Royal Bank of Canada Cuts Kraft Heinz (KHC) Price Target to $68.00

Kraft Heinz (NASDAQ:KHC) had its price objective trimmed by Royal Bank of Canada to $68.00 in a report published on Friday morning, The Fly reports. The brokerage currently has an outperform rating on the stock.

KHC has been the topic of a number of other reports. Zacks Investment Research cut shares of Kraft Heinz from a hold rating to a sell rating in a research note on Wednesday, September 5th. BidaskClub cut shares of Kraft Heinz from a sell rating to a strong sell rating in a research note on Saturday, September 29th. ValuEngine raised shares of Kraft Heinz from a strong sell rating to a sell rating in a research note on Friday, October 19th. Morgan Stanley initiated coverage on shares of Kraft Heinz in a research note on Monday, September 17th. They issued an underweight rating and a $52.00 price objective on the stock. Finally, Credit Suisse Group raised shares of Kraft Heinz to a hold rating and set a $52.00 price objective on the stock in a research note on Thursday, October 4th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $67.31.

Shares of NASDAQ:KHC traded up $1.49 on Friday, reaching $52.22. 5,334,243 shares of the company were exchanged, compared to its average volume of 7,796,411. The company has a quick ratio of 0.57, a current ratio of 1.00 and a debt-to-equity ratio of 0.47. Kraft Heinz has a 1-year low of $50.41 and a 1-year high of $82.48. The stock has a market cap of $61.85 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.81 and a beta of 0.45.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.03). Kraft Heinz had a return on equity of 6.62% and a net margin of 39.56%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.31 billion. During the same period last year, the company earned $0.83 earnings per share. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities analysts anticipate that Kraft Heinz will post 3.67 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be issued a $0.625 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $2.50 dividend on an annualized basis and a yield of 4.79%. Kraft Heinz’s dividend payout ratio (DPR) is 70.42%.

In other news, major shareholder Global Food Holdings Lp 3G sold 20,630,314 shares of the stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $59.85, for a total transaction of $1,234,724,292.90. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 26.81% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Pittenger & Anderson Inc. raised its holdings in Kraft Heinz by 80.7% in the third quarter. Pittenger & Anderson Inc. now owns 28,410 shares of the company’s stock valued at $1,566,000 after buying an additional 12,685 shares during the period. Tredje AP fonden raised its holdings in Kraft Heinz by 69.9% in the second quarter. Tredje AP fonden now owns 128,756 shares of the company’s stock valued at $8,088,000 after buying an additional 52,959 shares during the period. Strategic Advisors LLC raised its holdings in Kraft Heinz by 38.8% in the second quarter. Strategic Advisors LLC now owns 24,710 shares of the company’s stock valued at $1,552,000 after buying an additional 6,908 shares during the period. Loudon Investment Management LLC purchased a new position in Kraft Heinz in the second quarter valued at approximately $2,713,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in Kraft Heinz by 4.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,208,820 shares of the company’s stock valued at $138,759,000 after buying an additional 94,749 shares during the period. Institutional investors and hedge funds own 63.22% of the company’s stock.

Kraft Heinz Company Profile

The Kraft Heinz Company manufactures and markets food and beverage products in the United States, Canada, Europe, and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products. The company offers its products under the Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Planters, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid, Jell-O, Cracker Barrel, P'Tit Cheese, Tassimo, Classico, Plasmon, Pudliszki, Honig, HP, Benedicta, ABC, Master, Quero, Golden Circle, Wattie's, Glucon D, and Complan names.

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The Fly

Analyst Recommendations for Kraft Heinz (NASDAQ:KHC)

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