PNC Financial Services Group Inc. Reduces Stock Holdings in Kraft Heinz Company $KHC

PNC Financial Services Group Inc. decreased its position in shares of Kraft Heinz Company (NASDAQ:KHC) by 12.6% during the second quarter, HoldingsChannel reports. The fund owned 232,798 shares of the company’s stock after selling 33,466 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Kraft Heinz were worth $6,011,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Kraft Heinz by 12.7% in the first quarter. Vanguard Group Inc. now owns 101,980,834 shares of the company’s stock worth $3,103,277,000 after purchasing an additional 11,472,071 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Kraft Heinz by 4,390.7% in the 1st quarter. Pacer Advisors Inc. now owns 7,444,062 shares of the company’s stock valued at $226,523,000 after purchasing an additional 7,278,295 shares in the last quarter. Nuveen LLC purchased a new stake in Kraft Heinz during the first quarter worth $61,110,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Kraft Heinz by 22.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 10,480,889 shares of the company’s stock valued at $318,933,000 after acquiring an additional 1,895,722 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Kraft Heinz by 24.1% during the 1st quarter. Deutsche Bank AG now owns 6,460,347 shares of the company’s stock valued at $196,588,000 after acquiring an additional 1,255,022 shares in the last quarter. 78.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on KHC. DZ Bank upgraded Kraft Heinz from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. The Goldman Sachs Group decreased their price target on shares of Kraft Heinz from $30.00 to $27.00 in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Kraft Heinz in a research report on Wednesday, October 8th. UBS Group reduced their price objective on shares of Kraft Heinz from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Finally, Stifel Nicolaus lowered their target price on shares of Kraft Heinz from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $26.58.

Kraft Heinz Trading Down 0.4%

Shares of Kraft Heinz stock opened at $24.85 on Monday. The firm’s 50 day simple moving average is $25.47 and its two-hundred day simple moving average is $26.59. The firm has a market capitalization of $29.41 billion, a price-to-earnings ratio of -6.66, a PEG ratio of 2.88 and a beta of 0.16. Kraft Heinz Company has a 12-month low of $23.70 and a 12-month high of $33.35. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.46.

Kraft Heinz (NASDAQ:KHC) last announced its quarterly earnings data on Friday, July 8th. The company reported $0.72 earnings per share for the quarter. Kraft Heinz had a negative net margin of 17.35% and a positive return on equity of 7.26%. The firm had revenue of $6.39 billion for the quarter. Analysts predict that Kraft Heinz Company will post 2.68 EPS for the current year.

Kraft Heinz Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, November 28th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 6.4%. The ex-dividend date is Friday, November 28th. Kraft Heinz’s payout ratio is presently -42.90%.

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.