Bank of New York Mellon Corp Decreases Stock Position in Kraft Heinz Company $KHC

Bank of New York Mellon Corp trimmed its holdings in shares of Kraft Heinz Company (NASDAQ:KHC) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,634,256 shares of the company’s stock after selling 118,626 shares during the quarter. Bank of New York Mellon Corp’s holdings in Kraft Heinz were worth $198,796,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Kraft Heinz during the 2nd quarter valued at $276,159,000. Nordea Investment Management AB increased its position in Kraft Heinz by 75.1% during the third quarter. Nordea Investment Management AB now owns 13,694,483 shares of the company’s stock valued at $351,263,000 after acquiring an additional 5,873,967 shares during the last quarter. Geode Capital Management LLC increased its position in Kraft Heinz by 14.7% during the second quarter. Geode Capital Management LLC now owns 26,446,203 shares of the company’s stock valued at $681,663,000 after acquiring an additional 3,392,470 shares during the last quarter. Marshall Wace LLP lifted its holdings in Kraft Heinz by 1,645.9% in the second quarter. Marshall Wace LLP now owns 1,880,281 shares of the company’s stock valued at $48,549,000 after acquiring an additional 1,772,581 shares during the period. Finally, Fairfax Financial Holdings Ltd. Can boosted its position in Kraft Heinz by 45.4% in the second quarter. Fairfax Financial Holdings Ltd. Can now owns 4,884,000 shares of the company’s stock worth $126,056,000 after purchasing an additional 1,525,000 shares during the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Kraft Heinz news, insider Miguel Patricio sold 125,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $24.82, for a total value of $3,102,500.00. Following the completion of the transaction, the insider directly owned 686,817 shares in the company, valued at $17,046,797.94. This represents a 15.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Kraft Heinz Price Performance

NASDAQ:KHC opened at $23.74 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.13 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $24.14 and its two-hundred day simple moving average is $25.59. The stock has a market cap of $28.10 billion, a PE ratio of -6.36 and a beta of 0.09. Kraft Heinz Company has a 52 week low of $21.99 and a 52 week high of $33.35.

Kraft Heinz (NASDAQ:KHC) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Kraft Heinz had a positive return on equity of 7.26% and a negative net margin of 17.35%.The firm had revenue of $6.24 billion during the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts forecast that Kraft Heinz Company will post 2.68 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on KHC. UBS Group reduced their price target on shares of Kraft Heinz from $25.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, January 14th. The Goldman Sachs Group cut their target price on shares of Kraft Heinz from $30.00 to $27.00 in a research report on Thursday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Kraft Heinz from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 21st. Morgan Stanley reduced their price objective on Kraft Heinz from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Thursday, October 30th. Finally, Barclays lowered their target price on Kraft Heinz from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, Kraft Heinz presently has an average rating of “Reduce” and a consensus price target of $26.16.

About Kraft Heinz

The Kraft Heinz Company (NASDAQ: KHC) is a global food and beverage company formed in 2015 through the merger of Kraft Foods Group and H.J. Heinz Company. The combination created one of the largest packaged-food companies in the world, built around well-known consumer brands. The merger was supported by major investors and established a multi-national platform for branded food products.

Kraft Heinz develops, manufactures, markets and distributes a broad portfolio of branded packaged foods and condiments.