Magellan Asset Management Ltd Has $1.84 Billion Holdings in Kraft Heinz Co (KHC)
Magellan Asset Management Ltd lowered its stake in Kraft Heinz Co (NASDAQ:KHC) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,405,438 shares of the company’s stock after selling 215,932 shares during the period. Kraft Heinz comprises 6.0% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 7th biggest position. Magellan Asset Management Ltd owned approximately 2.74% of Kraft Heinz worth $1,840,974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Integrated Investment Consultants LLC raised its stake in shares of Kraft Heinz by 133.5% during the second quarter. Integrated Investment Consultants LLC now owns 1,688 shares of the company’s stock valued at $106,000 after acquiring an additional 965 shares during the last quarter. D.A. Davidson & CO. raised its stake in shares of Kraft Heinz by 18.8% during the second quarter. D.A. Davidson & CO. now owns 53,340 shares of the company’s stock valued at $3,351,000 after acquiring an additional 8,443 shares during the last quarter. IFG Advisory LLC bought a new position in shares of Kraft Heinz during the second quarter valued at $205,000. Sigma Planning Corp raised its stake in shares of Kraft Heinz by 16.4% during the second quarter. Sigma Planning Corp now owns 8,750 shares of the company’s stock valued at $550,000 after acquiring an additional 1,230 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its stake in shares of Kraft Heinz by 3.7% during the second quarter. Kornitzer Capital Management Inc. KS now owns 174,974 shares of the company’s stock valued at $10,992,000 after acquiring an additional 6,180 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors.
KHC has been the subject of several analyst reports. BidaskClub downgraded shares of Kraft Heinz from a “hold” rating to a “sell” rating in a research note on Friday, September 21st. Royal Bank of Canada dropped their price target on shares of Kraft Heinz to $68.00 and set an “outperform” rating for the company in a research note on Friday, November 2nd. Zacks Investment Research raised shares of Kraft Heinz from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. ValuEngine raised shares of Kraft Heinz from a “strong sell” rating to a “sell” rating in a research note on Friday, October 19th. Finally, Berenberg Bank set a $64.00 price target on shares of Kraft Heinz and gave the company a “buy” rating in a research note on Tuesday, November 20th. Six research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $66.89.
Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Thursday, November 1st. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.03). Kraft Heinz had a return on equity of 6.62% and a net margin of 39.56%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.31 billion. During the same period in the prior year, the business earned $0.83 EPS. Kraft Heinz’s quarterly revenue was up 1.6% on a year-over-year basis. On average, research analysts predict that Kraft Heinz Co will post 3.64 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend is Thursday, November 15th. Kraft Heinz’s dividend payout ratio is presently 70.42%.
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Kraft Heinz Profile
The Kraft Heinz Company manufactures and markets food and beverage products in the United States, Canada, Europe, and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products. The company offers its products under the Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Planters, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid, Jell-O, Cracker Barrel, P'Tit Cheese, Tassimo, Classico, Plasmon, Pudliszki, Honig, HP, Benedicta, ABC, Master, Quero, Golden Circle, Wattie's, Glucon D, and Complan names.
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