abrdn plc Boosts Stake in The Kraft Heinz Company (NASDAQ:KHC)

abrdn plc raised its position in The Kraft Heinz Company (NASDAQ:KHC) by 6.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 356,918 shares of the company’s stock after buying an additional 20,596 shares during the period. abrdn plc’s holdings in Kraft Heinz were worth $12,512,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. New Covenant Trust Company N.A. bought a new position in shares of Kraft Heinz during the first quarter worth about $27,000. DiNuzzo Private Wealth Inc. lifted its position in shares of Kraft Heinz by 1,077.0% during the third quarter. DiNuzzo Private Wealth Inc. now owns 871 shares of the company’s stock worth $31,000 after purchasing an additional 797 shares during the last quarter. Bangor Savings Bank bought a new position in shares of Kraft Heinz during the third quarter worth about $32,000. Asset Dedication LLC lifted its position in shares of Kraft Heinz by 94.8% during the second quarter. Asset Dedication LLC now owns 978 shares of the company’s stock worth $32,000 after purchasing an additional 476 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Kraft Heinz by 221.5% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,016 shares of the company’s stock worth $36,000 after purchasing an additional 700 shares during the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on KHC shares. The Goldman Sachs Group reduced their price target on shares of Kraft Heinz from $34.00 to $32.00 and set a “sell” rating on the stock in a research report on Thursday. Wells Fargo & Company increased their price target on shares of Kraft Heinz from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Bank of America cut their target price 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. Citigroup cut their target price on shares of Kraft Heinz from $39.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Barclays cut their target price on shares of Kraft Heinz from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $37.15.

Kraft Heinz Price Performance

Shares of NASDAQ:KHC opened at $33.49 on Friday. The firm’s 50 day moving average is $35.15 and its two-hundred day moving average is $34.83. The Kraft Heinz Company has a 52 week low of $31.58 and a 52 week high of $38.96. The firm has a market capitalization of $40.49 billion, a P/E ratio of 30.17, a PEG ratio of 3.30 and a beta of 0.49. The company has a current ratio of 1.06, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40.

Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. Kraft Heinz had a net margin of 5.24% and a return on equity of 7.46%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.42 billion. During the same quarter last year, the business earned $0.72 earnings per share. Kraft Heinz’s revenue was down 2.8% compared to the same quarter last year. Analysts anticipate that The Kraft Heinz Company will post 3.01 earnings per share for the current year.

Kraft Heinz Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 29th. This represents a $1.60 annualized dividend and a yield of 4.78%. Kraft Heinz’s payout ratio is 144.14%.

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.