Gabelli Funds LLC Lowers Holdings in The Kraft Heinz Company (NASDAQ:KHC)

Gabelli Funds LLC lowered its position in shares of The Kraft Heinz Company (NASDAQ:KHC) by 1.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 825,200 shares of the company’s stock after selling 10,500 shares during the quarter. Gabelli Funds LLC owned 0.07% of Kraft Heinz worth $26,588,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in KHC. Norges Bank purchased a new stake in shares of Kraft Heinz in the fourth quarter valued at approximately $13,417,000. TCW Group Inc. purchased a new stake in shares of Kraft Heinz during the 4th quarter worth $1,098,000. Orion Portfolio Solutions LLC grew its stake in shares of Kraft Heinz by 0.5% during the 4th quarter. Orion Portfolio Solutions LLC now owns 112,408 shares of the company’s stock worth $4,300,000 after purchasing an additional 546 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of Kraft Heinz by 6.8% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 282,819 shares of the company’s stock valued at $10,459,000 after purchasing an additional 17,908 shares in the last quarter. Finally, United Services Automobile Association increased its holdings in shares of Kraft Heinz by 28.2% in the 4th quarter. United Services Automobile Association now owns 24,581 shares of the company’s stock valued at $909,000 after purchasing an additional 5,404 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

Insider Buying and Selling

In other Kraft Heinz news, insider Cory Onell sold 4,076 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $36.00, for a total transaction of $146,736.00. Following the transaction, the insider now owns 143,970 shares of the company’s stock, valued at $5,182,920. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.

Kraft Heinz Stock Performance

Kraft Heinz stock opened at $34.96 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.53 and a current ratio of 1.01. The Kraft Heinz Company has a fifty-two week low of $30.68 and a fifty-two week high of $38.96. The stock has a fifty day moving average of $34.80 and a two-hundred day moving average of $35.04. The company has a market capitalization of $42.45 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 3.43 and a beta of 0.49.

Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Wednesday, July 31st. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the previous year, the company posted $0.79 EPS. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, analysts anticipate that The Kraft Heinz Company will post 3.02 EPS for the current fiscal year.

Kraft Heinz Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently commented on KHC. Bank of America decreased their price objective on shares of Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Citigroup decreased their price target on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Piper Sandler dropped their price objective on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, June 20th. Evercore ISI reduced 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. Finally, Barclays upped their target price on Kraft Heinz from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $37.45.

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.