Evercore ISI Cuts Kraft Heinz (NASDAQ:KHC) Price Target to $38.00

Kraft Heinz (NASDAQ:KHC) had its target price lowered by Evercore ISI from $42.00 to $38.00 in a report issued on Wednesday morning. The brokerage currently has an overweight rating on the stock.

KHC has been the subject of a number of other research reports. Bank of America cut their price objective on shares of Kraft Heinz from $42.00 to $38.00 and set a buy rating for the company in a research note on Wednesday, July 10th. Barclays lowered their price target on shares of Kraft Heinz from $36.00 to $34.00 and set an equal weight rating for the company in a report on Friday, July 19th. Piper Sandler dropped their target price on shares of Kraft Heinz from $42.00 to $41.00 and set an overweight rating for the company in a report on Thursday, June 20th. Citigroup dropped their target price on shares of Kraft Heinz from $42.00 to $38.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Kraft Heinz from $42.00 to $43.00 and gave the stock a buy rating in a research note on Thursday, April 18th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $37.58.

Kraft Heinz Stock Up 1.9 %

Shares of NASDAQ:KHC opened at $36.06 on Wednesday. The firm has a market capitalization of $43.60 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 3.52 and a beta of 0.53. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.61 and a current ratio of 1.01. Kraft Heinz has a 52-week low of $30.68 and a 52-week high of $38.96. The firm has a fifty day moving average of $33.34 and a 200 day moving average of $35.30.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05. The firm had revenue of $6.50 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 EPS. As a group, research analysts anticipate that Kraft Heinz will post 3.02 EPS for the current fiscal year.

Kraft Heinz Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.60 annualized dividend and a yield of 4.44%. Kraft Heinz’s dividend payout ratio is 69.87%.

Insiders Place Their Bets

In other news, insider Lande Rashida La sold 10,140 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $35.95, for a total transaction of $364,533.00. Following the transaction, the insider now directly owns 158,266 shares of the company’s stock, valued at $5,689,662.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NBT Bank N A NY raised its stake in Kraft Heinz by 2.2% during the 1st quarter. NBT Bank N A NY now owns 12,785 shares of the company’s stock valued at $472,000 after buying an additional 270 shares during the last quarter. Welch Group LLC lifted its holdings in Kraft Heinz by 1.9% in the first quarter. Welch Group LLC now owns 14,868 shares of the company’s stock valued at $549,000 after acquiring an additional 272 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in Kraft Heinz by 13.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,423 shares of the company’s stock worth $89,000 after purchasing an additional 282 shares during the last quarter. Archer Investment Corp grew its stake in shares of Kraft Heinz by 2.0% during the 4th quarter. Archer Investment Corp now owns 14,709 shares of the company’s stock valued at $544,000 after purchasing an additional 294 shares during the period. Finally, Ingalls & Snyder LLC increased its position in shares of Kraft Heinz by 3.1% during the 4th quarter. Ingalls & Snyder LLC now owns 10,005 shares of the company’s stock valued at $370,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.

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.