KHC - The Kraft Heinz Company

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
31.09
-0.16 (-0.51%)
At close: 4:00PM EST
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Previous Close31.25
Open31.28
Bid31.10 x 3100
Ask31.11 x 800
Day's Range30.95 - 31.35
52 Week Range24.86 - 49.31
Volume5,770,326
Avg. Volume7,249,417
Market Cap37.966B
Beta (3Y Monthly)1.02
PE Ratio (TTM)N/A
EPS (TTM)-8.87
Earnings DateFeb. 19, 2020 - Feb. 24, 2020
Forward Dividend & Yield1.60 (5.16%)
Ex-Dividend Date2019-11-14
1y Target Est31.03
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  • Did Changing Sentiment Drive Kraft Heinz's (NASDAQ:KHC) Share Price Down A Worrying 60%?
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    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.

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    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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    Q3 2019 Kraft Heinz Co Earnings Call

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