With a loss of a good seven percent to around 37 US dollars, the paper found itself at the bottom of the NASDAQ 100 stock market index. The price fell to its lowest level since mid-February.
According to the company, its second largest shareholder, Brazil’s 3G Capital, has passed a total of more than 88 million of its shares to outside investors. 3G holds almost eight percent of the 1.2 billion shares. The largest shareholder is the Berkshire Hathaway holding company owned by investor Warren Buffett with a 26.6 percent stake.
To make matters worse Thursday, investment bank UBS downgraded Kraft Heinz shares to “sell.” The food producer is likely to suffer from high inflation in the coming years, was the reasoning. Kraft Heinz has recently sharply reduced advertising expenditure and is operating in an environment characterized by high price reductions. UBS’s new price target is the lowest on the market at $34.
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