Synovus Financial Corp Sells 2,121 Shares of The Kraft Heinz Company (NASDAQ:KHC)

Synovus Financial Corp trimmed its holdings in shares of The Kraft Heinz Company (NASDAQ:KHC) by 11.7% during the 3rd quarter, Holdings Channel reports. The fund owned 15,997 shares of the company’s stock after selling 2,121 shares during the period. Synovus Financial Corp’s holdings in Kraft Heinz were worth $562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in shares of Kraft Heinz by 62.7% during the second quarter. Blue Trust Inc. now owns 3,645 shares of the company’s stock valued at $117,000 after buying an additional 1,404 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Kraft Heinz by 12.3% during the second quarter. Nisa Investment Advisors LLC now owns 155,689 shares of the company’s stock valued at $5,016,000 after buying an additional 17,057 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Kraft Heinz during the second quarter valued at about $242,000. Cultivar Capital Inc. purchased a new stake in shares of Kraft Heinz during the second quarter valued at about $61,000. Finally, &PARTNERS purchased a new stake in shares of Kraft Heinz during the second quarter valued at about $483,000. 78.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays decreased their price target on shares of Kraft Heinz from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. The Goldman Sachs Group decreased their price objective on shares of Kraft Heinz from $34.00 to $32.00 and set a “sell” rating for the company in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lowered shares of Kraft Heinz from a “buy” rating to a “hold” rating and decreased their price objective for the company from $39.00 to $35.00 in a research report on Thursday, October 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $35.00 price objective (down from $40.00) on shares of Kraft Heinz in a research report on Tuesday, November 19th. Finally, Mizuho decreased their price objective on shares of Kraft Heinz from $43.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kraft Heinz has an average rating of “Hold” and a consensus price target of $36.55.

Insider Transactions at Kraft Heinz

In other news, EVP Pedro F. P. Navio sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $33.45, for a total transaction of $1,505,250.00. Following the sale, the executive vice president now owns 168,195 shares of the company’s stock, valued at $5,626,122.75. This trade represents a 21.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Kraft Heinz Stock Performance

KHC opened at $31.25 on Wednesday. The Kraft Heinz Company has a 12-month low of $30.40 and a 12-month high of $38.96. The company has a current ratio of 1.06, a quick ratio of 0.56 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $37.79 billion, a PE ratio of 28.15, a P/E/G ratio of 3.57 and a beta of 0.48. The firm has a 50 day moving average of $32.95 and a two-hundred day moving average of $33.74.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Kraft Heinz had a net margin of 5.24% and a return on equity of 7.46%. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.42 billion. During the same period last year, the firm posted $0.72 EPS. Kraft Heinz’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, analysts anticipate that The Kraft Heinz Company will post 3.01 EPS for the current year.

Kraft Heinz Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, November 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.12%. Kraft Heinz’s payout ratio is 144.14%.

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.