Miguel Patricio, the CEO of The Kraft Heinz Co. (NASDAQ: KHC), sold 259,958 shares of the company on May 16 for an average of $44.28 per share. The transaction has a total value of more than $11.5 million.
After the sale, Patricio holds nearly 1.9 million shares of Kraft Heinz valued at over $84 million.
Even though TipRanks has not provided an Insider Confidence Signal for KHC, you can check insider transactions for the stock here.
Pennsylvania-based Kraft Heinz is one of the largest consumer packaged food and beverage companies in the world. It manufactures and sells condiments and sauces, dairy, meats, meals, refreshment beverages, coffee, and other grocery products.
Last month, the company reported better-than-expected results for the first quarter of 2022. Earnings came in at $0.60 per share, higher than the Street’s estimate of $0.53 per share but lower than the year-ago earnings of $0.72 per share.
Price Target
Based on one Buy, 10 Holds and one Sell, the stock has a Hold consensus rating. KHC’s average price target of $42.33 implies 10.3% upside potential from current levels. Shares have lost 10.1% over the past year.
Conclusion
The stake sale is not good news for investors, and they should be vigilant about more such insider transactions taking place. Meanwhile, the sale could also imply that Patricio expects food sales to decline amid rising inflation.
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