KHC - The Kraft Heinz Company

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
-0.09 (-0.27%)
At close: 4:00PM EST

32.76 0.00 (0.00%)
After hours: 4:06PM EST

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Previous Close32.85
Bid32.75 x 2900
Ask32.76 x 1800
Day's Range32.58 - 32.89
52 Week Range24.86 - 54.87
Avg. Volume7,917,496
Market Cap40.005B
Beta (3Y Monthly)1.04
PE Ratio (TTM)N/A
EPS (TTM)-8.87
Earnings DateOct 31, 2019
Forward Dividend & Yield1.60 (4.89%)
Ex-Dividend Date2019-11-14
1y Target Est31.14
  • Benzinga

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  • Kraft Heinz Stock: Glimmer of Hope, or Dead Cat Bounce?
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    To call Kraft Heinz stock (KHC) “unloved” in 2019 would be the understatement of the year. But is a turnaround in the cards?


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  • Gayner Invests in Embattled Berkshire Holding Kraft Heinz

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  • Alarms Still Blare on Triple-B Bonds, But No One Cares

    Alarms Still Blare on Triple-B Bonds, But No One Cares

    (Bloomberg Opinion) -- In the bond market, it can sometimes feel as if the more things change, the more they stay the same.Consider the following two articles about the massive amount of triple-B rated corporate debt:“A $1 Trillion Powder Keg Threatens the Corporate Bond Market” by Bloomberg News. The takeaway: “A lot of these companies might be rated junk already if not for leniency from credit raters. To avoid tipping over the edge now, they will have to deliver on lofty promises to cut costs and pay down borrowings quickly, before the easy money ends.”“Bond Ratings Firms Go Easy on Some Heavily Indebted Companies” by the Wall Street Journal. The takeaway: “Amid an epic corporate borrowing spree, ratings firms have given leeway to other big borrowers. … The buildup has fueled one of the most divisive debates on Wall Street: Will higher debt loads cause big losses when the economy turns?”The first one is from October 2018 and the second from a couple of weeks ago. That alone isn’t what’s most interesting — financial-market themes tend to repeat themselves, after all. Rather, it’s the fact that market appetite for those bonds on the brink of junk couldn’t be any more different between then and now, even though it’s clear that fears about ratings inflation and a huge wave of downgrades haven’t gone away.Around this time last year, Scott Minerd, global chief investment officer at Guggenheim Partners, made headlines by tweeting that “the slide and collapse in investment grade credit has begun,” starting with General Electric Co. No one seemed to want to own bonds rated just a step or two above junk — the Bloomberg Barclays triple-B corporate-bond index trailed the broad market in 2018 for just the second time since the financial crisis. I was willing to be contrarian after his comments, writing that investors shouldn’t fear a doomsday that everyone seems to think is coming.Still, the rapid change in sentiment through the first 10 months of 2019 has been nothing short of astounding. While there were signs of the tide starting to turn earlier this year, triple-B bonds have now returned 14.4% through Oct. 30, better than any other rating category. If the gains hold through the end of the year, it would be the triple-B market’s strongest performance since 2009, when it bounced back from its worst annual loss on record amid the financial crisis. Investors have either made peace with the risk of mass downgrades when the credit cycle turns, or they’ve just decided to ignore it and reach for yield when the Federal Reserve is cutting interest rates. Neither seems to be sustainable.It’s not as if the Wall Street Journal’s recent article is an outlier — CreditSights said in an Oct. 30 report that about $70 billion of triple-B corporate debt is at risk of falling to junk within the next 12 months, including household names like Kraft Heinz Co., Macy’s Inc. and Ford Motor Co. It’s not a question of whether so-called fallen angels become more prevalent, according to the analysts, it’s “when and how fast.”As for the “debt diet” that was supposed to happen this year, which would make triple-B companies less leveraged? In the aggregate, it’s been exactly the opposite. Fitch Ratings, in an Oct. 31 report, noted that triple-B corporate issuance is on pace to reach a record in 2019 after accounting for almost two-thirds of the $515 billion in bonds sold through the first nine months of the year. Triple-B securities make up half of the $5.8 trillion investment-grade corporate bond market, Bloomberg Barclays data show.But perhaps the most telltale sign of just how little investors seem to mind the “ratings cliff” between investment- and speculative-grade is how they’re gobbling up double-B bonds just as voraciously as triple-Bs. In fact, on Oct. 28, the spread between the two dropped to 43 basis points, a new low, according to Bloomberg Barclays data. At the start of 2019, it was as high as 172 basis points. Even though triple-B corporate bonds are having their best year in a decade, double-B debt isn’t far behind. This trend isn’t going to end overnight. Investors poured $2.3 billion into investment-grade bond funds in the week through Oct. 30, and an additional $940 million into high-yield funds, according to Lipper data. The sub-2% yield on 10-year Treasuries is probably still causing sticker shock to some investors, given that until a few months ago it hadn’t breached that level since President Donald Trump’s November 2016 election. For those in Japan and Europe, buying U.S. corporate bonds rather than Treasuries is sometimes the only way to avoid negative currency-hedged yields. Global and structural forces keep investors slamming the buy button in credit markets.Eventually, though, something has to give, as it always does. For now, corporate-debt buyers are content to just avoid triple-C rated securities. That includes Guggenheim investors led by Minerd, who said in a note this week that “now is not the right time” to add the riskiest junk debt, given the downside potential of more than 20%.The reasoning makes sense — triple-C rated companies are the most prone to default in an economic downturn. But in such a slump, triple-B companies would be vulnerable to downgrades. If investors were so sure last year that rating cuts would be too much for the high-yield market to bear, why wouldn’t they also stay away from triple-B bonds at this point?There’s no obvious answer. It’s just a reminder that total returns aren’t everything. Even though triple-B securities are the belle of the ball in credit markets this year, nothing much has truly changed.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at©2019 Bloomberg L.P.

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  • Berkshire’s Record Quarter Got a Lift From Kraft

    Berkshire’s Record Quarter Got a Lift From Kraft

    (Bloomberg) -- For Berkshire Hathaway Inc., profits from its stake in Kraft Heinz Co. were better late than never.Almost a third of the jump in Berkshire’s third-quarter earnings came from finally recording its share of the packaged food giant’s 2019 results. A $467 million gain replaced what had been blank spots in the past two quarters as Kraft Heinz delayed reporting first-half results amid regulatory probes.Kraft Heinz has been a black mark for Warren Buffett over the past year, as he took a $2.7 billion writedown in 2018 results and conceded he and 3G Capital paid too much in the 2015 merger of Kraft Foods Group Inc. and H.J. Heinz. The maker of ketchup and cold cuts replaced its chief executive officer in the search for a new strategy as consumers turn to upstart brands and fresher food options. A 24% share-price drop this year may mean another writedown for Berkshire.“Results haven’t been good with regards to Kraft Heinz,” Jim Shanahan, an analyst at Edward Jones, said in an interview. “It’s certainly been a disappointment.”While nine months of profit hitting in one quarter boosted Berkshire’s results, the bigger picture isn’t as rosy. Kraft Heinz profits going to Berkshire dropped 26% so far in 2019, and dividends fell 36%.The stake has been a recent headache, but Buffett is a long way from being in the red. He’s still up almost $7 billion on his investments in Kraft Heinz, which total $17.5 billion since he and 3G first bought Heinz in 2013.Here are the other key takeaways from Berkshire’s third-quarter results:Railroad RecordBerkshire’s BNSF railroad overcame trade tensions, flooding and a slumping coal business to post a record profit in the quarter. While volume dropped in all four of its main categories, the unit said it benefited from higher rates and its ongoing efforts to rein in costs. BNSF said it returned to full operation in the quarter after floods earlier this year had closed off some of its routes.BNSF’s results and gains on other stock bets pushed Berkshire’s 2019 net income to a staggering $52 billion, making the conglomerate the most profitable public company in the world.Buybacks ClimbingBuffett has started to move past his aversion for stock buybacks, but he’s not exactly diving in. He repurchased another $700 million of stock in the third quarter, bringing 2019’s total to $2.8 billion. That’s already the record for a year, after the board in July 2018 loosened its policy on stock buybacks. Almost a decade ago, Buffett touted the fact that “not a dime” had gone to share repurchases.Still, it’s a modest sum given Berkshire’s $128 billion cash pile and the buybacks of other large companies, especially financial firms. Bank of America Corp., which counts Berkshire among its largest shareholders, said in June that it planned to repurchase more than $30 billion of its stock over the next year.Insurance GainA jump in property-casualty premiums at Berkshire’s reinsurance drove that unit’s first underwriting profit in more than a year. That helped cushion a 40% drop in Geico’s pretax underwriting earnings, which it attributed in part to higher severity in auto claims.The reinsurance gain was in spite of $281 million in losses from Japan’s Typhoon Faxia, and the company warned that last month’s Typhoon Hagibis will weigh on fourth-quarter results. Berkshire is on pace for its 16th underwriting profit in the past 17 years, which Buffett has chalked up to his company’s “religion” of risk evaluation.(Adds Berkshire’s 2019 net income in ninth paragraph.)To contact the reporter on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at, Ian FisherFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Thomson Reuters StreetEvents

    Edited Transcript of KHC earnings conference call or presentation 31-Oct-19 12:30pm GMT

    Q3 2019 Kraft Heinz Co Earnings Call

  • What Are Warren Buffett's Top 10 Stock Holdings?

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  • Apple and KHC Save the Day for Buffett and Berkshire
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  • New CEO Could Save Kraft Heinz Stock and KHC’s Shrinking Dividend

    New CEO Could Save Kraft Heinz Stock and KHC’s Shrinking Dividend

    Kraft Heinz (NASDAQ:KHC) beat earnings estimates and the stock rose 13% on Halloween. Earnings of $899 million, or 69 cents per share, sailed by estimates of 61 cents. But sales were down nearly 5% from a year earlier, at $6.1 billion.Source: Casimiro PT / There's more to the story. Even with its recent gains the stock is down 24% in 2019, as economist Bernardo Hees was moved out in favor of Portuguese Miguel Patricio. The September quarter was the first under his leadership and, while earnings beat estimates, the company missed on revenues.The question for investors as November dawns is whether the numbers represent a dead cat bounce or a buying opportunity.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Dead Cat Bounce?Kraft Heinz was written off as a failure this summer. This came after taking a $15.4 billion write-down on the Kraft and Oscar Meyer brands and a dividend cut. Oh, and the company also received a U.S. Securities and Exchange Commission investigation regarding its accounting.The stock bottomed in August at about $25 per share. Even with the dividend cut the shares yield nearly 5% to new investors. In August the yield was as high as 6.4%.Since then the stock has begun a recovery under Patricio, who was known as an innovative marketer at his previous posting, Anheuser-Bush InBev (NYSE:BUD).The legendary Warren Buffett of Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) helped put Kraft Heinz together, along with Brazilian investors 3G Capital, in 2015. Berkshire still held over one-quarter of the company's stock in June, and it was the firm's sixth-largest holding.But Kraft Heinz has proven to be one of Buffett's biggest mistakes. He blames himself for paying too much for Kraft in 2013, but 3G should shoulder more of the blame. The company is full of stale shelf-stable brands consumers have learned to shun. These include not just ketchup and processed cheese but Oscar Meyer bologna, Planter's peanuts and Maxwell House coffee.The original plan was for 3G's "zero-based budgeting" to drive down costs, hold up sales and wring out more profit. But 2019 sales are on pace to be 10% below those of 2016, and the company barely earns its lower dividend.Does Patricio have a more cunning plan? Is the KHC Cat Still Alive?Despite the company's troubles, there's still that yield. At a time when the 30-year U.S. Treasury is worth under 2.4%, you're getting nearly 5% on your money with Kraft Heinz stock.Analysts expect Patricio to pare down the product portfolio. This would mean selling Velveeta, Planter's and Maxwell House in favor of new brands and Primal Kitchen, a healthy foods brand acquired last year.Patricio is known as a marketer and may have other ideas. So far he has decided to keep Plasmon, an Italian baby food company. He also approved funding for a technology startup called Flowhub, best known for its work in cannabis. The Bottom Line on Kraft StockFor some, the September revenue miss was the last straw. Patricio said it represented "good progress," but couldn't be more specific.The impatient money thinks it's time to take profits. But you only have profits if you bought after August.That's why I think that if you're still stuck in this dog, you should hang tight. Taking out last year's write-off and the dividend means the stock can't fall much further, assuming the new dividend is maintained.I wouldn't put new money into Kraft Heinz stock but I wouldn't be taking my losses now, either. If Patricio is as good as his reputation, you and Buffett might still get out with your shirts.Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romance The Reluctant Detective Travels in Time available now at the Amazon Kindle store. Write him at or follow him on Twitter at @danablankenhorn. As of this writing he owned no shares in companies mentioned in this story. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Buy-and-Hold Stocks to Play Investing's Biggest Trends * 7 Stocks to Buy in November * 5 Strong Buy Stocks Under $5 With Massive Upside Potential The post New CEO Could Save Kraft Heinz Stock and KHC's Shrinking Dividend appeared first on InvestorPlace.

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  • Will Kraft Heinz Stock Fall after 13.4% Jump?
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  • Warren Buffett’s Worst Year Since 2009 Splits Investors

    Warren Buffett’s Worst Year Since 2009 Splits Investors

    (Bloomberg) -- Bill Ackman piled in. David Rolfe exited.Berkshire Hathaway Inc.’s rotation of investors over the past few months points to the question lingering over the conglomerate as it heads for its worst annual underperformance since 2009: Is it worth waiting for Warren Buffett to make a dent in his record $122 billion cash pile?Ackman’s stake in Berkshire, disclosed in August, is a bullish bet. His idea is simple: Growth at Berkshire’s underlying businesses and the company’s competitive position will boost earnings even if the funds aren’t deployed. Rolfe, whose firm had been a Berkshire investor for decades, grew tired of waiting.“He has missed this glorious bull market,” said Rolfe, chief investment officer of Wedgewood Partners Inc. His company, which oversees $2.2 billion, trimmed its Berkshire stake in the second quarter and exited completely in the third. “The bullish thesis that this massive amount of cash is going to come to bear incredible fruit -- hasn’t.”Berkshire’s third-quarter results, set to be released Saturday, should give investors a sense of how Buffett is handling the “Niagara” of cash generation in a period with no major acquisitions to ramp up growth. Berkshire stock climbed 4.2% through the end of October, short of the 21% price gain in the S&P 500.Part of that underperformance stems from disappointment that Berkshire’s mountain of cash sits idle, UBS Group AG analysts led by Brian Meredith said in an October note. Buffett has sought out major acquisitions but has failed to strike a large deal in recent years amid what he called “sky-high” valuations.“If you look at sort of all the ingredients in that stock, it’s a stock without a catalyst,” Cathy Seifert, an analyst with CFRA Research, said in an interview.Buffett, Berkshire’s chairman and chief executive officer, has turned to share buybacks to deploy some cash, repurchasing $2.1 billion this year through the end of June. That’s a “modest” amount, according to UBS analysts. JPMorgan Chase & Co., which counts Berkshire among its largest investors, repurchased more than $6 billion on a net basis in the third quarter alone.Buffett was able to put some of his cash to work earlier this year. He agreed in April to invest $10 billion for preferred stock of Occidental Petroleum Corp., which was pursuing Anadarko Petroleum Corp. Berkshire didn’t respond to a request for comment.Some credit Buffett’s patience for his ability to secure well-priced deals that have taken his company from a struggling textile mill to a conglomerate worth more than $500 billion. As the S&P 500 keeps setting records, sitting on the M&A sidelines might be the right move because of high valuations, according to analyst Meyer Shields.“That’s when everyone else is being greedy, in which case you should be fearful and that’s very consistent with their philosophy,” Shields, of Keefe, Bruyette & Woods, said in an interview. “It does translate into doing nothing. But maybe nothing is the right approach or the best of all the bad alternatives.”Rolfe said the biggest driver for Berkshire’s growth will be the billionaire investor’s ability to reinvest the funds at Berkshire, which enjoys what Buffett has called a “Niagara of cash-generation.” The record funds on the balance sheet and the cash coming from its multitude of insurance companies, retailers and energy businesses every quarter make that task challenging, he said.“He has a gigantic task ahead of him,” Rolfe said. “If he is successful doing that, really successful, then Bill Ackman will be right and I’ll be wrong.”For now, Rolfe took the roughly $200 million that was invested in Berkshire and redeployed the vast majority into the stock of a company Buffett once said he regretted not betting on: Alphabet Inc.Here are some other topics that might come up Saturday:Kraft HeinzBerkshire’s bet on the packaged-food giant has stumbled in recent quarters as Kraft Heinz Co. grappled with writedowns, a management shakeup and investigations. Buffett, who teamed up with 3G Capital to help orchestrate the merger of Kraft and Heinz, has admitted that they overpaid for Kraft and said in February that he had no plans to sell or buy more of the company’s stock.Kraft Heinz shares surged 13% Thursday after the company reported strong earnings driven by higher prices for products such as macaroni and cheese. While sales beat estimates, they still declined from a year earlier, highlighting the challenge ahead for CEO Miguel Patricio.Thursday’s gain narrowed Kraft Heinz’s loss this year to 25%, helping ease the pressure on the value of Berkshire’s stake. Still, the holding value has fallen below how it’s marked on Berkshire’s books. That could mean that Buffett’s company will take an eventual writedown, according to CFRA’s Seifert.“The Kraft Heinz deal is a big black mark on the track record of Berkshire’s acquisitions,” she said in an interview.Share BuybacksBerkshire loosened its repurchase strategy last year, then bought back $928 million of stock during the third quarter of 2018. It has spent a total of $3.4 billion on repurchases since the policy tweak.KBW’s Shields says he expects Berkshire to report about $536 million in share buybacks. UBS analysts are assuming that Berkshire repurchased around $900 million of its stock in the quarter. Both estimates would outpace its repurchases in the second quarter.“I don’t think it’s evolved enough,” Seifert said of Berkshire’s buyback policy. “I think it was, in some respects, a way to placate shareholders.”InsuranceInsurers including Travelers Cos. are warning about challenging legal issues. Travelers CEO Alan Schnitzer has said he’s seen a “more aggressive” level of attorney involvement on some claims. That could factor into Berkshire’s insurance results, according to KBW’s Shields.“Companies are acknowledging that the environment for litigation has gotten more difficult,” Shields said.Shields also said that rate cuts at auto insurer Geico could weigh on margins, even if it sees faster policy growth.And natural catastrophes hit during the quarter, including Typhoon Faxai and Hurricane Dorian. The typhoon, which pummeled Japan in September, caused as much as $7 billion in insured losses, according to risk modeler AIR Worldwide. Dorian tore through the Bahamas in the third quarter, leaving behind as much as $3 billion in estimated insured losses.Rail RecessionU.S. railroads have been dealing with the fallout from trade disputes, leading to concerns about a “rail recession.” BNSF’s rival in the Western U.S., Union Pacific Corp., reported third-quarter profit that missed analyst estimates and the steepest drop in carloads in three years.UBS analysts said in a note that BNSF’s volumes probably declined in the third quarter, but the railroad might benefit from a boost in revenue per car.“They have one of the top franchises in the industry, but there’s some cyclical pressures there,” Seifert said.Market SwingsGyrations in Berkshire’s $200 billion stock portfolio now factor into net income, an accounting change that Buffett says investors should look past. Barclays Plc said the investment gains could total $7 billion before taxes.To contact the reporter on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at, Dan Reichl, Josh FriedmanFor more articles like this, please visit us at©2019 Bloomberg L.P.

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  • Kraft Heinz soars after beating earnings estimates
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