Shares of food and beverage giant Kraft Heinz (NASDAQ:KHC) are trending marginally lower today after it announced a mixed set of second-quarter numbers. Revenue rose 2.6% year-over-year to $6.72 billion but missed the cut by $80 million. EPS at $0.79, on the other hand, landed past expectations by $0.03.
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During the quarter, KHC witnessed growth across Foodservice, Emerging markets, and U.S. Retail Grow platforms. While the company saw a 6% growth in EBITDA on the back of higher pricing, it also witnessed an impact on volumes owing to the elasticity impact of these actions. Nonetheless, it expects momentum to continue in the remainder of the year.
Looking ahead, for the full-year 2023, KHC expects organic net sales to rise between 4% to 6%. Further, EPS for the year is anticipated between $2.83 and $2.91. Additionally, the company has announced a quarterly dividend of $0.40 per share. The dividend is payable on September 29 to investors of record on September 1.
Overall, the Street has a $43.17 consensus price target on Kraft Heinz alongside a Moderate Buy consensus rating. This points to a hefty 20.3% potential upside in the stock.
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