Kraft Heinz (NASDAQ:KHC) Price Target Cut to $38.00

Kraft Heinz (NASDAQ:KHC) had its price target dropped by Evercore ISI from $42.00 to $38.00 in a report issued on Wednesday. The brokerage presently has an “overweight” rating on the stock. Evercore ISI’s price objective suggests a potential upside of 10.56% from the stock’s previous close.

A number of other research firms have also recently weighed in on KHC. Bank of America cut their price objective on shares of Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft boosted their price target on Kraft Heinz from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Piper Sandler decreased their price target on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, June 20th. Wells Fargo & Company cut their price target on shares of Kraft Heinz from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Finally, Barclays lowered their price objective on Kraft Heinz from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.08.

Kraft Heinz Stock Up 1.6 %

Shares of NASDAQ:KHC opened at $34.37 on Wednesday. The firm has a market capitalization of $41.74 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 3.35 and a beta of 0.53. Kraft Heinz has a 1 year low of $30.68 and a 1 year high of $38.96. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.09 and a quick ratio of 0.61. The firm’s 50-day moving average is $33.37 and its two-hundred day moving average is $35.33.

Kraft Heinz (NASDAQ:KHC) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.69 earnings per share (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 analyst estimates of $6.43 billion. During the same quarter last year, the company earned $0.68 EPS. Kraft Heinz’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts predict that Kraft Heinz will post 2.99 EPS for the current year.

Insider Activity

In other Kraft Heinz news, insider Lande Rashida La sold 10,140 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $35.95, for a total value of $364,533.00. Following the sale, the insider now 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 can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Kraft Heinz

Several hedge funds have recently bought and sold shares of KHC. NBT Bank N A NY raised its holdings in Kraft Heinz by 2.2% in the 1st quarter. NBT Bank N A NY now owns 12,785 shares of the company’s stock valued at $472,000 after acquiring an additional 270 shares during the last quarter. Welch Group LLC increased its stake in shares of Kraft Heinz by 1.9% during the 1st quarter. Welch Group LLC now owns 14,868 shares of the company’s stock valued at $549,000 after acquiring an additional 272 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Kraft Heinz by 13.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,423 shares of the company’s stock worth $89,000 after acquiring an additional 282 shares during the period. Archer Investment Corp boosted its position in shares of Kraft Heinz by 2.0% in the fourth quarter. Archer Investment Corp now owns 14,709 shares of the company’s stock worth $544,000 after acquiring an additional 294 shares during the last quarter. Finally, Ingalls & Snyder LLC raised its stake in Kraft Heinz by 3.1% during the fourth quarter. Ingalls & Snyder LLC now owns 10,005 shares of the company’s stock worth $370,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 78.17% of the company’s stock.

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.