Kraft Heinz (NASDAQ:KHC) Releases Earnings Results, Beats Expectations By $0.05 EPS

Kraft Heinz (NASDAQ:KHC) issued its quarterly earnings data on Wednesday. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05, Briefing.com reports. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. The business had revenue of $6.50 billion for the quarter, compared to analysts’ expectations of $6.55 billion. During the same period in the previous year, the business earned $0.79 earnings per share. The company’s revenue was down 3.3% 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 Stock Up 1.9 %

NASDAQ:KHC traded up $0.66 on Friday, hitting $36.06. 15,882,140 shares of the company’s stock traded hands, compared to its average volume of 8,236,811. The company has a current ratio of 1.01, a quick ratio of 0.61 and a debt-to-equity ratio of 0.39. Kraft Heinz has a 1 year low of $30.68 and a 1 year high of $38.96. The firm has a 50-day moving average price of $33.34 and a 200-day moving average price of $35.31. The company has a market cap of $43.60 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 3.52 and a beta of 0.53.

Kraft Heinz Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.60 annualized dividend and a yield of 4.44%. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on KHC shares. Wells Fargo & Company lifted their price objective on shares of Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Thursday. Evercore ISI dropped their price target on shares of Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday. Piper Sandler dropped their price target on shares of Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, June 20th. Bank of America dropped their price target on shares of 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, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Kraft Heinz from $43.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.58.

Insider Buying and Selling at Kraft Heinz

In related news, insider Lande Rashida La sold 10,140 shares of the business’s stock in a transaction that occurred 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 owns 158,266 shares of the company’s stock, valued at approximately $5,689,662.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.32% of the company’s stock.

About Kraft Heinz

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.