Kraft Heinz (NASDAQ:KHC) Price Target Cut to $32.00 by Analysts at The Goldman Sachs Group

Kraft Heinz (NASDAQ:KHC) had its target price decreased by research analysts at The Goldman Sachs Group from $34.00 to $32.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential downside of 4.45% from the company’s current price.

Several other brokerages have also recently weighed in on KHC. Bank of America dropped their price objective on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price objective on Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Evercore ISI dropped their price objective on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus lowered Kraft Heinz from a “buy” rating to a “hold” rating and decreased their target price for the stock from $40.00 to $38.00 in a research report on Friday, October 25th. Finally, Wells Fargo & Company boosted their target price 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kraft Heinz has an average rating of “Hold” and an average price target of $37.15.

Kraft Heinz Stock Performance

Kraft Heinz stock opened at $33.49 on Thursday. The stock has a 50-day simple moving average of $35.15 and a 200 day simple moving average of $34.83. The company has a quick ratio of 0.53, a current ratio of 1.06 and a debt-to-equity ratio of 0.40. Kraft Heinz has a 12-month low of $31.58 and a 12-month high of $38.96. The stock has a market capitalization of $40.49 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 3.30 and a beta of 0.49.

Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The firm had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.42 billion. Kraft Heinz had a return on equity of 7.46% and a net margin of 5.24%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 EPS. On average, research analysts anticipate that Kraft Heinz will post 3.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kraft Heinz

Institutional investors and hedge funds have recently modified their holdings of the business. Fortitude Family Office LLC grew its position in shares of Kraft Heinz by 249.5% in the 3rd quarter. Fortitude Family Office LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 529 shares during the period. New Covenant Trust Company N.A. acquired a new position in Kraft Heinz during the 1st quarter worth approximately $27,000. DiNuzzo Private Wealth Inc. boosted its position in Kraft Heinz by 1,077.0% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 871 shares of the company’s stock worth $31,000 after acquiring an additional 797 shares during the last quarter. Asset Dedication LLC boosted its position in Kraft Heinz by 94.8% during the 2nd quarter. Asset Dedication LLC now owns 978 shares of the company’s stock worth $32,000 after acquiring an additional 476 shares during the last quarter. Finally, Bangor Savings Bank acquired a new position in Kraft Heinz during the 3rd quarter worth approximately $32,000. 78.17% of the stock is currently owned by institutional investors and hedge funds.

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.