PNC Financial Services Group Inc. Buys 13,452 Shares of The Kraft Heinz Company (NASDAQ:KHC)

PNC Financial Services Group Inc. grew its stake in shares of The Kraft Heinz Company (NASDAQ:KHC) by 7.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 200,937 shares of the company’s stock after acquiring an additional 13,452 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Kraft Heinz were worth $7,055,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of KHC. Fortitude Family Office LLC boosted its position in shares of Kraft Heinz by 249.5% during the 3rd quarter. Fortitude Family Office LLC now owns 741 shares of the company’s stock worth $26,000 after acquiring an additional 529 shares in the last quarter. New Covenant Trust Company N.A. acquired a new stake in shares of Kraft Heinz in the 1st quarter valued at $27,000. Ashton Thomas Securities LLC bought a new position in shares of Kraft Heinz in the 3rd quarter valued at $27,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of 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 buying an additional 797 shares in the last quarter. Finally, Asset Dedication LLC boosted its stake 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 buying an additional 476 shares in the last quarter. 78.17% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Pedro F. P. Navio sold 45,000 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $33.45, for a total transaction of $1,505,250.00. Following the transaction, the executive vice president now directly owns 168,195 shares of the company’s stock, valued at $5,626,122.75. This represents a 21.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on KHC shares. 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. Wells Fargo & Company increased their price objective on shares of Kraft Heinz from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Mizuho decreased their target price on shares of Kraft Heinz from $43.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Piper Sandler reiterated a “neutral” rating and issued a $35.00 price target (down from $40.00) on shares of Kraft Heinz in a research note on Tuesday, November 19th. Finally, Citigroup reduced their price objective on Kraft Heinz from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $36.55.

Kraft Heinz Trading Up 2.3 %

NASDAQ KHC opened at $31.81 on Friday. The firm has a market capitalization of $38.46 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 3.55 and a beta of 0.49. The business’s 50-day moving average price is $34.08 and its two-hundred day moving average price is $34.26. The company has a current ratio of 1.06, a quick ratio of 0.56 and a debt-to-equity ratio of 0.40. The Kraft Heinz Company has a 12 month low of $30.40 and a 12 month high of $38.96.

Kraft Heinz (NASDAQ:KHC) last released its earnings results on Wednesday, October 30th. The company reported $0.75 earnings per share for the quarter, beating 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 net margin of 5.24% and a return on equity of 7.46%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 EPS. On average, analysts expect that The Kraft Heinz Company will post 3.01 EPS for the current year.

Kraft Heinz Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, November 29th. This represents a $1.60 dividend on an annualized basis and a yield of 5.03%. Kraft Heinz’s dividend payout ratio (DPR) is currently 144.14%.

Kraft Heinz 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.