Kraft Heinz (NASDAQ:KHC) Rating Upgraded to Maintain Zacks Investment Research
Kraft Heinz (NASDAQ:KHC) has been upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report released Monday to clients and investors, Zacks.com reports. The brokerage currently has a price target of $40.00 on the stock. Zacks Investment ResearchThe target price of indicates a potential upside of 5.21% from the company’s current price.
According to Zacks, “Kraft Heinz shares have lagged the industry for the past three months. The company’s revenue and net income declined in the third quarter of 2021. Volume/ mix was impacted by an unfavorable year-over-year comparison with significant pandemic retail demand in 2020. Kraft Heinz is struggling with higher cost inflation It expects cost inflation to gross costs for 2021 remain in the high-single-digit range across the cost basket Nevertheless, strong pricing initiatives are helping the business to The same was seen in the quarter, with an increase prices by 1.5 percentage points year-over-year driven by growth across all reporting units Kraft Heinz’s operating model, which incorporates five key elements: people with purpose, platforms -forms for the general public, the operating center ions, Partner Program and Fuel Our Growth — it sounds impressive.”
Several other analysts also weighed in on KHC. Morgan Stanley raised its price target on Kraft Heinz shares from $37.00 to $38.00 and gave the stock an “equal weight” rating in a Tuesday, January 11 report. TheStreet upgraded Kraft Heinz shares from a “c” rating to a “b-” rating in a Monday, November 29 report. Finally, Guggenheim downgraded Kraft Heinz shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $46.00 to $33.00 in a report on Wednesday 8 December. One research analyst has assigned the stock a sell rating, seven have issued a hold rating and one has assigned the stock a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.00.
NASDAQ: KHC traded at $0.37 during midday trading on Monday, reaching $38.02. The company’s stock had a trading volume of 5,354,454 shares, compared to an average volume of 6,244,870. Kraft Heinz has a fifty-two week low of $31.60 and a fifty-two week high of $44.95. The company has a current ratio of 1.13, a quick ratio of 0.79 and a debt ratio of 0.46. The company has a market capitalization of $46.54 billion, a price/earnings ratio of 20.33, a P/E/G ratio of 2.90 and a beta of 1.07. The stock has a fifty-day moving average of $35.70 and a 200-day moving average of $36.82.
Kraft Heinz Inc (NASDAQ:KHC) last released its quarterly results on Wednesday, October 27. The company reported earnings per share (EPS) of $0.65 for the quarter, beating Thomson Reuters consensus estimate of $0.58 by $0.07. The company posted revenue of $6.32 billion in the quarter, versus analyst estimates of $6.08 billion. Kraft Heinz had a net margin of 8.76% and a return on equity of 7.21%. The company’s quarterly revenue decreased 1.8% from the same quarter last year. In the same quarter a year earlier, the company posted earnings of $0.70 per share. On average, stock analysts expect Kraft Heinz to post earnings per share of 2.79 for the current fiscal year.
In other Kraft Heinz news, major shareholder Global Food Holdings Lp 3G sold 30,596,465 shares of the company in a deal that took place on Monday, November 22. The shares were sold at an average price of $35.75, for a total value of $1,093,823,623.75. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, SVP Lande Rashida La sold 20,000 shares of the company in a transaction that took place on Tuesday, November 30. The shares were sold at an average price of $33.77, for a total transaction of $675,400.00. Disclosure of this sale can be found here. 1.70% of the shares are currently held by insiders of the company.
A number of institutional investors and hedge funds have been buying and selling KHC shares recently. Amundi Pioneer Asset Management Inc. increased its stake in Kraft Heinz by 22.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 654,151 shares of the company worth $21,358,000 after purchasing an additional 121,281 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Kraft Heinz by 12.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,260 shares of the company worth $5,067,000 after purchasing an additional 13,962 shares during the period. Van ECK Associates Corp increased its stake in Kraft Heinz by 149.1% in the second quarter. Van ECK Associates Corp now owns 4,987 shares of the company worth $203,000 after purchasing an additional 2,985 shares during the period. National Asset Management Inc. increased its holdings in Kraft Heinz by 7.1% in the second quarter. National Asset Management Inc. now owns 19,236 shares of the company worth $784,000 after purchasing an additional 1,274 shares during the period. Finally, Greenleaf Trust increased its stake in Kraft Heinz by 6.8% in the second quarter. Greenleaf Trust now owns 6,494 shares of the company worth $265,000 after purchasing an additional 416 shares during the period. Institutional investors hold 60.98% of the company’s shares.
Kraft Heinz Company Profile
The Kraft Heinz Co engages in the manufacturing and marketing of food and beverage products. The Company operates through the following geographic segments: United States, Canada and International. Its brands include Oscar Meyer, Velveeta, Smart Ones, Caprisun, Kool-Aid, Golden circle and Honig. The company was founded on July 2, 2015 and is headquartered in Pittsburgh, Pennsylvania.
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