Kraft Heinz Posts Strong Quarter, Raises Sales Forecast

The stock is just off its recent peak

Deputy Editor

Apr 27, 2022 at 10:17 AM

Ahead of the market's open, Kraft Heinz Co (NASDAQ:KHC) reported first-quarter earnings of 60 cents per share on revenue of $6.05 billion, beating analysts' estimates of 53 cents per share on $5.83 billion. The food company raised its full-year sales forecast as well, citing organic sales growth, higher prices, and strong demand for its packaged meals and condiments.

KHC is brushing off the positive results, however, down 0.8% at $41.97 at last check. The stock has fallen slightly since rallying to its April 21 roughly 11-month peak of $44.48, but the $42 level looks like it could be emerging as support. Year-to-date, Kraft Heinz stock is up 17.3%.

Analysts have yet to respond to the earnings event, though there is plenty of room for optimism. Of the 10 analysts in coverage, eight carry a lukewarm "hold" rating. Plus, the 12-month consensus price target of $40.99 is a 2.4% discount to current levels.

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