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Shares of Kraft Heinz are struggling after an SEC filing revealed that 3G Capital, the company's second-largest shareholder, had sold more than 25 million shares. Yahoo Finance’s Myles Udland, Jen Rogers and Brian Sozzi discuss on The Final Round.
Private-equity firm 3G Capital Partners sold 25 million shares but will keep a substantial stake, which may not sit well with shareholders who are worried new Kraft Heinz management will be hampered in its turnaround efforts.
Shares of Kraft Heinz Co. slumped 4.2% in midday trading, enough to pace decliners among its consumer staples peers group, after the food and beverage company's second-largest shareholder cut its stake by more than 9%. In a Form 4 filing with the Securities and Exchange Commission, Kraft Heinz disclosed that private-equity firm 3G Capital sold 25.1 million Kraft Heinz shares on Monday at a price of $28.44, which values the shares sold at $712.95 million. That left 3G with a 245.03-million-share stake, or 20.1%, of the shares outstanding. 3G's stake is second to Warren Buffett's Berkshire Hathaway Inc.'s 325.6-million-share stake as of June 30, which is 26.7% of the shares outstanding. 3G and Berkshire orchestrated the creation of Kraft Heinz when Kraft Foods Group Inc. and H.J. Heinz Co. agreed in March 2015 to merge. Kraft Heinz's stock has tumbled 34.1% year to date, while the SPDR Consumer Staples Select Sector ETF has rallied 19.7% and the Dow Jones Industrial Average has climbed 15.8%.
In a filing with the U.S. Securities and Exchange Commission on Monday, 3G Global Food Holdings disclosed that it sold 25.1 million shares at $28.44 per share, lower than Kraft Heinz's Monday's close of $29.62. The $712.95 million stock sale brings 3G Capital's stake down to 20.1% from 22.14%, and it continues to be the second largest shareholder behind Warren Buffett's Berkshire Hathaway Inc . "The sale was driven by periodic liquidity windows by 3G investors in the 3G fund that holds Kraft Heinz stock," said Kraft's spokesman, adding that the Brazilian private equity firm has no current plan or intention to sell any additional shares.
Wall Street was set to open slightly lower on Tuesday as investors stayed away from making big bets ahead of the Federal Reserve's two-day policy meeting, where it is widely expected to cut interest rates. The Fed concludes its policy meeting on Wednesday, facing a host of global growth worries including a prolonged U.S.-China trade war into which the weekend bombings on Saudi Arabia's oil refinery have thrown an oil price shock. Traders currently see a 65.8% chance of a quarter percentage point cut from the Fed this week, down from 88.8% on Friday, according to CME's FedWatch.
Stock futures: The stock market and Apple showed resilience as crude oil prices soared Monday. Shopify, Funko and Kraft Heinz fell late on stock-sale buzz.
Can a piece of toast be a bagel? Can a waffle be a bagel? Introducing “Bagel That,” a revolutionary new tool that helps cream cheese lovers punch holes in the middle of anything, instantly turning it into a bagel.
Investing.com – Wall Street ticked lower on Tuesday as stronger-than-expected industrial production and manufacturing output figures put another dent in hopes for a rate cut from the Federal Reserve, whose regular policy meeting kicks off later.
Stocks end in positive territory Tuesday as investors proceed with caution as the Federal Reserve's two-day rate-setting meeting kicks off.
Shares of Kraft Heinz fall after one of its biggest shareholders, private-equity firm 3G Capital Partners, discloses that it has again trimmed its stake in the food company.
Investing.com - Shares of Kraft Heinz (NASDAQ:KHC) slipped in premarket trade on Tuesday after its second-largest investor reduced its stake in the company.
3G Capital, the Brazilian-US investment group, has reduced its stake in Kraft Heinz as the food company grapples with multibillion-dollar writedowns and falling sales. Securities filings show that 3G, which created the food business in a 2015 merger of Kraft and Heinz that was backed by Warren Buffett, sold $713m worth of stock this week.
KHC and WBA stocks have cost investors dearly. Warren Buffett’s Berkshire Hathaway has suffered for being Kraft Heinz's biggest shareholder.
Rating Action: Moody's assigns Baa3 ratings to Kraft Heinz notes. Global Credit Research- 12 Sep 2019. New York, September 12, 2019-- Moody's Investors Service has assigned Baa3 ratings to senior unsecured ...
The Zacks Analyst Blog Highlights: Berkshire Hathaway, Apple, American Express, Kraft Heinz and Teva Pharmaceutical
Investors are chewing out Kraft Heinz Co for failing to lay out a full strategy for how it plans to compete in the roughly $3 billion-a-year plant-based protein market. At the Kraft Heinz annual meeting to be held in Pittsburgh on Thursday, shareholders will vote on a proposal asking the company to reveal its long-term strategy for imitation meat and alternative proteins. Products by rivals Beyond Meat Inc and Impossible Foods have become the hottest food trend in recent years, gaining popularity among mainstream consumers looking to cut back on meat consumption.
For the seventh time this season, Newman will pilot the No. 6 Oscar Mayer Ford Mustang. Newman will kick-off the 2019 Monster Energy NASCAR Cup Series playoffs sporting a mouthwatering scheme that features slices of tasty Oscar Mayer bacon – his favorite food on race day.