Kraft Heinz Company $KHC Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its holdings in Kraft Heinz Company by 40.7% during the second quarter, selling over 60,000 shares, leaving them with a total of 88,556 shares valued at approximately $2.29 million.
• Kraft Heinz reported a quarterly earnings per share of $0.72 with revenues of $6.39 billion and currently has a negative net margin of 20.83%.
• The company declared a $0.40 quarterly dividend, with a yearly yield of 6.4%, while its stock price hovered around $25.04, noting a 1-year range between $24.85 and $36.31.

DAVENPORT & Co LLC lowered its position in Kraft Heinz Company (NASDAQ:KHC - Free Report) by 40.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,556 shares of the company's stock after selling 60,868 shares during the quarter. DAVENPORT & Co LLC's holdings in Kraft Heinz were worth $2,287,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in KHC. Rossby Financial LCC acquired a new position in Kraft Heinz in the first quarter valued at $29,000. Wayfinding Financial LLC purchased a new position in Kraft Heinz in the first quarter valued at about $33,000. Investment Management Corp VA ADV raised its position in Kraft Heinz by 141.7% in the first quarter. Investment Management Corp VA ADV now owns 1,141 shares of the company's stock valued at $35,000 after purchasing an additional 669 shares during the period. Abound Wealth Management raised its position in Kraft Heinz by 1,157.0% in the first quarter. Abound Wealth Management now owns 1,257 shares of the company's stock valued at $38,000 after purchasing an additional 1,157 shares during the period. Finally, Banque Transatlantique SA purchased a new position in Kraft Heinz in the first quarter valued at about $40,000. Institutional investors and hedge funds own 78.17% of the company's stock.

Kraft Heinz Stock Down 0.2%

Shares of NASDAQ KHC opened at $25.04 on Friday. Kraft Heinz Company has a 1 year low of $24.85 and a 1 year high of $36.31. The firm has a market cap of $29.64 billion, a price-to-earnings ratio of -5.58, a PEG ratio of 2.93 and a beta of 0.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.66 and a current ratio of 1.07. The stock's 50-day simple moving average is $26.78 and its 200-day simple moving average is $27.46.

Kraft Heinz (NASDAQ:KHC - Get Free Report) last announced its quarterly earnings data on Friday, July 8th. The company reported $0.72 earnings per share for the quarter. The firm had revenue of $6.39 billion during the quarter. Kraft Heinz had a positive return on equity of 7.40% and a negative net margin of 20.83%. As a group, equities analysts anticipate that Kraft Heinz Company will post 2.68 earnings per share for the current fiscal year.

Kraft Heinz Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, August 29th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Friday, August 29th. Kraft Heinz's payout ratio is currently -35.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on KHC shares. Hsbc Global Res raised Kraft Heinz to a "hold" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. started coverage on Kraft Heinz in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $27.00 price objective on the stock. Stifel Nicolaus cut their price objective on Kraft Heinz from $30.00 to $28.00 and set a "hold" rating on the stock in a research report on Wednesday, September 3rd. The Goldman Sachs Group raised Kraft Heinz from a "sell" rating to a "neutral" rating and raised their price objective for the company from $25.00 to $27.00 in a research report on Wednesday, June 25th. Finally, Morgan Stanley set a $29.00 price objective on Kraft Heinz and gave the company an "equal weight" rating in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $29.71.

Insiders Place Their Bets

In related news, Director Elio Leoni Sceti sold 25,000 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $27.91, for a total value of $697,750.00. Following the completion of the sale, the director directly owned 40,000 shares of the company's stock, valued at $1,116,400. The trade was a 38.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.35% of the stock is currently owned by corporate 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.

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