Kraft Heinz (NASDAQ:KHC) Updates FY24 Earnings Guidance

Kraft Heinz (NASDAQ:KHC) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.01-3.07 for the period, compared to the consensus estimate of $3.02. Kraft Heinz also updated its FY 2024 guidance to 3.010-3.010 EPS.

Kraft Heinz Stock Down 3.7 %

KHC traded down $1.30 during trading on Wednesday, reaching $33.50. 1,842,878 shares of the stock were exchanged, compared to its average volume of 7,715,272. The stock’s 50 day moving average price is $35.27 and its two-hundred day moving average price is $34.87. Kraft Heinz has a twelve month low of $31.08 and a twelve month high of $38.96. The stock has a market cap of $40.68 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 3.48 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 posted its quarterly 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 business had revenue of $6.50 billion during 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%. Kraft Heinz’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. Equities analysts expect that Kraft Heinz will post 3.01 EPS for the current year.

Kraft Heinz Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.78%. Kraft Heinz’s dividend payout ratio (DPR) is presently 69.87%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on KHC shares. The Goldman Sachs Group started coverage on shares of Kraft Heinz in a research note on Monday, August 12th. They issued a “sell” rating and a $34.00 price target on the stock. 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 note on Wednesday, July 31st. JPMorgan Chase & Co. dropped their price target on shares of Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Wells Fargo & Company raised 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. Finally, Barclays upped their price target on Kraft Heinz from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $37.58.

Insider Transactions at Kraft Heinz

In related news, insider Cory Onell sold 4,076 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 of the company’s stock, valued at approximately $5,182,920. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

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.