KHC - The Kraft Heinz Company

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
31.30
+0.34 (+1.10%)
At close: 4:00PM EST

31.33 +0.03 (0.10%)
Pre-Market: 7:56AM EST

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Previous Close30.96
Open30.96
Bid31.26 x 1200
Ask0.00 x 4000
Day's Range30.92 - 31.50
52 Week Range24.86 - 52.74
Volume6,952,626
Avg. Volume7,462,007
Market Cap38.222B
Beta (3Y Monthly)1.04
PE Ratio (TTM)N/A
EPS (TTM)-8.87
Earnings DateOct 31, 2019
Forward Dividend & Yield1.60 (5.17%)
Ex-Dividend Date2019-11-14
1y Target Est31.14
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  • Kraft Heinz investor bids for Thyssenkrupp’s elevator business
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  • 3G Bids for Thyssenkrupp Elevators
    Bloomberg

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    (Bloomberg) -- 3G Capital, the private equity firm that’s made a name for itself buying food giants from Kraft to Burger King, is eyeing a new frontier: elevators.The Brazilian-American investment firm is among suitors that submitted bids for Thyssenkrupp AG’s elevator unit by last week’s deadline, according to people familiar with the matter. The business could fetch more than 15 billion euros ($17 billion), the people said, asking not to be identified because the information is private.3G’s interest comes as a surprise, as it’s known more for buying consumer brands like the Popeyes fast-food chain and the maker of Heinz ketchup than it is for acquiring industrial companies. The firm, which often teams up with Warren Buffett’s Berkshire Hathaway Inc. on deals, has earned a reputation for aggressively slashing costs.That formula has fallen flat lately for 3G, which was co-founded by Swiss-Brazilian billionaire Jorge Paulo Lemann. Shares of Kraft Heinz Co. have lost more than a third of their value over the past 12 months, battered by a regulatory investigation, weak results and a writedown on the value of some of its brands.3G is competing for the Thyssenkrupp business against a number of other private equity firms and strategic bidders, a list that’s expected to be whittled down in the next few weeks, the people said.Thyssenkrupp shares were little changed in early Frankfurt trading. The stock has fallen 11% this year.Other BidsFinnish elevator maker Kone Oyj partnered with CVC Capital Partners to make a joint offer, while Blackstone Group Inc. submitted a bid with Carlyle Group LP and Canada Pension Plan Investment Board, the people said. Brookfield Asset Management Inc. and a separate consortium of Advent International, Cinven and the Abu Dhabi Investment Authority lodged their own bids, said the people. Japan’s Hitachi Ltd. has also been considering an offer, Bloomberg News reported earlier.Representatives for Thyssenkrupp, 3G, ADIA, Advent, Blackstone, Brookfield, Carlyle, Cinven, CPPIB, CVC and Kone also declined to comment. Hitachi couldn’t be immediately reached for comment outside regular business hours.Thyssenkrupp is exploring a sale of elevators, its most valuable asset, to generate much-needed cash and fund a turnaround of the steel-to-automotive conglomerate. It’s still debating whether to sell a majority or minority stake in its crown jewel, the people said. It’s also been making separate preparations for a potential initial public offering.The beleaguered German company wants to avoid a long antitrust review and a repeat from earlier this year when European regulators derailed a planned steel venture with Tata Steel Ltd. Buyout firms would avoid competition hurdles, but Finnish rival Kone would potentially be able to make a higher offer and generate more cost savings, people familiar with the matter have said.(Updates with shares in sixth paragraph)\--With assistance from Sarah Syed, Jan-Henrik Förster, Niclas Rolander, Ed Hammond, Scott Deveau, Dinesh Nair and William Wilkes.To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Eyk Henning in Frankfurt at ehenning1@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;Daniel Hauck at dhauck1@bloomberg.net, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    3G Capital enters bidding for Thyssenkrupp lifts unit

    The Brazilian-backed private equity group 3G Capital has entered the race to buy the lifts business of Thyssenkrupp, in what would be a shift away from its multibillion-dollar investments in the consumer goods industry. The sale of the elevator business could net Thyssenkrupp as much as $20bn, the people said. , which it controls along with Mr Buffett, failed to acquire Unilever in 2017.

  • Investors Should Be Cautious About Buying Kraft Heinz Stock in the $30s
    InvestorPlace

    Investors Should Be Cautious About Buying Kraft Heinz Stock in the $30s

    Kraft Heinz (NASDAQ:KHC) reported third-quarter results on Oct. 31 that were mediocre. However, it did manage to report earnings per share of 69 cents, 15 cents higher than analysts' average estimate. Kraft Heinz stock jumped more than 13% on the positive surprise.Source: Casimiro PT / Shutterstock.com InvestorPlace - Stock Market News, Stock Advice & Trading TipsAs a result of the better-than-expected earnings, my fellow InvestorPlace columnist, Dana Blankenhorn, recommended that anyone who bought KHC stock before August or in September or later ought to give the relatively new CEO time to revitalize its portfolio. Those are wise words because KHC stock still has an attractive 4.9% dividend yield that investors can enjoy until the company gets its act together. In February, I came up with seven reasons why Kraft Heinz stock is a contrarian buy. At the time it was trading around the same price where it is now. * 7 Large-Cap Stocks to Give a Wide Berth However, a quick review of some of my reasons for buying KHC stock suggests they haven't changed too much. Warren BuffettWarren Buffett has lost billions on KHC stock. It's got to be one of his biggest mistakes in an illustrious career. He's even admitted as much, saying Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) paid too much for the shares. I was hopeful that Buffett would buy out his 3G partners or at least up his stake in the company, but it's clear that he's fearful of compounding an already big mistake with another one. If Buffett raises his stake or acquires 3G, KHC stock price would no doubt get a boost. But that's clearly not in the cards. A New CEOI argued in February that Kraft Heinz needed a new CEO with real packaged goods experience. Former CEO Bernardo Hees was a 3G guy. He'd been a 3G guy his entire career. The company needed somebody who was less attached to one of its primary owners. At the end of April, Kraft Heinz hired Miguel Patricio, the former chief marketing officer of Anheuser-Busch InBev (NYSE:BUD). A marketing person, not a bean counter, Patricio will be more passionate about the company's products. "We think this change at the helm is a good sign for investors because it demonstrates that the company is very serious about pivoting its priorities toward growth rather than just cost cutting," Credit Suisse wrote. I couldn't agree more. However, it's important to remember that Patricio was hired by 3G. It's not like he was recruited by a major headhunting firm that found him to be the best person for the job. Kraft Heinz Chairman Alex Behring, one of 3G's founding partners, approached him about the CEO role early in 2019. "He's completely a 3G cultural artifact," an executive at AB InBev during Patricio's tenure there is reported to have stated anonymously about the hiring. "Going from Bernardo to him is not a change, it's more like continuity."I'm on the fence on this one. Marketing people always want to spend money if they can. If the board lets him do so, and that's a big if, he'll be different from his predecessors.Patricio needs more than one quarter to demonstrate that this is the case. His affiliation with 3G does worry me. DivestituresKraft Heinz finished Q3 with total debt of $30.7 billion, $400 million less than its debt at the end of December. Its total debt is 77% of its market cap. That compares to 58% for AT&T (NYSE:T), the poster child for excessive debt. As I mentioned in February, Kraft Heinz has got to divest some of its brands so that it can strengthen its balance sheet while concentrating its future focus on its most influential brands. KHC has looked to sell multiple brands, but in some cases, it's faced difficulty getting a reasonable price for them, while in others the for- sale sign has been taken down until the CEO's had some time to consider what stays and what goes. On Kraft Heinz's website, the company says it has 25 global brands, including Kraft, Heinz, and Oscar Meyer. The company could sell half of its brands and still have too many. I don't relish the CEO's job. The Bottom Line on Kraft Heinz StockI consider the gains of KHC stock price following the earnings a dead-cat bounce, relief rally. Kraft Heinz's business in the U.S. continues to shrink. Its brands have become tired and old. If not for KHC's 4.9% dividend yield, I'd find it very hard to own KHC stock right now. Patricio took the job on July 1. He's had just four months in the position. I'd wait until the company reports its Q4 results in February before seriously considering KHC stock. And then, I wouldn't focus so much on the numbers, but on what the CEO is saying about the company's business.It takes a year or more for a new CEO to get comfortable in the job. We're still a long way off from that point. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Large-Cap Stocks to Give a Wide Berth * 7 Potential New Stocks That Should Not Go Public * 5 Chinese Stocks to Buy Surging Higher The post Investors Should Be Cautious About Buying Kraft Heinz Stock in the $30s appeared first on InvestorPlace.

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

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    (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 bloomberg.com/opinion©2019 Bloomberg L.P.

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  • Berkshire’s Record Quarter Got a Lift From Kraft
    Bloomberg

    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 mmoore55@bloomberg.net, Ian FisherFor more articles like this, please visit us at bloomberg.com©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