Pitcairn Co. Purchases Shares of 7,757 The Kraft Heinz Company (NASDAQ:KHC)

Pitcairn Co. purchased a new stake in The Kraft Heinz Company (NASDAQ:KHC) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,757 shares of the company’s stock, valued at approximately $286,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KHC. Lake Street Advisors Group LLC purchased a new position in shares of Kraft Heinz in the first quarter worth about $202,000. Bessemer Group Inc. grew its holdings in Kraft Heinz by 16.5% during the first quarter. Bessemer Group Inc. now owns 20,608 shares of the company’s stock worth $760,000 after acquiring an additional 2,914 shares during the period. Delta Asset Management LLC TN grew its holdings in Kraft Heinz by 13.2% during the first quarter. Delta Asset Management LLC TN now owns 7,311 shares of the company’s stock worth $270,000 after acquiring an additional 850 shares during the period. UniSuper Management Pty Ltd grew its holdings in Kraft Heinz by 359.9% during the first quarter. UniSuper Management Pty Ltd now owns 37,408 shares of the company’s stock worth $1,380,000 after acquiring an additional 29,274 shares during the period. Finally, Clearbridge Investments LLC acquired a new stake in Kraft Heinz during the first quarter worth about $439,000. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Lande Rashida La sold 10,140 shares of Kraft Heinz stock in a transaction on Monday, May 6th. The stock was sold at an average price of $35.95, for a total value of $364,533.00. Following the completion of the sale, the insider now directly owns 158,266 shares of the company’s stock, valued at $5,689,662.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on KHC. Wells Fargo & Company dropped their price objective on Kraft Heinz from $37.00 to $34.00 and set an “equal weight” rating on the stock in a report on Thursday, June 27th. Bank of America dropped their price objective on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Piper Sandler dropped their price objective on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Thursday, June 20th. Deutsche Bank Aktiengesellschaft lifted their price target on Kraft Heinz from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Finally, Barclays lowered their price target on Kraft Heinz from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Kraft Heinz has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Kraft Heinz Trading Up 0.7 %

NASDAQ:KHC traded up $0.24 on Thursday, reaching $33.29. The company’s stock had a trading volume of 6,889,902 shares, compared to its average volume of 7,898,631. The Kraft Heinz Company has a 12-month low of $30.68 and a 12-month high of $38.96. The company has a quick ratio of 0.61, a current ratio of 1.09 and a debt-to-equity ratio of 0.40. The firm has a market cap of $40.42 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 3.29 and a beta of 0.53. The stock has a 50 day moving average price of $33.57 and a 200 day moving average price of $35.47.

Kraft Heinz (NASDAQ:KHC) last posted its earnings results on Wednesday, May 1st. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. Kraft Heinz had a return on equity of 7.41% and a net margin of 10.62%. The company had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter in the previous year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts anticipate that The Kraft Heinz Company will post 2.99 EPS for the current fiscal year.

Kraft Heinz Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, June 6th were paid a $0.40 dividend. The ex-dividend date was Thursday, June 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.81%. Kraft Heinz’s payout ratio is presently 69.87%.

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.