Public Employees Retirement System of Ohio cut its position in shares of Conagra Brands Inc (NYSE:CAG) by 7.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 166,463 shares of the company’s stock after selling 14,202 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Conagra Brands were worth $4,415,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Conagra Brands by 20.9% during the 1st quarter. BlackRock Inc. now owns 43,165,563 shares of the company’s stock worth $1,197,414,000 after buying an additional 7,469,653 shares in the last quarter. FMR LLC lifted its position in Conagra Brands by 27.2% during the 1st quarter. FMR LLC now owns 14,183,529 shares of the company’s stock worth $393,451,000 after buying an additional 3,031,757 shares in the last quarter. Clearbridge Investments LLC lifted its position in Conagra Brands by 116,755.7% during the 1st quarter. Clearbridge Investments LLC now owns 2,103,402 shares of the company’s stock worth $58,348,000 after buying an additional 2,101,602 shares in the last quarter. Geode Capital Management LLC lifted its position in Conagra Brands by 36.8% during the 4th quarter. Geode Capital Management LLC now owns 6,848,679 shares of the company’s stock worth $146,052,000 after buying an additional 1,840,875 shares in the last quarter. Finally, Ceredex Value Advisors LLC bought a new stake in Conagra Brands during the 1st quarter worth about $41,720,000. 87.22% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on the stock. Zacks Investment Research raised shares of Conagra Brands from a “sell” rating to a “hold” rating and set a $29.00 price target on the stock in a research report on Monday, July 8th. UBS Group set a $32.00 price target on shares of Conagra Brands and gave the stock a “buy” rating in a research report on Friday, June 28th. Morgan Stanley assumed coverage on shares of Conagra Brands in a research report on Monday, May 20th. They set an “equal weight” rating and a $31.00 price target on the stock. Goldman Sachs Group cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and cut their price target for the stock from $33.00 to $31.00 in a research report on Friday, September 6th. Finally, Evercore ISI assumed coverage on shares of Conagra Brands in a research report on Tuesday, June 11th. They set an “outperform” rating and a $36.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.36.
Shares of CAG stock traded up $0.15 on Friday, reaching $29.91. The stock had a trading volume of 77,933 shares, compared to its average volume of 3,745,931. The company has a quick ratio of 0.54, a current ratio of 1.28 and a debt-to-equity ratio of 1.43. The firm’s 50-day moving average is $28.65 and its two-hundred day moving average is $27.96. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.99 and a beta of 0.85. Conagra Brands Inc has a 12 month low of $20.22 and a 12 month high of $38.43.
Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, June 27th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.06). The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.66 billion. Conagra Brands had a net margin of 7.11% and a return on equity of 13.74%. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share. On average, sell-side analysts forecast that Conagra Brands Inc will post 2.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, July 30th were issued a $0.2125 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $0.85 annualized dividend and a yield of 2.84%. Conagra Brands’s dividend payout ratio is currently 42.29%.
In other Conagra Brands news, Director Ruth Ann Marshall sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $27.00, for a total value of $81,000.00. Following the transaction, the director now directly owns 102,387 shares of the company’s stock, valued at approximately $2,764,449. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Lenny sold 20,153 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $27.27, for a total transaction of $549,572.31. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,589 shares of company stock worth $929,334. Insiders own 0.84% of the company’s stock.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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