Kraft Heinz (NASDAQ:KHC) Price Target Cut to $39.00 by Analysts at Citigroup

Kraft Heinz (NASDAQ:KHC) had its price target cut by Citigroup from $41.00 to $39.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 12.49% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company raised their price target 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, August 1st. Bank of America reduced their price target on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Barclays raised their price target on Kraft Heinz from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Evercore ISI reduced their price objective on shares of Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kraft Heinz currently has an average rating of “Hold” and an average target price of $37.55.

Kraft Heinz Stock Performance

Shares of Kraft Heinz stock traded up $0.01 on Wednesday, reaching $34.67. 4,148,821 shares of the company were exchanged, compared to its average volume of 7,851,048. The firm has a market cap of $42.10 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 3.39 and a beta of 0.49. 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 0.39, a quick ratio of 0.53 and a current ratio of 1.01. The company’s 50-day moving average is $35.16 and its two-hundred day moving average is $35.03.

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

Insider Buying and Selling

In other news, insider Cory Onell sold 4,076 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $36.00, for a total value of $146,736.00. Following the transaction, the insider now owns 143,970 shares in the company, valued at $5,182,920. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Kraft Heinz

Hedge funds have recently added to or reduced their stakes in the company. Elo Mutual Pension Insurance Co lifted its stake in shares of Kraft Heinz by 4.1% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 74,847 shares of the company’s stock valued at $2,768,000 after purchasing an additional 2,947 shares during the last quarter. Wasatch Advisors LP raised its holdings in Kraft Heinz by 4.6% during the fourth quarter. Wasatch Advisors LP now owns 113,000 shares of the company’s stock valued at $4,179,000 after buying an additional 5,000 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in shares of Kraft Heinz in the fourth quarter worth about $136,000. Palogic Value Management L.P. boosted its stake in shares of Kraft Heinz by 17.9% during the 4th quarter. Palogic Value Management L.P. now owns 14,929 shares of the company’s stock worth $552,000 after acquiring an additional 2,270 shares in the last quarter. Finally, GLOBALT Investments LLC GA acquired a new position in shares of Kraft Heinz during the 4th quarter valued at about $7,743,000. Institutional investors and hedge funds own 78.17% 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.