Heinz’s dividend payout ratio (DPR) is currently 69.26%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on KHC shares. Bank of America boosted their price objective on shares of Kraft Heinz from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Citigroup started coverage on shares of Kraft Heinz in a research report on Thursday, February 1st. They issued a “buy” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their price target on shares of Kraft Heinz from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Wells Fargo & Company cut their price objective on shares of Kraft Heinz from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 15th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $40.57.

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.