Connor Clark & Lunn Investment Management Ltd. Takes $3.89 Million Position in The Kraft Heinz Company (NASDAQ:KHC)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in The Kraft Heinz Company (NASDAQ:KHC) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 126,803 shares of the company’s stock, valued at approximately $3,894,000.

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Kraft Heinz by 16.7% in the 3rd quarter. State Street Corp now owns 44,400,402 shares of the company’s stock valued at $1,558,898,000 after purchasing an additional 6,366,732 shares in the last quarter. Geode Capital Management LLC boosted its position in Kraft Heinz by 11.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,150,328 shares of the company’s stock worth $669,821,000 after buying an additional 1,944,019 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in Kraft Heinz during the 3rd quarter worth approximately $411,304,000. Nordea Investment Management AB boosted its position in Kraft Heinz by 16.3% during the 4th quarter. Nordea Investment Management AB now owns 8,813,268 shares of the company’s stock worth $269,906,000 after buying an additional 1,238,200 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Kraft Heinz by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,601,292 shares of the company’s stock worth $172,016,000 after buying an additional 293,694 shares during the period. 78.17% of the stock is currently owned by institutional investors and hedge funds.

Kraft Heinz Stock Performance

NASDAQ:KHC opened at $30.23 on Monday. The company has a fifty day moving average of $29.86 and a 200-day moving average of $32.09. The firm has a market capitalization of $36.12 billion, a P/E ratio of 13.38, a P/E/G ratio of 3.39 and a beta of 0.40. 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 Kraft Heinz Company has a twelve month low of $27.25 and a twelve month high of $38.96.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly 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%. As a group, sell-side analysts anticipate that The Kraft Heinz Company will post 2.68 EPS for the current year.

Kraft Heinz Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 5.29%. The ex-dividend date of this dividend is Friday, March 7th. Kraft Heinz’s payout ratio is currently 70.80%.

Analyst Ratings Changes

Several research firms recently commented on KHC. Wells Fargo & Company cut their target price on shares of Kraft Heinz from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 13th. Mizuho downgraded shares of Kraft Heinz from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $38.00 to $31.00 in a research report on Monday, February 10th. The Goldman Sachs Group lowered their price target on shares of Kraft Heinz from $32.00 to $28.00 and set a “sell” rating for the company in a report on Thursday, February 13th. Piper Sandler lowered their price target on shares of Kraft Heinz from $35.00 to $31.00 and set a “neutral” rating for the company in a report on Thursday, February 13th. Finally, TD Cowen lowered their price target on shares of Kraft Heinz from $34.00 to $32.00 and set a “hold” rating for the company in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $30.86.

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.