PNC Financial Services Group Inc. Has $8.10 Million Position in Kraft Heinz Company (NASDAQ:KHC)

Key Points

• PNC Financial Services Group Inc. increased its stake in Kraft Heinz Company by 28.2%, acquiring an additional 58,630 shares worth approximately $8,102,000.
• Kraft Heinz reported $0.69 earnings per share for the quarter, surpassing analysts' estimates of $0.64, although its revenue decreased 1.9% year-over-year.
• The company announced a quarterly dividend of $0.40 per share, scheduled for payment on September 26th, representing an annualized yield of 5.9%.

PNC Financial Services Group Inc. raised its stake in Kraft Heinz Company (NASDAQ:KHC - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 266,264 shares of the company's stock after buying an additional 58,630 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Kraft Heinz were worth $8,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Klingenstein Fields & Co. LP grew its stake in shares of Kraft Heinz by 4.6% in the first quarter. Klingenstein Fields & Co. LP now owns 7,867 shares of the company's stock valued at $239,000 after buying an additional 344 shares in the last quarter. Laird Norton Wetherby Wealth Management LLC increased its position in shares of Kraft Heinz by 4.0% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 10,009 shares of the company's stock valued at $307,000 after purchasing an additional 386 shares during the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of Kraft Heinz by 2.7% in the 1st quarter. Meeder Advisory Services Inc. now owns 15,091 shares of the company's stock valued at $459,000 after purchasing an additional 393 shares in the last quarter. Johnson Investment Counsel Inc. increased its holdings in Kraft Heinz by 1.6% in the first quarter. Johnson Investment Counsel Inc. now owns 25,596 shares of the company's stock valued at $779,000 after buying an additional 397 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Kraft Heinz by 0.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 69,058 shares of the company's stock worth $2,101,000 after acquiring an additional 397 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company's stock.

Insider Activity at Kraft Heinz

In other Kraft Heinz news, Director Elio Leoni Sceti sold 25,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $27.91, for a total transaction of $697,750.00. Following the transaction, the director directly owned 40,000 shares in the company, valued at $1,116,400. This trade represents a 38.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.35% of the company's stock.

Kraft Heinz Stock Performance

Kraft Heinz stock traded up $0.39 during mid-day trading on Thursday, hitting $27.65. 9,889,293 shares of the company's stock traded hands, compared to its average volume of 17,858,400. The company has a quick ratio of 0.66, a current ratio of 1.07 and a debt-to-equity ratio of 0.47. Kraft Heinz Company has a one year low of $25.44 and a one year high of $36.53. The firm has a 50 day moving average price of $26.91 and a 200 day moving average price of $28.48. The company has a market cap of $32.73 billion, a PE ratio of -6.16, a price-to-earnings-growth ratio of 3.18 and a beta of 0.23.

Kraft Heinz (NASDAQ:KHC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.05. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.26 billion. Kraft Heinz had a negative net margin of 20.83% and a positive return on equity of 7.40%. Kraft Heinz's revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 EPS. On average, equities analysts forecast that Kraft Heinz Company will post 2.68 EPS for the current year.

Kraft Heinz Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, August 29th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 5.8%. Kraft Heinz's payout ratio is presently -35.63%.

Analysts Set New Price Targets

Several brokerages have issued reports on KHC. Stifel Nicolaus lowered their price objective on shares of Kraft Heinz from $31.00 to $30.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. UBS Group upped their price objective on Kraft Heinz from $29.00 to $30.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. The Goldman Sachs Group upgraded Kraft Heinz from a "sell" rating to a "neutral" rating and lifted their target price for the company from $25.00 to $27.00 in a research note on Wednesday, June 25th. Wells Fargo & Company upped their price target on Kraft Heinz from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, Cfra Research lowered shares of Kraft Heinz from a "moderate buy" rating to a "hold" rating in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating and seventeen have assigned a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $30.35.

Kraft Heinz 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.