Bank of Nova Scotia Increases Stake in The Kraft Heinz Company (NASDAQ:KHC) (2024)

Bank of Nova Scotia grew its position in The Kraft Heinz Company (NASDAQ:KHC - Free Report) by 165.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,039,812 shares of the company's stock after purchasing an additional 648,365 shares during the quarter. Bank of Nova Scotia owned approximately 0.08% of Kraft Heinz worth $38,450,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Kraft Heinz by 0.6% during the third quarter. Vanguard Group Inc. now owns 70,215,597 shares of the company's stock worth $2,362,053,000 after acquiring an additional 417,115 shares during the last quarter. Invesco Ltd. increased its position in Kraft Heinz by 10.7% during the 3rd quarter. Invesco Ltd. now owns 24,601,098 shares of the company's stock worth $827,581,000 after purchasing an additional 2,369,080 shares in the last quarter. Morgan Stanley grew its holdings in shares of Kraft Heinz by 7.2% during the third quarter. Morgan Stanley now owns 12,580,726 shares of the company's stock worth $423,216,000 after buying an additional 850,326 shares in the last quarter. Northern Trust Corp raised its holdings in Kraft Heinz by 3.7% in the 3rd quarter. Northern Trust Corp now owns 9,120,015 shares of the company's stock valued at $306,797,000 after acquiring an additional 324,450 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Kraft Heinz by 1.2% during the 3rd quarter. Legal & General Group Plc now owns 6,970,103 shares of the company's stock valued at $234,474,000 after acquiring an additional 85,295 shares during the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on KHC shares. Wells Fargo & Company dropped their price target 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. Piper Sandler upgraded Kraft Heinz from a "neutral" rating to an "overweight" rating and set a $42.00 price target for the company in a research note on Wednesday, May 22nd. Bank of America boosted their target price 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. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Kraft Heinz from $42.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, April 18th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.08.

View Our Latest Stock Report on Kraft Heinz

Kraft Heinz Price Performance

KHC traded up $0.72 during trading on Friday, reaching $35.37. The stock had a trading volume of 12,422,258 shares, compared to its average volume of 6,364,608. The Kraft Heinz Company has a 1-year low of $30.68 and a 1-year high of $38.96. The company has a quick ratio of 0.61, a current ratio of 1.09 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average of $36.61 and a two-hundred day moving average of $36.27. The firm has a market capitalization of $42.95 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 2.78 and a beta of 0.65.

Kraft Heinz (NASDAQ:KHC - Get Free Report) last released its earnings results on Wednesday, May 1st. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.68 by $0.01. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $6.43 billion. Kraft Heinz had a net margin of 10.62% and a return on equity of 7.41%. The business's quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, equities analysts anticipate that The Kraft Heinz Company will post 3.02 EPS for the current fiscal year.

Kraft Heinz Announces Dividend

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 given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.52%. The ex-dividend date is Thursday, June 6th. Kraft Heinz's dividend payout ratio (DPR) is currently 69.87%.

Insider Activity

In related news, insider Lande Rashida La sold 10,140 shares of the firm's stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $35.95, for a total transaction of $364,533.00. Following the completion of the sale, the insider now directly owns 158,266 shares in the company, valued at $5,689,662.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.32% of the company's stock.

Kraft Heinz Profile

(Free Report)

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.

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