Why Kraft Heinz Co (NASDAQ: KHC) Is A Stock Not To Be Discarded In 2024

In the last trading session, 7.82 million shares of the Kraft Heinz Co (NASDAQ:KHC) were traded, and its beta was 0.67. Most recently the company’s share price was $37.06, and it changed around $0.16 or 0.43% from the last close, which brings the market valuation of the company to $44.96B. KHC currently trades at a discount to its 52-week high of $41.47, offering almost -11.9% off that amount. The share price’s 52-week low was $30.68, which indicates that the current value has risen by an impressive 17.22% since then. We note from Kraft Heinz Co’s average daily trading volume that its 10-day average is 8.17 million shares, with the 3-month average coming to 8.40 million.

Kraft Heinz Co stock received a consensus recommendation rating of Buy, based on a mean score of 2.09. If we narrow it down even further, the data shows that 0 out of 19 analysts rate the stock as a Sell; another 4 rate it as Overweight. Among the rest, 5 recommended KHC as a Hold, whereas 10 deemed it a Buy, and 0 rated it as Underweight. Kraft Heinz Co is expected to report earnings per share of $0.69 for the current quarter.

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Kraft Heinz Co (NASDAQ:KHC) trade information

Instantly KHC has showed a green trend with a performance of 0.43% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 0.22% year-to-date, but still up 3.38% over the last five days. On the other hand, Kraft Heinz Co (NASDAQ:KHC) is 5.05% up in the 30-day period. We can see from the shorts that 20.99 million shares have been sold at a short interest cover period of 2.57 day(s).

The consensus price target as assigned by Wall Street analysts is $43.75, which translates to bulls needing to increase their stock price by 15.29% from its current value. Analyst projections state that KHC is forecast to be at a low of $35 and a high of $70.

Kraft Heinz Co (KHC) estimates and forecasts

Kraft Heinz Co share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 9.81 percent over the past six months and at a 1.34% annual growth rate that is well below the industry average of 10.20%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 1.50% in revenue this quarter, and will report a decrease of -3.80% in the next quarter. The year-over-year growth rate is expected to be 8.90%, up from the previous year.

Consensus estimates provided by 12 financial analysts predict the company will bring in an average of $6.43 billion in revenue for the current quarter. 12 analysts expect Kraft Heinz Co to make $6.75 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $6.4 billion and $6.81 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 0.40%. Forecasts for the next quarter put sales growth at -1.00%.

Kraft Heinz Co earnings are expected to increase by 2.02% in 2024, but the outlook is positive 4.25% per year for the next five years.

KHC Dividends

Kraft Heinz Co’s next quarterly earnings report is expected to be released around May 01 and May 06. The annual dividend yield of the stock is 4.32 percent and its annual dividend per share was 1.60. It is important to note, however, that the 4.32% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Kraft Heinz Co (NASDAQ:KHC)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 28.25% of Kraft Heinz Co shares, and 54.77% of them are in the hands of institutional investors. The stock currently has a share float of 76.34%. Kraft Heinz Co stock is held by 1,611 institutions, with Berkshire Hathaway, Inc being the largest institutional investor. By Jun 29, 2023, it held 26.51% of the shares, which is about 325.63 million shares worth $11.56 billion.

Blackrock Inc., with 6.78% or 83.29 million shares worth $2.96 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Invesco ETF Tr-Invesco QQQ Tr, Series 1 ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 24.83 million shares worth $881.45 million, making up 2.02% of all outstanding shares. On the other hand, Invesco ETF Tr-Invesco QQQ Tr, Series 1 ETF held roughly 20.8 million shares worth around $688.22 million, which represents about 1.69% of the total shares outstanding.