Kraft Heinz sank as much as 3.4% early Tuesday after its second-largest investor sold 25.1 million shares.
3G Capital Partners slashed its stake by about 9% after selling the stock at $28.44 per share, a price 2.6% lower from Monday's close. The Brazilian private equity firm still owns 20% of Kraft.
Warren Buffett's Berkshire Hathaway is the only firm with a greater stake in the company, holding about 26.7% of Kraft stock.
The sale follows a 16% drop in Kraft stock in August after the company announced a $1.2 billion write-down for several of its businesses. The company also reported a large decline in sales over the first half of 2019, missing analyst expectations.
"The level of decline we experienced in the first half of this year is nothing we should find acceptable moving forward," Kraft CEO Miguel Patricio said in a statement. "We have significant work ahead of us to set our strategic priorities and change the trajectory of our business."
The company also faces an ongoing Securities and Exchange Commission investigation into its finances. Kraft said in June it completed an internal review of its accounting practices.
Kraft closed at $29.62 per share Monday, down about 31% year-to-date.
The company has three "buy" ratings, 14 "hold" ratings, and five "sell" ratings from analysts, with a consensus price target of $29.61, according to Bloomberg data.
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