Cibc World Markets Corp lowered its stake in Conagra Brands, Inc. (NYSE:CAG – Free Report) by 57.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,102 shares of the company’s stock after selling 32,242 shares during the quarter. Cibc World Markets Corp’s holdings in Conagra Brands were worth $905,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAG. Picton Mahoney Asset Management purchased a new position in shares of Conagra Brands during the 4th quarter worth $66,000. State of Michigan Retirement System boosted its stake in shares of Conagra Brands by 0.5% during the 1st quarter. State of Michigan Retirement System now owns 151,401 shares of the company’s stock worth $5,687,000 after acquiring an additional 700 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Conagra Brands by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 9,682,171 shares of the company’s stock worth $374,019,000 after acquiring an additional 217,370 shares during the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Conagra Brands by 32.8% during the 1st quarter. Wealthfront Advisers LLC now owns 159,587 shares of the company’s stock worth $5,994,000 after acquiring an additional 39,379 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Conagra Brands by 1,393.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,125,958 shares of the company’s stock worth $42,291,000 after acquiring an additional 1,050,552 shares during the last quarter. Hedge funds and other institutional investors own 84.27% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on CAG shares. Stifel Nicolaus decreased their price objective on shares of Conagra Brands from $43.00 to $36.00 in a research report on Friday, July 14th. TheStreet downgraded shares of Conagra Brands from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. UBS Group decreased their price objective on shares of Conagra Brands from $44.00 to $40.00 in a research report on Monday, July 10th. Bank of America decreased their price objective on shares of Conagra Brands from $40.00 to $38.00 in a research report on Friday, July 14th. Finally, Morgan Stanley downgraded shares of Conagra Brands from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $46.00 to $37.00 in a research report on Monday, July 17th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Conagra Brands currently has a consensus rating of “Hold” and a consensus target price of $38.08.
Conagra Brands Stock Performance
Conagra Brands stock opened at $29.32 on Friday. The company’s 50-day moving average price is $32.03 and its 200-day moving average price is $34.79. Conagra Brands, Inc. has a twelve month low of $29.27 and a twelve month high of $41.30. The company has a quick ratio of 0.26, a current ratio of 0.76 and a debt-to-equity ratio of 0.80. The company has a market cap of $13.99 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 3.05 and a beta of 0.54.
Conagra Brands (NYSE:CAG – Get Free Report) last released its quarterly earnings results on Thursday, July 13th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Conagra Brands had a net margin of 5.57% and a return on equity of 15.19%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the previous year, the company earned $0.65 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Conagra Brands, Inc. will post 2.72 EPS for the current fiscal year.
Conagra Brands Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, July 31st were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, July 28th. This is a boost from Conagra Brands’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.77%. Conagra Brands’s payout ratio is currently 98.59%.
Insider Buying and Selling
In other Conagra Brands news, COO Thomas M. Mcgough sold 75,522 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $33.07, for a total value of $2,497,512.54. Following the completion of the sale, the chief operating officer now directly owns 157,125 shares of the company’s stock, valued at approximately $5,196,123.75. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.88% of the stock is owned by corporate insiders.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.
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