SouthState Corp Sells 3,200 Shares of The Kraft Heinz Company (NASDAQ:KHC)

SouthState Corp reduced its stake in shares of The Kraft Heinz Company (NASDAQ:KHC) by 76.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 982 shares of the company’s stock after selling 3,200 shares during the quarter. SouthState Corp’s holdings in Kraft Heinz were worth $32,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of KHC. Steward Partners Investment Solutions LLC purchased a new position in Kraft Heinz during the fourth quarter valued at $25,000. New Covenant Trust Company N.A. purchased a new position in shares of Kraft Heinz during the first quarter valued at about $27,000. Transcendent Capital Group LLC bought a new stake in shares of Kraft Heinz in the fourth quarter worth about $38,000. Hantz Financial Services Inc. bought a new position in Kraft Heinz during the second quarter valued at approximately $34,000. Finally, AlphaMark Advisors LLC grew its holdings in Kraft Heinz by 128.9% during the 1st quarter. AlphaMark Advisors LLC now owns 1,181 shares of the company’s stock valued at $44,000 after buying an additional 665 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Citigroup lowered 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 report on Wednesday, July 17th. Piper Sandler decreased their target price on shares of Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, June 20th. The Goldman Sachs Group began coverage on shares of Kraft Heinz in a report on Monday, August 12th. They issued a “sell” rating and a $34.00 price target for the company. Finally, Wells Fargo & Company boosted their price objective on Kraft Heinz from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Kraft Heinz presently has a consensus rating of “Hold” and a consensus price target of $37.31.

Insiders Place Their Bets

In related news, insider Cory Onell sold 4,076 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $36.00, for a total value of $146,736.00. Following the completion of the transaction, the insider now owns 143,970 shares in the company, valued at approximately $5,182,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Kraft Heinz Stock Performance

Shares of NASDAQ:KHC opened at $35.84 on Friday. The firm has a 50 day moving average of $34.14 and a 200 day moving average of $35.07. The company has a quick ratio of 0.53, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $43.52 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 3.32 and a beta of 0.53. The Kraft Heinz Company has a 52 week low of $30.68 and a 52 week high of $38.96.

Kraft Heinz (NASDAQ:KHC) last issued 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. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. The firm had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the firm earned $0.79 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, sell-side analysts predict that The Kraft Heinz Company will post 3.02 earnings per share for the current fiscal year.

Kraft Heinz Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 4.46%. Kraft Heinz’s payout ratio is 69.87%.

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.