Sound Shore Management Inc. CT Reduces Stock Holdings in The Kraft Heinz Company (NASDAQ:KHC)

Sound Shore Management Inc. CT lowered its holdings in shares of The Kraft Heinz Company (NASDAQ:KHC) by 3.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,403,022 shares of the company’s stock after selling 77,299 shares during the quarter. Kraft Heinz makes up approximately 2.6% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 20th largest position. Sound Shore Management Inc. CT’s holdings in Kraft Heinz were worth $77,425,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. increased its holdings in Kraft Heinz by 12.8% during the second quarter. Sei Investments Co. now owns 760,222 shares of the company’s stock valued at $24,495,000 after buying an additional 86,311 shares during the last quarter. Pacer Advisors Inc. lifted its position in Kraft Heinz by 29.8% during the second quarter. Pacer Advisors Inc. now owns 764,419 shares of the company’s stock valued at $24,630,000 after purchasing an additional 175,315 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Kraft Heinz by 3.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 177,198 shares of the company’s stock worth $5,709,000 after buying an additional 5,800 shares in the last quarter. Ranch Capital Advisors Inc. lifted its position in shares of Kraft Heinz by 3.6% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 29,385 shares of the company’s stock valued at $947,000 after buying an additional 1,013 shares in the last quarter. Finally, AE Wealth Management LLC grew its stake in shares of Kraft Heinz by 29.1% during the 2nd quarter. AE Wealth Management LLC now owns 90,265 shares of the company’s stock valued at $2,908,000 after acquiring an additional 20,365 shares during the period. Institutional investors own 78.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on KHC shares. The Goldman Sachs Group started coverage on shares of Kraft Heinz in a research note on Monday, August 12th. They set a “sell” rating and a $34.00 target price on the stock. Citigroup lowered their target price on shares of Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Barclays increased their price target on Kraft Heinz from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Wells Fargo & Company boosted their price objective on Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Kraft Heinz from $43.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $37.50.

Insider Activity

In other news, insider Cory Onell sold 4,076 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 143,970 shares of the company’s stock, valued at approximately $5,182,920. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Kraft Heinz Stock Down 0.1 %

NASDAQ KHC opened at $34.96 on Friday. The stock has a 50 day moving average price of $34.80 and a 200-day moving average price of $35.05. The Kraft Heinz Company has a one year low of $30.68 and a one year high of $38.96. The company has a market capitalization of $42.45 billion, a P/E ratio of 15.27, a P/E/G ratio of 3.43 and a beta of 0.49. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.53 and a current ratio of 1.01.

Kraft Heinz (NASDAQ:KHC) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.73 by $0.05. The business had revenue of $6.50 billion during the quarter, compared to analyst estimates of $6.55 billion. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. Kraft Heinz’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.79 earnings per share. As a group, equities analysts predict that The Kraft Heinz Company will post 3.02 EPS for the current fiscal year.

Kraft Heinz Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, August 30th. This represents a $1.60 dividend on an annualized basis and a yield of 4.58%. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

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.