Kraft Heinz (NASDAQ:KHC) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Kraft Heinz (NASDAQ:KHC) in a research note issued on Monday, Marketbeat reports. The brokerage set a “sell” rating and a $34.00 price target on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 1.65% from the company’s previous close.

A number of other brokerages have also recently issued reports on KHC. Barclays increased their target price on Kraft Heinz from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Kraft Heinz from $43.00 to $39.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Piper Sandler lowered their price objective on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, June 20th. Bank of America cut their target price on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Evercore ISI lowered their price target on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Kraft Heinz presently has a consensus rating of “Hold” and a consensus target price of $37.31.

Kraft Heinz Stock Performance

KHC stock opened at $34.57 on Monday. Kraft Heinz has a 1-year low of $30.68 and a 1-year high of $38.96. The company has a current ratio of 1.01, a quick ratio of 0.61 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average price of $33.30 and a 200-day moving average price of $35.17. The firm has a market cap of $41.98 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 3.52 and a beta of 0.53.

Kraft Heinz (NASDAQ:KHC) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.05. The firm had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.55 billion. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. The company’s revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 earnings per share. As a group, equities research analysts expect that Kraft Heinz will post 3.02 earnings per share for the current year.

Insider Activity

In related news, insider Cory Onell sold 4,076 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $36.00, for a total value of $146,736.00. Following the transaction, the insider now owns 143,970 shares in the company, valued at $5,182,920. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Kraft Heinz

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sapient Capital LLC bought a new stake in shares of Kraft Heinz in the fourth quarter valued at approximately $371,000. Simplicity Solutions LLC lifted its position in shares of Kraft Heinz by 9.5% during the fourth quarter. Simplicity Solutions LLC now owns 12,425 shares of the company’s stock worth $459,000 after acquiring an additional 1,074 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Kraft Heinz by 11.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,637,388 shares of the company’s stock worth $97,531,000 after acquiring an additional 263,061 shares during the period. Vontobel Holding Ltd. grew its position in shares of Kraft Heinz by 11.6% in the fourth quarter. Vontobel Holding Ltd. now owns 538,070 shares of the company’s stock valued at $19,898,000 after purchasing an additional 55,901 shares in the last quarter. Finally, Waldron Private Wealth LLC raised its stake in shares of Kraft Heinz by 11.5% during the 4th quarter. Waldron Private Wealth LLC now owns 7,530 shares of the company’s stock valued at $278,000 after purchasing an additional 779 shares during the period. 78.17% of the stock is currently owned by institutional investors.

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.