Kraft Heinz (NASDAQ:KHC) Updates FY24 Earnings Guidance

Kraft Heinz (NASDAQ:KHC) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.01-3.07 for the period, compared to the consensus earnings per share estimate of $3.04. Kraft Heinz also updated its FY 2024 guidance to 3.010-3.070 EPS.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on KHC shares. Deutsche Bank Aktiengesellschaft raised their price objective on Kraft Heinz from $42.00 to $43.00 and gave the stock a buy rating in a research note on Thursday, April 18th. Citigroup started coverage on Kraft Heinz in a research note on Thursday, February 1st. They set a buy rating and a $43.00 price objective for the company. Bank of America raised their price objective on Kraft Heinz from $40.00 to $42.00 and gave the stock a buy rating in a research note on Monday, April 15th. Finally, Wells Fargo & Company reduced their price objective on Kraft Heinz from $38.00 to $37.00 and set an equal weight rating for the company in a research note on Thursday, February 15th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Kraft Heinz currently has a consensus rating of Hold and an average target price of $40.57.

Kraft Heinz Price Performance

Shares of NASDAQ:KHC opened at $38.61 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Kraft Heinz has a 1 year low of $30.68 and a 1 year high of $41.47. The business has a fifty day simple moving average of $36.34 and a 200 day simple moving average of $35.71. The firm has a market cap of $46.94 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 3.05 and a beta of 0.67.

Kraft Heinz (NASDAQ:KHC) last posted its earnings results on Wednesday, February 14th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.01. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.99 billion. Kraft Heinz had a return on equity of 7.42% and a net margin of 10.72%. The business’s revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, sell-side analysts predict that Kraft Heinz will post 3.02 earnings per share for the current fiscal year.

Kraft Heinz Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, June 6th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.14%. Kraft Heinz’s dividend payout ratio is 69.26%.

Kraft Heinz Company Profile

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.