Kraft Heinz (NASDAQ:KHC) Issues Earnings Results

Kraft Heinz (NASDAQ:KHC) issued its earnings results on Wednesday. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01, Briefing.com reports. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. The firm had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.42 billion. During the same quarter last year, the business earned $0.72 earnings per share. The company’s revenue was down 2.8% compared to the same quarter last year. Kraft Heinz updated its FY 2024 guidance to 3.010-3.010 EPS and its FY24 guidance to $3.01-3.07 EPS.

Kraft Heinz Price Performance

Shares of NASDAQ:KHC traded down $0.27 during trading on Thursday, reaching $33.46. 10,344,391 shares of the company traded hands, compared to its average volume of 7,786,038. The company’s 50 day moving average is $35.24 and its two-hundred day moving average is $34.86. The firm has a market capitalization of $40.63 billion, a PE ratio of 14.61, a PEG ratio of 3.48 and a beta of 0.49. The company has a quick ratio of 0.53, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. Kraft Heinz has a 52 week low of $31.08 and a 52 week high of $38.96.

Kraft Heinz Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.60 annualized dividend and a yield of 4.78%. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

Insider Activity

In other news, insider Cory Onell sold 4,076 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $36.00, for a total transaction of $146,736.00. Following the completion of the sale, the insider now directly owns 143,970 shares in the company, valued at approximately $5,182,920. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Kraft Heinz from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. cut their price objective on Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Piper Sandler dropped their target price on Kraft Heinz from $41.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday. Bank of America dropped their target price on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Evercore ISI dropped their target price on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $37.23.

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.