Relevant:
- Buffett's Berkshire, hurt by Kraft Heinz, posts massive quarterly loss (+FINDS NO FAIR-PRICED BUYOUT TARGETS)
- Kraft Heinz takes $666 million charge, misses sales expectations (UNCLE WARREN'S LATEST FOLLY CONTINUES)
- Warren Buffett's Dealmaking Ketchup Giant Kraft Heinz Heads Abroad In The Age Of Donald Trump
- Traders Sued Over 'Highly Suspicious' Activity Ahead Of Heinz Deal
- Campbell Plunges as Bleak Outlook Follows Blow From Buffett (+CONTINUED AUTHENTIC FOOD WAVE)
2019-08-11 — moneyandmarkets.com
Kraft earned 37 cents per share generating $6.4 billion in revenue during the fiscal second quarter, but analysts were expecting earnings to be around 75 cents and $6.58 billion revenue, according to Refinitiv.
...
Its 325 million shares represent 26.7% of Kraft Heinz, and the value of those stocks has dropped from just over $14 billion to around $8.7 billion in 2019 alone. That's roughly 37% in losses on one investment.
It doesn't help, either, that Kraft Heinz has such a prominent place in Berkshire Hathaway's portfolio where it is currently the sixth-largest holding, according to CNBC. Buffett admits that he made a mistake when Berkshire teamed up with 3G to purchase Heinz for $23 billion back in 2013.
"I made a mistake in the Kraft purchase in terms of paying too much," Buffett said.
Warren, we coulda' told you in 2013 that Kraft/Heinz/et al were turkeys for being past their prime, food-culture-wise...
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