Prestige Wealth Management Group LLC Sells 10,071 Shares of The Kraft Heinz Company (NASDAQ:KHC)

Prestige Wealth Management Group LLC lessened its holdings in The Kraft Heinz Company (NASDAQ:KHC) by 92.0% during the second quarter, Holdings Channel reports. The fund owned 875 shares of the company’s stock after selling 10,071 shares during the period. Prestige Wealth Management Group LLC’s holdings in Kraft Heinz were worth $28,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors lifted its stake in shares of Kraft Heinz by 83.4% during the 1st quarter. Capital World Investors now owns 8,709,714 shares of the company’s stock worth $321,388,000 after buying an additional 3,961,872 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Kraft Heinz by 346.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,520,006 shares of the company’s stock worth $57,799,000 after acquiring an additional 1,179,863 shares during the period. Nordea Investment Management AB grew its position in shares of Kraft Heinz by 56.7% in the first quarter. Nordea Investment Management AB now owns 2,840,148 shares of the company’s stock valued at $104,929,000 after purchasing an additional 1,027,636 shares during the last quarter. Swedbank AB acquired a new position in shares of Kraft Heinz in the first quarter valued at approximately $25,298,000. Finally, Ilex Capital Partners UK LLP increased its stake in shares of Kraft Heinz by 34.7% during the first quarter. Ilex Capital Partners UK LLP now owns 2,616,278 shares of the company’s stock worth $96,541,000 after purchasing an additional 674,436 shares during the period. 78.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on KHC. Bank of America decreased their price objective on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Citigroup decreased 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 note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Kraft Heinz from $43.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Piper Sandler decreased their target price 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. Finally, Wells Fargo & Company increased their price target on Kraft Heinz from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $37.31.

Insider Activity

In related news, insider Cory Onell sold 4,076 shares of the business’s stock in a transaction 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 sale, the insider now owns 143,970 shares in the company, valued at approximately $5,182,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is owned by corporate insiders.

Kraft Heinz Price Performance

Shares of KHC stock opened at $35.84 on Monday. The Kraft Heinz Company has a twelve month low of $30.68 and a twelve month high of $38.96. The company has a quick ratio of 0.53, a current ratio of 1.01 and a debt-to-equity ratio of 0.39. The business has a fifty day simple moving average of $34.14 and a 200 day simple moving average of $35.06. The company has a market cap of $43.33 billion, a P/E ratio of 15.65, a P/E/G ratio of 3.49 and a beta of 0.49.

Kraft Heinz (NASDAQ:KHC) last posted its earnings results on Wednesday, July 31st. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05. The firm had revenue of $6.50 billion during the quarter, compared to analysts’ expectations of $6.55 billion. Kraft Heinz had a net margin of 7.30% and a return on equity of 7.38%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, sell-side analysts forecast that The Kraft Heinz Company will post 3.02 EPS for the current fiscal year.

Kraft Heinz Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued 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 dividend yield of 4.46%. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

Kraft Heinz 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.