First Trust Direct Indexing L.P. Sells 3,950 Shares of Conagra Brands, Inc. (NYSE:CAG)

Posted by Defense World Staff on Sep 25th, 2023

First Trust Direct Indexing L.P. cut its position in shares of Conagra Brands, Inc. (NYSE:CAG – Free Report) by 19.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,265 shares of the company’s stock after selling 3,950 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Conagra Brands were worth $548,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CAG. EP Wealth Advisors LLC bought a new stake in shares of Conagra Brands during the 1st quarter valued at $208,000. Institutional & Family Asset Management LLC bought a new stake in Conagra Brands during the first quarter worth about $26,000. Delta Asset Management LLC TN purchased a new stake in Conagra Brands in the fourth quarter worth about $27,000. Core Alternative Capital bought a new position in shares of Conagra Brands during the first quarter valued at approximately $31,000. Finally, ST Germain D J Co. Inc. purchased a new position in shares of Conagra Brands during the fourth quarter valued at approximately $33,000. 84.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CAG. JPMorgan Chase & Co. cut their price target on Conagra Brands from $38.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, August 21st. Stifel Nicolaus lowered their price target on Conagra Brands from $43.00 to $36.00 in a research report on Friday, July 14th. TD Cowen started coverage on shares of Conagra Brands in a research note on Wednesday, September 13th. They issued a “market perform” rating and a $32.00 price target on the stock. Barclays decreased their target price on shares of Conagra Brands from $42.00 to $39.00 in a report on Friday, July 14th. Finally, Morgan Stanley cut shares of Conagra Brands from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $46.00 to $37.00 in a report on Monday, July 17th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Conagra Brands presently has an average rating of “Hold” and a consensus price target of $37.62.

View Our Latest Stock Analysis on Conagra Brands

Insider Buying and Selling at Conagra Brands

In other news, COO Thomas M. Mcgough sold 75,522 shares of Conagra Brands stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $33.07, for a total transaction of $2,497,512.54. Following the transaction, the chief operating officer now owns 157,125 shares in the company, valued at approximately $5,196,123.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is owned by corporate insiders.

Conagra Brands Price Performance

Shares of CAG opened at $28.86 on Monday. The firm has a fifty day simple moving average of $30.67 and a two-hundred day simple moving average of $34.01. The firm has a market cap of $13.77 billion, a PE ratio of 20.32, a P/E/G ratio of 3.35 and a beta of 0.55. The company has a current ratio of 0.76, a quick ratio of 0.26 and a debt-to-equity ratio of 0.80. Conagra Brands, Inc. has a 1-year low of $28.35 and a 1-year high of $41.30.

Conagra Brands (NYSE:CAG – Get Free Report) last posted its quarterly earnings data on Thursday, July 13th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3 billion. Conagra Brands had a return on equity of 15.19% and a net margin of 5.57%. Conagra Brands’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 earnings per share. On average, equities analysts anticipate that Conagra Brands, Inc. will post 2.71 EPS for the current year.

Conagra Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Monday, July 31st were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 4.85%. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, July 28th. Conagra Brands’s payout ratio is 98.59%.

Conagra Brands Profile

(Free Report)

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.