Citigroup Lowers Kraft Heinz (NASDAQ:KHC) Price Target to $39.00

Kraft Heinz (NASDAQ:KHC) had its price target cut by analysts at Citigroup from $41.00 to $39.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 11.97% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Piper Sandler dropped their price objective on Kraft Heinz from $42.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lowered 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. The Goldman Sachs Group initiated coverage on Kraft Heinz in a research note on Monday, August 12th. They issued a “sell” rating and a $34.00 target price for the company. Finally, Wells Fargo & Company raised their target price on Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kraft Heinz has a consensus rating of “Hold” and an average target price of $37.55.

Kraft Heinz Price Performance

Shares of Kraft Heinz stock opened at $34.83 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.53 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $42.29 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 3.39 and a beta of 0.49. The business’s 50-day moving average price is $35.15 and its 200-day moving average price is $35.02. Kraft Heinz has a 12 month low of $30.68 and a 12 month high of $38.96.

Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.73 by $0.05. Kraft Heinz had a return on equity of 7.38% and a net margin of 7.30%. The firm had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period in the prior year, the company earned $0.79 EPS. The company’s revenue was down 3.3% on a year-over-year basis. Sell-side analysts forecast that Kraft Heinz will post 3.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Kraft Heinz news, insider Cory Onell sold 4,076 shares of Kraft Heinz stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $36.00, for a total transaction of $146,736.00. Following the completion of the transaction, the insider now owns 143,970 shares in the company, valued at approximately $5,182,920. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Kraft Heinz

Several large investors have recently bought and sold shares of KHC. New Covenant Trust Company N.A. acquired a new position in Kraft Heinz in the first quarter valued at approximately $27,000. Asset Dedication LLC lifted its holdings in Kraft Heinz by 94.8% in the second quarter. Asset Dedication LLC now owns 978 shares of the company’s stock valued at $32,000 after acquiring an additional 476 shares during the last quarter. Bangor Savings Bank acquired a new position in Kraft Heinz in the third quarter valued at approximately $32,000. Hantz Financial Services Inc. acquired a new position in Kraft Heinz in the second quarter valued at approximately $34,000. Finally, Valley Wealth Managers Inc. lifted its holdings in Kraft Heinz by 46.4% in the second quarter. Valley Wealth Managers Inc. now owns 1,073 shares of the company’s stock valued at $35,000 after acquiring an additional 340 shares during the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

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.