Contravisory Investment Management Inc. Reduces Stock Position in The Kraft Heinz Company (NASDAQ:KHC)
Contravisory Investment Management Inc. reduced its holdings in shares of The Kraft Heinz Company (NASDAQ:KHC) by 10.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,965 shares of the company’s stock after selling 979 shares during the quarter. Contravisory Investment Management Inc.’s holdings in The Kraft Heinz were worth $276,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV lifted its stake in shares of The Kraft Heinz by 181.3% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,187 shares of the company’s stock valued at $36,000 after buying an additional 765 shares in the last quarter. Provident Wealth Management LLC bought a new position in shares of The Kraft Heinz during the 3rd quarter valued at $42,000. Rock Creek Group LP grew its holdings in The Kraft Heinz by 30.9% in the 3rd quarter. Rock Creek Group LP now owns 1,971 shares of the company’s stock worth $59,000 after acquiring an additional 465 shares during the last quarter. Rockbridge Investment Management LCC bought a new stake in The Kraft Heinz in the 2nd quarter worth $61,000. Finally, Cerebellum GP LLC grew its holdings in The Kraft Heinz by 35.0% in the 3rd quarter. Cerebellum GP LLC now owns 2,150 shares of the company’s stock worth $64,000 after acquiring an additional 557 shares during the last quarter. Institutional investors own 56.79% of the company’s stock.
In other news, Director Elio Leoni Sceti purchased 90,000 shares of the company’s stock in a transaction on Wednesday, December 2nd. The stock was acquired at an average cost of $33.22 per share, for a total transaction of $2,989,800.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Global Food Holdings Lp 3G sold 29,169,550 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $30.31, for a total transaction of $884,129,060.50. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.
The Kraft Heinz (NASDAQ:KHC) last announced its earnings results on Thursday, October 29th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.08. The company had revenue of $6.44 billion during the quarter, compared to analyst estimates of $6.32 billion. The Kraft Heinz had a negative net margin of 1.92% and a positive return on equity of 6.80%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.69 earnings per share. Sell-side analysts predict that The Kraft Heinz Company will post 2.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 18th. Shareholders of record on Friday, November 27th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, November 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.00%. The Kraft Heinz’s payout ratio is currently 56.14%.
A number of equities research analysts have issued reports on the stock. BidaskClub raised shares of The Kraft Heinz from a “sell” rating to a “hold” rating in a report on Monday, November 2nd. ValuEngine raised shares of The Kraft Heinz from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 5th. Wells Fargo & Company cut their target price on shares of The Kraft Heinz from $44.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 16th. Guggenheim raised shares of The Kraft Heinz from a “neutral” rating to a “buy” rating and lifted their target price for the company from $34.00 to $35.00 in a research note on Friday, October 30th. Finally, Jefferies Financial Group lifted their price target on shares of The Kraft Heinz from $32.00 to $34.00 and gave the company a “hold” rating in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $34.39.
The Kraft Heinz Profile
The Kraft Heinz Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States, Canada, the United Kingdom, and internationally. Its products include condiments and sauces, cheese and dairy, meals, meats and seafood, frozen and chilled foods, packaged drinking pouches, appetizers, refreshment beverages, coffee, nuts and salted snacks, infant and nutrition products, and other grocery products, as well as desserts, dressings, toppings, and baking.
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