Piper Sandler Cuts Kraft Heinz (NASDAQ:KHC) Price Target to $40.00

Kraft Heinz (NASDAQ:KHC) had its price objective cut by Piper Sandler from $41.00 to $40.00 in a research report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on KHC. Evercore ISI lowered their price target on Kraft Heinz from $42.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Barclays upped 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. Bank of America lowered their price target on Kraft Heinz from $42.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Wells Fargo & Company upped their price target on Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus downgraded Kraft Heinz from a “buy” rating to a “hold” rating and lowered their price target for the company from $40.00 to $38.00 in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $37.25.

Kraft Heinz Stock Performance

Shares of Kraft Heinz stock opened at $33.49 on Thursday. Kraft Heinz has a one year low of $31.58 and a one year high of $38.96. The company has a market cap of $40.50 billion, a PE ratio of 30.17, a P/E/G ratio of 3.49 and a beta of 0.49. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.53 and a current ratio of 1.06. The business has a 50-day simple moving average of $35.15 and a 200-day simple moving average of $34.82.

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

Kraft Heinz Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Friday, November 29th. Kraft Heinz’s dividend payout ratio (DPR) is presently 144.14%.

Institutional Investors Weigh In On Kraft Heinz

Large investors have recently modified their holdings of the stock. Clifford Capital Partners LLC raised its stake in shares of Kraft Heinz by 21.4% during the second quarter. Clifford Capital Partners LLC now owns 454,884 shares of the company’s stock worth $14,656,000 after purchasing an additional 80,101 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Kraft Heinz by 13.2% during the first quarter. Lazard Asset Management LLC now owns 2,006,917 shares of the company’s stock worth $74,053,000 after purchasing an additional 234,783 shares during the last quarter. Smith Thornton Advisors LLC purchased a new stake in shares of Kraft Heinz during the second quarter worth approximately $654,000. MBB Public Markets I LLC purchased a new stake in shares of Kraft Heinz during the second quarter worth approximately $2,001,000. Finally, Sei Investments Co. raised its stake in shares of Kraft Heinz by 12.8% during the second quarter. Sei Investments Co. now owns 760,222 shares of the company’s stock worth $24,495,000 after purchasing an additional 86,311 shares during the last quarter. Hedge funds and other institutional investors 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.