Kraft Heinz (NASDAQ:KHC) Issues Earnings Results

Kraft Heinz (NASDAQ:KHC) issued its earnings results on Wednesday. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.01, Briefing.com reports. Kraft Heinz had a net margin of 10.72% and a return on equity of 7.42%. The business had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $6.43 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Kraft Heinz updated its FY24 guidance to $3.01-3.07 EPS and its FY 2024 guidance to 3.010-3.070 EPS.

Kraft Heinz Price Performance

Shares of KHC traded up $0.44 on Thursday, reaching $36.72. The stock had a trading volume of 11,372,163 shares, compared to its average volume of 8,157,192. The firm has a 50-day moving average of $36.34 and a 200 day moving average of $35.74. The firm has a market capitalization of $44.64 billion, a PE ratio of 15.78, a PEG ratio of 3.07 and a beta of 0.65. Kraft Heinz has a twelve month low of $30.68 and a twelve month high of $41.47. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.39.

Kraft Heinz Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, June 6th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend is Thursday, June 6th. Kraft Heinz’s dividend payout ratio (DPR) is 69.26%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Citigroup assumed coverage on Kraft Heinz in a report on Thursday, February 1st. They issued a “buy” rating and a $43.00 target price for the company. Bank of America boosted their target price on Kraft Heinz from $40.00 to $42.00 and gave the company a “buy” rating in a report on Monday, April 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Kraft Heinz from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Wells Fargo & Company reduced their target price on shares of Kraft Heinz from $38.00 to $37.00 and set an “equal weight” rating for the company in a research note on Thursday, February 15th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $40.57.

Kraft Heinz Company 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.