The Kraft Heinz Co (NASDAQ:KHC) shares are trading lower Thursday following bearish analyst coverage from UBS.
UBS analyst Cody Ross downgraded Kraft Heinz from a Neutral rating to a Sell rating and lowered the price target from $40 to $34, citing inflationary pressures.
3G Capital also announced that it distributed approximately 88 million shares of Kraft Heinz to external investors in its fund. 3G Capital is Kraft Heinz’ second-largest shareholder after Warren Buffett’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B).
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KHC Price Action: Kraft Heinz has traded between $32.78 and $44.87 over a 52-week period.
The stock was down 7.47% at $36.88 at time of publication.
Photo: Mike Mozart from Flickr.