Kraft Heinz stock dribbles lower after 3G Capital trims stake

Kraft Heinz Co (NASDAQ:KHC) shares slid on Wednesday over reports that several companies, including one where the No. 1 holder is famed stock picker Warren Buffett, reduced their stakes in the world’s fifth-largest food and beverage company.

CNBC said 3G Capital, whose top holder is Buffett’s Berkshire Hathaway (NYSE:BRK.B), sold 20.6mln shares of Kraft Heinz at a price of US$59.85 per share, reducing its stake by 7% to 270.1mln shares. 

Shares of Kraft Heinz fell 2.96% to the session low of US$59.50, and were trading about 1% lower at US$60.68. Volume traded by midday was already at 6.59mln shares, about a third higher than the average daily volume of 4.8mln shares.

READ: Warren Buffett now has a US$28.2bn stake in Apple

Reuters Buzz said a Brazilian private equity firm and the No. 2 holder of Kraft said in an SEC filing it also sold 20.6 mln shares at US$59.85. Citing sources, the Buzz said Morgan Stanley is shopping 20mln shares in a price range from US$59.85 to US$60 by the close on Tuesday.

Kraft Heinz shares had jumped last week after release of its quarterly report.

Buffett had stepped down from the KFC board last April.

READ: Warren Buffett steps down from Kraft Heinz board

Story by ProactiveInvestors