S&P 500   2,986.20 (-0.39%)
DOW   26,770.20 (-0.95%)
QQQ   191.69 (-0.96%)
AAPL   236.41 (+0.48%)
FB   185.85 (-2.38%)
MSFT   137.41 (-1.63%)
GOOGL   1,244.41 (-0.67%)
AMZN   1,757.51 (-1.68%)
NVDA   190.49 (-1.96%)
AMD   30.97 (-0.55%)
BAC   30.35 (+0.30%)
GILD   64.91 (-0.49%)
S&P 500   2,986.20 (-0.39%)
DOW   26,770.20 (-0.95%)
QQQ   191.69 (-0.96%)
AAPL   236.41 (+0.48%)
FB   185.85 (-2.38%)
MSFT   137.41 (-1.63%)
GOOGL   1,244.41 (-0.67%)
AMZN   1,757.51 (-1.68%)
NVDA   190.49 (-1.96%)
AMD   30.97 (-0.55%)
BAC   30.35 (+0.30%)
GILD   64.91 (-0.49%)
Log in

Kraft Heinz shares fall after key investor dumps holdings

Posted on Tuesday, September 17th, 2019 By The Associated Press

Heinz
FILE- This Feb. 21, 2018, file photo shows a display of Heinz Ketchup on display in a market in Pittsburgh. Kraft Heinz Co. shares are sliding on Tuesday, Sept. 17, 2019, after one of the company’s top investors sold 25 million shares. (AP Photo/Gene J. Puskar, File)

NEW YORK (AP) — Kraft Heinz Co. shares are sliding after one of the company's top investors sold 25 million shares.

3G Capital — a Brazilian private equity firm — reduced its stake in the company by 9%. 3G remains the company's second-largest shareholder.

3G partnered with Berkshire Hathaway Inc. to combine Kraft and Heinz in 2015.

But the maker of Heinz ketchup, Jell-O and Velveeta cheese has struggled with competition from store brands and consumers' migration to healthier, less-processed foods. Berkshire chief Warren Buffett has said his firm overpaid for Kraft.

Earlier this year, the company slashed the value of its Oscar Meyer and Kraft brands by $15.4 billion. It also restated financial results after an investigation by the U.S. Securities and Exchange Commission.

Kraft Heinz shares fell 4% to $28.43 in morning trading.

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Yahoo Gemini Pixel