Kraft Heinz Co. (KHC) Position Reduced by Essex Financial Services Inc.
Essex Financial Services Inc. cut its stake in shares of Kraft Heinz Co. (NASDAQ:KHC) by 9.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,075 shares of the company’s stock after selling 853 shares during the period. Essex Financial Services Inc.’s holdings in Kraft Heinz were worth $714,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of the stock. State Street Corp increased its stake in shares of Kraft Heinz by 3.4% in the first quarter. State Street Corp now owns 23,843,318 shares of the company’s stock valued at $1,873,118,000 after buying an additional 775,834 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Kraft Heinz during the second quarter valued at about $40,363,000. Marsico Capital Management LLC bought a new position in shares of Kraft Heinz during the first quarter valued at about $34,627,000. British Airways Pensions Investment Management Ltd bought a new position in shares of Kraft Heinz during the second quarter valued at about $25,161,000. Finally, Locust Wood Capital Advisers LLC bought a new position in shares of Kraft Heinz during the second quarter valued at about $21,750,000. Institutional investors own 61.39% of the company’s stock.
Shares of Kraft Heinz Co. (NASDAQ:KHC) traded up 0.34% during mid-day trading on Monday, hitting $88.83. The stock had a trading volume of 2,208,358 shares. Kraft Heinz Co. has a 1-year low of $68.18 and a 1-year high of $90.54. The firm has a market capitalization of $108.16 billion, a PE ratio of 65.12 and a beta of 0.47. The stock’s 50-day moving average is $88.41 and its 200-day moving average is $85.57.
Kraft Heinz (NASDAQ:KHC) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.14. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $4.70 billion. Kraft Heinz had a return on equity of 5.78% and a net margin of 6.87%. Kraft Heinz’s revenue was up 159.7% compared to the same quarter last year. During the same period last year, the firm posted $0.92 earnings per share. Equities analysts expect that Kraft Heinz Co. will post $3.24 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Friday, August 26th were paid a $0.60 dividend. The ex-dividend date was Wednesday, August 24th. This is a positive change from Kraft Heinz’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 2.70%. Kraft Heinz’s dividend payout ratio (DPR) is 181.82%.
Several brokerages recently issued reports on KHC. Vetr upgraded shares of Kraft Heinz from a “sell” rating to a “hold” rating and set a $87.68 price target on the stock in a research report on Monday, July 4th. Zacks Investment Research upgraded shares of Kraft Heinz from a “sell” rating to a “buy” rating and set a $99.00 price target on the stock in a research report on Monday, August 8th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating and set a $98.00 price target (up previously from $93.00) on shares of Kraft Heinz in a research report on Friday, July 15th. Royal Bank Of Canada upped their price target on shares of Kraft Heinz from $92.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, August 5th. Finally, Credit Suisse Group AG reiterated an “outperform” rating and set a $100.00 price target (up previously from $98.00) on shares of Kraft Heinz in a research report on Tuesday, August 16th. Two equities research analysts have rated the stock with a sell rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $99.17.
In related news, major shareholder Global Food Holdings Lp 3G sold 2,808,371 shares of the firm’s stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $87.05, for a total value of $244,468,695.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 26.92% of the stock is owned by corporate 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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