Bank of New York Mellon Corp Decreases 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% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,634,256 shares of the company’s stock after selling 118,626 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Kraft Heinz worth $198,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of KHC. Federated Hermes Inc. increased its stake in Kraft Heinz by 171.9% in the 3rd quarter. Federated Hermes Inc. now owns 10,223 shares of the company’s stock worth $266,000 after purchasing an additional 6,463 shares during the period. Valeo Financial Advisors LLC boosted its holdings in shares of Kraft Heinz by 29.8% during the third quarter. Valeo Financial Advisors LLC now owns 27,140 shares of the company’s stock worth $707,000 after purchasing an additional 6,227 shares during the period. J. Safra Sarasin Holding AG boosted its holdings in shares of Kraft Heinz by 340.4% during the third quarter. J. Safra Sarasin Holding AG now owns 48,609 shares of the company’s stock worth $1,266,000 after purchasing an additional 37,571 shares during the period. One Wealth Advisors LLC purchased a new stake in shares of Kraft Heinz during the third quarter worth about $223,000. Finally, KPP Advisory Services LLC grew its stake in shares of Kraft Heinz by 3.8% in the third quarter. KPP Advisory Services LLC now owns 17,259 shares of the company’s stock worth $449,000 after purchasing an additional 632 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Miguel Patricio sold 125,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $24.82, for a total value of $3,102,500.00. Following the transaction, the insider owned 686,817 shares in the company, valued at $17,046,797.94. The trade was a 15.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.35% of the company’s stock.

Kraft Heinz Stock Performance

Shares of KHC stock opened at $23.74 on Friday. The company’s fifty day moving average price is $24.14 and its 200-day moving average price 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. The company has a current ratio of 1.13, a quick ratio of 0.73 and a debt-to-equity ratio of 0.46. Kraft Heinz Company has a 12 month low of $21.99 and a 12 month high of $33.35.

Kraft Heinz (NASDAQ:KHC) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. Kraft Heinz had a negative net margin of 17.35% and a positive return on equity of 7.26%. The company had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $6.27 billion. During the same period last year, the company posted $0.75 EPS. Kraft Heinz’s revenue was down 2.3% on a year-over-year basis. On average, equities analysts expect that Kraft Heinz Company will post 2.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler increased their price objective on Kraft Heinz from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. JPMorgan Chase & Co. dropped their price target on Kraft Heinz from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, January 21st. Exane BNP Paribas cut shares of Kraft Heinz from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 21st. Jefferies Financial Group decreased their price objective on shares of Kraft Heinz from $24.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Kraft Heinz in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, Kraft Heinz currently has an average rating of “Reduce” and a consensus price target of $26.16.

Kraft Heinz Company Profile

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.