Kraft Heinz board approves $3 billion share buyback program
Kraft Heinz Co.'s (KHC) board has approved a share buyback program of up to $3 billion, the company said Monday. The news comes after the food company met its net leverage target of about 3.0times in the third quarter. "A stronger balance sheet, along with advancements we have made across the business, gives us further conviction behind our strategy and the belief that company shares are an attractive investment opportunity," CEO Miguel Patricio said in a statement. The stock was up 1.9% premarket but has fallen 14% in the year to date, while the S&P 500 has gained 18.8%.
-Ciara Linnane
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11-27-23 0850ET
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