Kraft Heinz (NASDAQ:KHC) Issues Earnings Results

Kraft Heinz (NASDAQ:KHC) issued its quarterly earnings results on Wednesday. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01, Briefing.com reports. The firm had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.43 billion. Kraft Heinz had a return on equity of 7.42% and a net margin of 10.72%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. Kraft Heinz updated its FY24 guidance to $3.01-3.07 EPS and its FY 2024 guidance to 3.010-3.070 EPS.

Kraft Heinz Trading Up 1.2 %

Shares of NASDAQ KHC traded up $0.44 during trading hours on Thursday, hitting $36.72. The company’s stock had a trading volume of 11,372,163 shares, compared to its average volume of 8,157,192. The business has a 50-day simple moving average of $36.34 and a 200-day simple moving average of $35.74. The stock has a market cap of $44.64 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 3.07 and a beta of 0.65. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.99. Kraft Heinz has a 12 month low of $30.68 and a 12 month high of $41.47.

Kraft Heinz Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, June 6th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, June 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.36%. Kraft Heinz’s dividend payout ratio is currently 69.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on KHC shares. Deutsche Bank Aktiengesellschaft raised their price target on Kraft Heinz from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Wells Fargo & Company cut their target price on Kraft Heinz from $38.00 to $37.00 and set an “equal weight” rating for the company in a research note on Thursday, February 15th. Citigroup began coverage on shares of Kraft Heinz in a research note on Thursday, February 1st. They set a “buy” rating and a $43.00 price target on the stock. Finally, Bank of America upped their price objective on shares of Kraft Heinz from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $40.57.

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.