Russell Investments Group Ltd. cut its holdings in Conagra Brands Inc (NYSE:CAG) by 36.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 228,187 shares of the company’s stock after selling 128,370 shares during the period. Russell Investments Group Ltd.’s holdings in Conagra Brands were worth $6,029,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Conagra Brands by 20.9% in 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 during the last quarter. FMR LLC increased its holdings in shares of Conagra Brands by 27.2% in 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 during the last quarter. Geode Capital Management LLC increased its holdings in shares of Conagra Brands by 36.8% in 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 during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Conagra Brands by 0.5% in the 2nd quarter. Wells Fargo & Company MN now owns 3,676,494 shares of the company’s stock worth $97,501,000 after buying an additional 20,051 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Conagra Brands by 20.5% in the 1st quarter. First Trust Advisors LP now owns 2,197,646 shares of the company’s stock worth $60,963,000 after buying an additional 373,437 shares during the last quarter. Hedge funds and other institutional investors own 87.22% of the company’s stock.
A number of analysts have recently weighed in on the stock. UBS Group set a $32.00 target price on shares of Conagra Brands and gave the stock a “buy” rating in a report on Friday, June 28th. Morgan Stanley assumed coverage on shares of Conagra Brands in a report on Monday, May 20th. They issued an “equal weight” rating and a $31.00 target price on the stock. Goldman Sachs Group downgraded shares of Conagra Brands from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $31.00 in a report on Friday, September 6th. Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a report on Monday, July 8th. Finally, Bank of America set a $35.00 price target on shares of Conagra Brands and gave the stock a “buy” rating in a research note on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.36.
Shares of CAG stock traded up $0.22 during trading hours on Friday, reaching $29.98. 69,193 shares of the stock were exchanged, compared to its average volume of 3,745,931. Conagra Brands Inc has a 12-month low of $20.22 and a 12-month high of $38.43. The company has a current ratio of 1.28, a quick ratio of 0.54 and a debt-to-equity ratio of 1.43. The company’s 50-day moving average price is $28.65 and its 200-day moving average price is $27.96. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.99 and a beta of 0.85.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Conagra Brands had a return on equity of 13.74% and a net margin of 7.11%. Conagra Brands’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. On average, sell-side analysts expect that Conagra Brands Inc will post 2.11 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, July 30th were given a $0.2125 dividend. The ex-dividend date was Monday, July 29th. This represents a $0.85 annualized dividend and a yield of 2.84%. Conagra Brands’s dividend payout ratio (DPR) is 42.29%.
In related news, Director Craig P. Omtvedt acquired 25,000 shares of the stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $26.73 per share, with a total value of $668,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ruth Ann Marshall sold 3,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $27.00, for a total transaction of $81,000.00. Following the completion of the sale, the director now directly owns 102,387 shares of the company’s stock, valued at $2,764,449. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,589 shares of company stock valued at $929,334. 0.84% of the stock is owned by corporate insiders.
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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