PNC Financial Services Group Inc. increased its stake in Kraft Heinz Co. (NASDAQ:KHC) by 72.8% during the third quarter, Holdings Channel reports. The firm owned 1,874,583 shares of the company’s stock after buying an additional 789,701 shares during the period. PNC Financial Services Group Inc.’s holdings in Kraft Heinz were worth $167,794,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Bollard Group LLC increased its position in shares of Kraft Heinz by 815.4% in the third quarter. Bollard Group LLC now owns 1,126 shares of the company’s stock valued at $101,000 after buying an additional 1,003 shares in the last quarter. Cornerstone Advisors Inc. increased its position in Kraft Heinz by 129.0% in the third quarter. Cornerstone Advisors Inc. now owns 1,223 shares of the company’s stock valued at $109,000 after buying an additional 689 shares during the period. Enterprise Financial Services Corp increased its position in Kraft Heinz by 8.5% in the second quarter. Enterprise Financial Services Corp now owns 1,280 shares of the company’s stock valued at $113,000 after buying an additional 100 shares during the period. CWM LLC increased its position in Kraft Heinz by 21.9% in the third quarter. CWM LLC now owns 1,367 shares of the company’s stock valued at $122,000 after buying an additional 246 shares during the period. Finally, Blue Chip Partners Inc. bought a new position in Kraft Heinz during the second quarter valued at approximately $128,000. Hedge funds and other institutional investors own 60.74% of the company’s stock.
Kraft Heinz Co. (NASDAQ:KHC) opened at 83.22 on Tuesday. Kraft Heinz Co. has a 12 month low of $68.18 and a 12 month high of $90.54. The stock has a market capitalization of $101.30 billion, a price-to-earnings ratio of 36.63 and a beta of 0.48. The stock’s 50 day moving average is $85.84 and its 200-day moving average is $86.83.
Kraft Heinz (NASDAQ:KHC) last released its earnings results on Thursday, November 3rd. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The business earned $6.27 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Kraft Heinz had a net margin of 10.44% and a return on equity of 6.40%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. On average, equities research analysts expect that Kraft Heinz Co. will post $3.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.88%. Kraft Heinz’s dividend payout ratio is currently 105.26%.
Several research analysts have commented on the stock. Susquehanna reissued a “buy” rating on shares of Kraft Heinz in a report on Monday, August 22nd. Goldman Sachs Group Inc. reissued a “buy” rating and set a $100.00 price objective on shares of Kraft Heinz in a report on Saturday, August 13th. Argus increased their price objective on shares of Kraft Heinz from $91.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, September 28th. Credit Suisse Group AG reissued an “outperform” rating and set a $100.00 price objective (up previously from $98.00) on shares of Kraft Heinz in a report on Tuesday, August 16th. Finally, JPMorgan Chase & Co. reissued a “focus list” rating on shares of Kraft Heinz in a report on Tuesday, October 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $98.96.
In other news, major shareholder Global Food Holdings Lp 3G sold 2,808,371 shares of the business’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $87.05, for a total transaction of $244,468,695.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 26.92% of the company’s stock.
Kraft Heinz Company Profile
The Kraft Heinz Company is a food and beverage company. The Company is engaged in the manufacturing and marketing of food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. The Company’s segments include the United States, Canada and Europe.