|Bid||0.00 x 800|
|Ask||0.00 x 900|
|Day's Range||204.35 - 206.86|
|52 Week Range||184.75 - 224.07|
|Beta (3Y Monthly)||0.75|
|PE Ratio (TTM)||8.17|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||244.67|
The gloomy results and forecast from the company, which is one of billionaire Warren Buffett's largest investments, reflect changes in consumer trends away from processed foods to healthier alternatives. The after-hours slump erased $12 billion from Kraft Heinz's stock market value and left its shares trading at their lowest point since H.J. Heinz Co bought Kraft Foods Group Inc in 2015, to create the world's fifth largest food and beverage company. "We expect to take a step backwards in 2019," Chief Financial Officer David Knopf told analysts on a post earnings conference call, promising "consistent profit growth" starting in 2020.
Warren Buffett is always on the hunt for “elephants,” as he calls large acquisitions. One reason: The Omaha, Neb., billionaire faces unprecedented competition from private equity and other funds looking to make fast acquisitions, often at higher prices than Mr. Buffett is willing to pay. Mr. Buffett’s Berkshire Hathaway Inc., meanwhile, had $103.6 billion in cash as of Sept. 30, the fifth straight quarter those holdings exceeded $100 billion.
Kraft Heinz said the impairment charge was related primarily to its U.S. refrigerated-foods and Canadian retail divisions, as well as trademarks for its Kraft and Oscar Mayer brands — two of the company’s biggest moneymakers. While all the old guards of the supermarket aisles are struggling as consumers opt for fresher, less-processed and more on-the-go food items from upstart businesses, Kraft Heinz’s writedown may also speak to underinvestment in its brands. Kraft Heinz’s strategy has centered on debt-driven acquisitions and ruthless cost-cutting to create earnings growth and deliver margins that far surpassed peers, thus making up for shortfalls in revenue and internal investment.
Kraft Heinz Co. announced Thursday that profit missed estimates and it received a subpoena from the Securities and Exchange Commission tied to accounting policies and controls, sending shares plunging 18 percent in after-market hours. Berkshire’s investment declined from a valuation of about $15.7 billion to $12.9 billion as the stock plunged to $39.66 at 6:15 p.m. in New York. Kraft Heinz also said it would slash its quarterly dividend to 40 cents a share.
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