Kraft Heinz (NASDAQ:KHC) Announces Earnings Results

Kraft Heinz (NASDAQ:KHC) issued its earnings results on Wednesday. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01, Briefing.com reports. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.42 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. Kraft Heinz updated its FY 2024 guidance to 3.010-3.010 EPS and its FY24 guidance to $3.01-3.07 EPS.

Kraft Heinz Stock Performance

Shares of KHC traded down $0.27 on Thursday, reaching $33.46. 10,344,391 shares of the company’s stock traded hands, compared to its average volume of 7,786,038. The company has a current ratio of 1.01, a quick ratio of 0.53 and a debt-to-equity ratio of 0.39. The stock has a market cap of $40.63 billion, a PE ratio of 14.61, a PEG ratio of 3.48 and a beta of 0.49. The stock’s 50 day simple moving average is $35.24 and its two-hundred day simple moving average is $34.86. Kraft Heinz has a 52-week low of $31.08 and a 52-week high of $38.96.

Kraft Heinz Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date is Friday, November 29th. Kraft Heinz’s payout ratio is 69.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on KHC shares. Barclays upped their target price on Kraft Heinz from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Mizuho decreased their price target on Kraft Heinz from $43.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday. Evercore ISI decreased their price target on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. The Goldman Sachs Group decreased their price target on Kraft Heinz from $34.00 to $32.00 and set a “sell” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company increased their price target on Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $37.23.

Insider Activity at Kraft Heinz

In related news, insider Cory Onell sold 4,076 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $36.00, for a total transaction of $146,736.00. Following the completion of the sale, the insider now directly owns 143,970 shares of the company’s stock, valued at approximately $5,182,920. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.32% of the stock is currently owned by company insiders.

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.