Everence Capital Management Inc. Lowers Stake in The Kraft Heinz Company (NASDAQ:KHC)

Everence Capital Management Inc. decreased its position in shares of The Kraft Heinz Company (NASDAQ:KHC) by 46.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,020 shares of the company’s stock after selling 12,210 shares during the period. Everence Capital Management Inc.’s holdings in Kraft Heinz were worth $431,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in Kraft Heinz by 16.7% in the 3rd quarter. State Street Corp now owns 44,400,402 shares of the company’s stock worth $1,558,898,000 after buying an additional 6,366,732 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Kraft Heinz by 11.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,150,328 shares of the company’s stock worth $669,821,000 after acquiring an additional 1,944,019 shares during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Kraft Heinz during the 3rd quarter valued at $411,304,000. LSV Asset Management raised its position in Kraft Heinz by 2.1% in the 2nd quarter. LSV Asset Management now owns 9,107,688 shares of the company’s stock worth $293,450,000 after purchasing an additional 189,000 shares during the period. Finally, Legal & General Group Plc lifted its stake in Kraft Heinz by 9.7% in the second quarter. Legal & General Group Plc now owns 9,064,592 shares of the company’s stock worth $292,061,000 after purchasing an additional 799,581 shares during the last quarter. Institutional investors own 78.17% of the company’s stock.

Insider Transactions at Kraft Heinz

In related news, EVP Pedro F. P. Navio sold 45,000 shares of the business’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 value of $1,505,250.00. Following the completion of the transaction, the executive vice president now directly owns 168,195 shares in the company, valued at $5,626,122.75. The trade was a 21.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by insiders.

Kraft Heinz Stock Performance

Shares of Kraft Heinz stock opened at $30.61 on Monday. The Kraft Heinz Company has a 12 month low of $30.01 and a 12 month high of $38.96. The firm has a market capitalization of $37.01 billion, a P/E ratio of 27.58, a P/E/G ratio of 3.62 and a beta of 0.48. 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 business has a fifty day simple moving average of $31.69 and a two-hundred day simple moving average of $33.45.

Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Wednesday, October 30th. The company reported $0.75 earnings per share for the quarter, beating 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 business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.42 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, equities analysts forecast that The Kraft Heinz Company will post 3.01 earnings per share for the current fiscal year.

Kraft Heinz Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, November 29th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.23%. Kraft Heinz’s dividend payout ratio is currently 144.14%.

Analysts Set New Price Targets

KHC has been the topic of several recent research reports. Piper Sandler restated a “neutral” rating and set a $35.00 price target (down from $40.00) on shares of Kraft Heinz in a research report on Tuesday, November 19th. Barclays cut their target price on shares of Kraft Heinz from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Stifel Nicolaus cut shares of Kraft Heinz from a “buy” rating to a “hold” rating and dropped their price target for the company from $40.00 to $38.00 in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut 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. Finally, The Goldman Sachs Group cut their target price on Kraft Heinz from $34.00 to $32.00 and set a “sell” rating on the stock in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $36.55.

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.