Kraft Foods Group Upgraded to “Overweight” at Morgan Stanley (KRFT)
Kraft Foods Group (NASDAQ:KRFT) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $60.00 price objective on the stock, up from their previous price objective of $55.00. Morgan Stanley’s price objective would indicate a potential upside of 12.04% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Kraft Foods Group (NASDAQ:KRFT) traded up 1.72% on Monday, hitting $54.47. 1,201,035 shares of the company’s stock traded hands. Kraft Foods Group has a 52-week low of $44.08 and a 52-week high of $58.76. The stock has a 50-day moving average of $53.58 and a 200-day moving average of $54.37. The company has a market cap of $32.457 billion and a price-to-earnings ratio of 17.30.
Kraft Foods Group (NASDAQ:KRFT) last announced its earnings results on Wednesday, October 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.59 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, analysts predict that Kraft Foods Group will post $2.80 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on KRFT. Analysts at RBC Capital initiated coverage on shares of Kraft Foods Group in a research note to investors on Monday, November 25th. They set an “outperform” rating and a $60.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Kraft Foods Group in a research note to investors on Thursday, October 31st. They now have a $58.00 price target on the stock. Finally, analysts at Canaccord Genuity downgraded shares of Kraft Foods Group from a “buy” rating to a “hold” rating in a research note to investors on Thursday, October 31st. They now have a $59.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $58.13.
In other Kraft Foods Group news, EVP Dino Bianco sold 18,032 shares of Kraft Foods Group stock on the open market in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $52.77, for a total value of $951,548.64. Following the completion of the transaction, the executive vice president now directly owns 22,082 shares in the company, valued at approximately $1,165,267. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Kraft Foods Group, Inc (NASDAQ:KRFT) operates food and beverage businesses in North America.
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