Sound Shore Management Inc. CT Reduces Holdings in The Kraft Heinz Company (NASDAQ:KHC)

Sound Shore Management Inc. CT reduced its stake in The Kraft Heinz Company (NASDAQ:KHC) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,403,022 shares of the company’s stock after selling 77,299 shares during the period. Kraft Heinz comprises 2.6% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 20th largest position. Sound Shore Management Inc. CT owned 0.20% of Kraft Heinz worth $77,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of KHC. Welch Group LLC increased its holdings in Kraft Heinz by 1.9% during the 1st quarter. Welch Group LLC now owns 14,868 shares of the company’s stock valued at $549,000 after purchasing an additional 272 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in shares of Kraft Heinz by 13.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 2,423 shares of the company’s stock valued at $89,000 after acquiring an additional 282 shares in the last quarter. Integrated Advisors Network LLC lifted its stake in Kraft Heinz by 2.4% in the fourth quarter. Integrated Advisors Network LLC now owns 12,881 shares of the company’s stock worth $476,000 after acquiring an additional 301 shares during the period. HB Wealth Management LLC boosted its holdings in Kraft Heinz by 2.5% in the second quarter. HB Wealth Management LLC now owns 13,013 shares of the company’s stock valued at $419,000 after acquiring an additional 314 shares in the last quarter. Finally, Lorne Steinberg Wealth Management Inc. increased its position in Kraft Heinz by 0.3% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 109,600 shares of the company’s stock valued at $4,044,000 after purchasing an additional 335 shares during the period. Institutional investors own 78.17% of the company’s stock.

Kraft Heinz Price Performance

KHC opened at $34.96 on Friday. The Kraft Heinz Company has a 1 year low of $30.68 and a 1 year high of $38.96. The stock has a 50-day moving average price of $34.80 and a 200-day moving average price of $35.05. The firm has a market cap of $42.45 billion, a PE ratio of 15.27, a P/E/G ratio of 3.43 and a beta of 0.49. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.01 and a quick ratio of 0.53.

Kraft Heinz (NASDAQ:KHC) last issued its earnings results on Wednesday, July 31st. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.05. The firm had revenue of $6.50 billion for the quarter, compared to the consensus estimate of $6.55 billion. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. The business’s revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 earnings per share. Sell-side analysts predict that The Kraft Heinz Company will post 3.02 earnings per share for the current fiscal year.

Kraft Heinz Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend is Friday, August 30th. Kraft Heinz’s dividend payout ratio is currently 69.87%.

Insider Activity

In related news, insider Cory Onell sold 4,076 shares of Kraft Heinz stock in a transaction dated 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 sale, the insider now directly owns 143,970 shares in the company, valued at approximately $5,182,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

KHC has been the subject of several research analyst reports. The Goldman Sachs Group assumed coverage on shares of Kraft Heinz in a research report on Monday, August 12th. They issued a “sell” rating and a $34.00 target price for the company. Citigroup cut their price objective on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Piper Sandler decreased their target price on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, June 20th. Wells Fargo & Company lifted their price target on Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. Finally, Evercore ISI decreased their price objective on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.50.

Kraft Heinz Company Profile

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.