Westchester Capital Management Inc. purchased a new stake in shares of Conagra Brands Inc (NYSE:CAG) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 28,770 shares of the company’s stock, valued at approximately $883,000. Conagra Brands comprises approximately 0.3% of Westchester Capital Management Inc.’s portfolio, making the stock its 28th biggest holding.
Several other hedge funds have also recently bought and sold shares of CAG. Berman Capital Advisors LLC raised its position in shares of Conagra Brands by 86.2% during the 2nd quarter. Berman Capital Advisors LLC now owns 959 shares of the company’s stock valued at $25,000 after acquiring an additional 444 shares in the last quarter. Doyle Wealth Management bought a new position in Conagra Brands during the second quarter valued at about $26,000. Northwest Investment Counselors LLC bought a new position in Conagra Brands during the third quarter valued at about $31,000. Kavar Capital Partners LLC bought a new position in Conagra Brands during the second quarter valued at about $34,000. Finally, Quest Capital Management Inc. ADV bought a new position in Conagra Brands during the third quarter valued at about $43,000. 86.26% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Thomas M. Mcgough sold 26,099 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $31.00, for a total value of $809,069.00. Following the completion of the transaction, the chief operating officer now owns 145,869 shares in the company, valued at approximately $4,521,939. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Colleen Batcheler sold 25,458 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $30.00, for a total value of $763,740.00. Following the completion of the transaction, the executive vice president now owns 169,873 shares of the company’s stock, valued at approximately $5,096,190. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.
Several research analysts recently weighed in on CAG shares. Credit Suisse Group reaffirmed a “hold” rating and set a $29.00 target price on shares of Conagra Brands in a research note on Thursday, September 19th. Citigroup raised their target price on Conagra Brands from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and decreased their target price for the company from $33.00 to $31.00 in a research note on Friday, September 6th. Royal Bank of Canada started coverage on Conagra Brands in a research note on Thursday, October 17th. They set a “sector perform” rating and a $30.00 target price for the company. Finally, ValuEngine raised Conagra Brands from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. Conagra Brands has a consensus rating of “Hold” and a consensus target price of $33.33.
Shares of NYSE:CAG traded down $0.36 during midday trading on Friday, reaching $27.44. The company had a trading volume of 2,586,227 shares, compared to its average volume of 5,833,551. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.40 and a current ratio of 1.11. Conagra Brands Inc has a 1-year low of $20.22 and a 1-year high of $35.72. The firm has a market cap of $13.44 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.86 and a beta of 0.84. The company has a fifty day simple moving average of $28.29 and a two-hundred day simple moving average of $28.69.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, September 26th. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.04. Conagra Brands had a return on equity of 12.34% and a net margin of 6.68%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.48 billion. During the same quarter last year, the company posted $0.47 EPS. Conagra Brands’s revenue for the quarter was up 30.3% on a year-over-year basis. Analysts expect that Conagra Brands Inc will post 2.12 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 1st will be given a $0.2125 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.85 dividend on an annualized basis and a dividend yield of 3.10%. Conagra Brands’s dividend payout ratio (DPR) is 42.29%.
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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