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Kraft Heinz Stock Slips 8% As UBS Group Downgrades The Co.

Shares of Kraft Heinz Company (KHC) are slipping over 6% on Thursday morning after the stock was downgraded by UBS Group.

KHC is currently trading at $37.10, down $2.37 or 6.02%, on the Nasdaq. The stock opened its trading at $36.50 after closing Wednesday's trading at $39.48. The stock has traded between $32.78 and $44.87 in the past 52-week period.

Kraft Heinz was downgraded by analysts at UBS Group AG from a "neutral" rating to a "sell" rating. The price target was lowered from $40.00 to $34.00.

Separately, Kraft Heinz announced that it received notice that funds affiliated with 3G Capital, the company's second largest stockholder, have distributed about 88 million shares of Kraft Heinz common stock to external investors in its funds.

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