Corebridge Financial Inc. Trims Stake in The Kraft Heinz Company (NASDAQ:KHC)

Corebridge Financial Inc. cut its holdings in shares of The Kraft Heinz Company (NASDAQ:KHC) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 407,281 shares of the company’s stock after selling 10,126 shares during the quarter. Corebridge Financial Inc.’s holdings in Kraft Heinz were worth $12,508,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. New York Life Investment Management LLC increased its position in shares of Kraft Heinz by 0.3% during the fourth quarter. New York Life Investment Management LLC now owns 130,075 shares of the company’s stock valued at $3,995,000 after acquiring an additional 361 shares during the last quarter. Checchi Capital Advisers LLC increased its holdings in Kraft Heinz by 5.3% in the 4th quarter. Checchi Capital Advisers LLC now owns 7,265 shares of the company’s stock valued at $223,000 after purchasing an additional 366 shares during the last quarter. Winch Advisory Services LLC raised its position in Kraft Heinz by 20.1% in the fourth quarter. Winch Advisory Services LLC now owns 2,274 shares of the company’s stock valued at $70,000 after purchasing an additional 380 shares during the period. Cohen Investment Advisors LLC lifted its stake in Kraft Heinz by 5.0% during the fourth quarter. Cohen Investment Advisors LLC now owns 10,266 shares of the company’s stock worth $315,000 after purchasing an additional 487 shares in the last quarter. Finally, LMG Wealth Partners LLC boosted its position in shares of Kraft Heinz by 1.4% during the fourth quarter. LMG Wealth Partners LLC now owns 37,040 shares of the company’s stock worth $1,137,000 after buying an additional 498 shares during the period. 78.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Evercore ISI reissued an “in-line” rating and set a $35.00 target price (down previously from $38.00) on shares of Kraft Heinz in a research note on Tuesday, January 7th. Stifel Nicolaus reduced their price target on shares of Kraft Heinz from $32.00 to $31.00 and set a “hold” rating on the stock in a research report on Thursday, February 13th. Jefferies Financial Group dropped their price objective on shares of Kraft Heinz from $34.00 to $30.00 and set a “hold” rating for the company in a report on Wednesday, January 29th. Bank of America lowered shares of Kraft Heinz from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $36.00 to $30.00 in a report on Thursday, February 13th. Finally, Citigroup downgraded shares of Kraft Heinz from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $34.00 to $28.00 in a research note on Thursday, February 13th. Three investment analysts have rated the stock with a sell rating and thirteen have given a hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.73.

Kraft Heinz Stock Performance

Shares of KHC opened at $29.10 on Wednesday. The company has a market capitalization of $34.77 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 3.39 and a beta of 0.40. The Kraft Heinz Company has a 52-week low of $27.25 and a 52-week high of $38.96. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average price of $29.93 and a 200 day moving average price of $31.80.

Kraft Heinz (NASDAQ:KHC) last issued its earnings results on Wednesday, February 12th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.06. Kraft Heinz had a net margin of 10.62% and a return on equity of 7.58%. Research analysts predict that The Kraft Heinz Company will post 2.68 EPS for the current fiscal year.

Kraft Heinz Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 5.50%. The ex-dividend date is Friday, March 7th. Kraft Heinz’s payout ratio is currently 70.80%.

About Kraft Heinz

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.