State of Tennessee Department of Treasury Trims Stock Position in The Kraft Heinz Company (NASDAQ:KHC)

State of Tennessee Department of Treasury cut its position in shares of The Kraft Heinz Company (NASDAQ:KHC - Free Report) by 4.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 333,796 shares of the company's stock after selling 13,964 shares during the period. State of Tennessee Department of Treasury's holdings in Kraft Heinz were worth $10,251,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of KHC. Sawyer & Company Inc acquired a new stake in shares of Kraft Heinz during the 4th quarter worth $25,000. Generali Investments Management Co LLC acquired a new position in shares of Kraft Heinz during the fourth quarter worth $26,000. Mountain Hill Investment Partners Corp. acquired a new stake in Kraft Heinz during the fourth quarter worth approximately $29,000. R Squared Ltd bought a new position in shares of Kraft Heinz during the 4th quarter worth approximately $34,000. Finally, OFI Invest Asset Management bought a new stake in Kraft Heinz in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 78.17% of the company's stock.

Kraft Heinz Price Performance

NASDAQ:KHC traded up $0.12 during trading hours on Tuesday, hitting $28.93. The stock had a trading volume of 5,156,561 shares, compared to its average volume of 9,117,644. The company has a 50 day simple moving average of $30.05 and a two-hundred day simple moving average of $30.83. The Kraft Heinz Company has a one year low of $27.25 and a one year high of $38.72. The firm has a market capitalization of $34.52 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 3.39 and a beta of 0.44. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.06 and a quick ratio of 0.59.

Kraft Heinz (NASDAQ:KHC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Kraft Heinz had a return on equity of 7.58% and a net margin of 10.62%. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $6.02 billion. During the same period last year, the company earned $0.69 EPS. Kraft Heinz's revenue for the quarter was down 6.4% compared to the same quarter last year. Research analysts forecast that The Kraft Heinz Company will post 2.68 earnings per share for the current fiscal year.

Kraft Heinz Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 5.53%. Kraft Heinz's dividend payout ratio is currently 70.80%.

Wall Street Analyst Weigh In

Several research firms have recently commented on KHC. Morgan Stanley assumed coverage on Kraft Heinz in a report on Monday, March 24th. They set an "underweight" rating and a $29.00 price objective for the company. Sanford C. Bernstein lowered Kraft Heinz from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $34.00 to $31.00 in a report on Tuesday, April 22nd. Piper Sandler reduced their price objective on Kraft Heinz from $35.00 to $31.00 and set a "neutral" rating for the company in a research note on Thursday, February 13th. Barclays lowered their target price on Kraft Heinz from $33.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Kraft Heinz from $32.00 to $31.00 and set a "neutral" rating for the company in a research report on Thursday, February 13th. Four analysts have rated the stock with a sell rating and fourteen have assigned a hold rating to the company's stock. According to MarketBeat, Kraft Heinz has a consensus rating of "Hold" and an average target price of $30.69.

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.