Lorne Steinberg Wealth Management Inc. Sells 685 Shares of The Kraft Heinz Company (NASDAQ:KHC)

Lorne Steinberg Wealth Management Inc. lessened its holdings in The Kraft Heinz Company (NASDAQ:KHC) by 0.6% in the fourth quarter, HoldingsChannel reports. The fund owned 107,630 shares of the company’s stock after selling 685 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Kraft Heinz were worth $3,305,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. State Street Corp boosted its position in shares of Kraft Heinz by 16.7% in the third quarter. State Street Corp now owns 44,400,402 shares of the company’s stock valued at $1,558,898,000 after acquiring an additional 6,366,732 shares during the period. Geode Capital Management LLC raised its stake in Kraft Heinz by 11.3% in the third quarter. Geode Capital Management LLC now owns 19,150,328 shares of the company’s stock valued at $669,821,000 after purchasing an additional 1,944,019 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in Kraft Heinz in the third quarter valued at about $411,304,000. Nordea Investment Management AB raised its stake in Kraft Heinz by 16.3% in the fourth quarter. Nordea Investment Management AB now owns 8,813,268 shares of the company’s stock valued at $269,906,000 after purchasing an additional 1,238,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Kraft Heinz by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,307,598 shares of the company’s stock valued at $186,350,000 after purchasing an additional 545,504 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on KHC shares. JPMorgan Chase & Co. dropped their price target on Kraft Heinz from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Barclays lowered their target price on Kraft Heinz from $33.00 to $29.00 and set an “equal weight” rating for the company in a research note on Friday, February 14th. Stifel Nicolaus lowered their target price on Kraft Heinz from $32.00 to $31.00 and set a “hold” rating for the company in a research note on Thursday, February 13th. Piper Sandler lowered their target price on Kraft Heinz from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Finally, Deutsche Bank Aktiengesellschaft downgraded Kraft Heinz from a “buy” rating to a “hold” rating and lowered their target price for the stock from $39.00 to $35.00 in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $30.86.

Kraft Heinz Stock Performance

NASDAQ:KHC opened at $29.32 on Wednesday. The stock has a market cap of $35.04 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 3.25 and a beta of 0.47. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.39. The stock’s 50-day moving average is $29.80 and its 200-day moving average is $32.62. The Kraft Heinz Company has a 1-year low of $27.25 and a 1-year high of $38.96.

Kraft Heinz (NASDAQ:KHC) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.06. Kraft Heinz had a return on equity of 7.58% and a net margin of 10.62%. Equities research analysts anticipate that The Kraft Heinz Company will post 2.68 earnings per share for the current year.

Kraft Heinz Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend is Friday, March 7th. Kraft Heinz’s payout ratio is presently 70.80%.

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.