Citigroup Trims Kraft Heinz (NASDAQ:KHC) Target Price to $38.00

Kraft Heinz (NASDAQ:KHC) had its target price reduced by Citigroup from $42.00 to $38.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on KHC. Piper Sandler cut their target price on shares of Kraft Heinz from $42.00 to $41.00 and set an overweight rating for the company in a research report on Thursday, June 20th. Bank of America cut their target price on shares of Kraft Heinz from $42.00 to $38.00 and set a buy rating for the company in a research report on Wednesday, July 10th. Wells Fargo & Company lowered their price target on shares of Kraft Heinz from $37.00 to $34.00 and set an equal weight rating on the stock in a report on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Kraft Heinz from $42.00 to $43.00 and gave the company a buy rating in a report on Thursday, April 18th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Kraft Heinz has an average rating of Moderate Buy and an average price target of $38.83.

Kraft Heinz Stock Performance

Shares of KHC stock opened at $33.12 on Wednesday. The company has a 50 day moving average price of $33.76 and a 200-day moving average price of $35.58. Kraft Heinz has a 52 week low of $30.68 and a 52 week high of $38.96. The firm has a market capitalization of $40.22 billion, a PE ratio of 14.46, a P/E/G ratio of 3.05 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 1.09 and a debt-to-equity ratio of 0.40.

Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Wednesday, May 1st. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.01. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.43 billion. Kraft Heinz had a net margin of 10.62% and a return on equity of 7.41%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 earnings per share. As a group, equities research analysts expect that Kraft Heinz will post 3 earnings per share for the current year.

Kraft Heinz Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, June 6th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.83%. The ex-dividend date was Thursday, June 6th. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

Insider Transactions at Kraft Heinz

In related news, insider Lande Rashida La sold 10,140 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $35.95, for a total value of $364,533.00. Following the sale, the insider now owns 158,266 shares in the company, valued at $5,689,662.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Kraft Heinz

Several large investors have recently bought and sold shares of KHC. First Hawaiian Bank increased its position in Kraft Heinz by 6.9% in the fourth quarter. First Hawaiian Bank now owns 9,972 shares of the company’s stock worth $369,000 after purchasing an additional 642 shares during the last quarter. Dfpg Investments LLC bought a new position in Kraft Heinz during the fourth quarter valued at $301,000. BKM Wealth Management LLC bought a new position in Kraft Heinz during the fourth quarter valued at $41,000. Raymond James Trust N.A. increased its position in Kraft Heinz by 11.0% during the fourth quarter. Raymond James Trust N.A. now owns 39,610 shares of the company’s stock valued at $1,465,000 after acquiring an additional 3,916 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC bought a new position in Kraft Heinz during the fourth quarter valued at $204,000. 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.