Kraft Heinz (NASDAQ:KHC) Announces Quarterly Earnings Results

Kraft Heinz (NASDAQ:KHC) released its quarterly earnings data on Wednesday. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01, Briefing.com reports. The business had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.42 billion. Kraft Heinz had a net margin of 5.24% and a return on equity of 7.46%. Kraft Heinz’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.72 earnings per share. Kraft Heinz updated its FY 2024 guidance to 3.010-3.010 EPS and its FY24 guidance to $3.01-3.07 EPS.

Kraft Heinz Price Performance

NASDAQ:KHC traded up $0.06 during trading hours on Friday, reaching $33.52. 1,374,241 shares of the company were exchanged, compared to its average volume of 7,755,462. The company has a current ratio of 1.06, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average is $35.20 and its 200-day moving average is $34.85. The firm has a market cap of $40.53 billion, a PE ratio of 30.14, a price-to-earnings-growth ratio of 3.30 and a beta of 0.49. Kraft Heinz has a twelve month low of $31.58 and a twelve month high of $38.96.

Kraft Heinz Dividend Announcement

The business also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date is Friday, November 29th. Kraft Heinz’s dividend payout ratio is presently 144.14%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Kraft Heinz from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Bank of America reduced their price target on shares of Kraft Heinz from $42.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Stifel Nicolaus lowered shares of Kraft Heinz from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $40.00 to $38.00 in a research note on Friday, October 25th. JPMorgan Chase & Co. reduced their price objective on shares of Kraft Heinz from $38.00 to $37.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Kraft Heinz from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $39.00 to $35.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Kraft Heinz currently has a consensus rating of “Hold” and a consensus price target of $37.23.

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.