BlackRock Inc. Boosts Holdings in Conagra Brands, Inc. (NYSE:CAG)

BlackRock Inc. boosted its position in Conagra Brands, Inc. (NYSE:CAG) by 4.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 37,462,174 shares of the company’s stock after purchasing an additional 1,553,583 shares during the quarter. BlackRock Inc. owned 0.08% of Conagra Brands worth $1,362,875,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Equitable Holdings Inc. lifted its stake in Conagra Brands by 2.6% in the 2nd quarter. Equitable Holdings Inc. now owns 73,987 shares of the company’s stock worth $2,692,000 after purchasing an additional 1,864 shares in the last quarter. Bank of The West lifted its stake in Conagra Brands by 13.9% in the 2nd quarter. Bank of The West now owns 24,319 shares of the company’s stock worth $884,000 after purchasing an additional 2,976 shares in the last quarter. Deutsche Bank AG lifted its stake in Conagra Brands by 7.1% in the 2nd quarter. Deutsche Bank AG now owns 3,983,324 shares of the company’s stock worth $144,912,000 after purchasing an additional 262,888 shares in the last quarter. Dean Investment Associates LLC lifted its stake in Conagra Brands by 11.4% in the 2nd quarter. Dean Investment Associates LLC now owns 46,584 shares of the company’s stock worth $1,695,000 after purchasing an additional 4,749 shares in the last quarter. Finally, Tobam lifted its stake in Conagra Brands by 1.4% in the 2nd quarter. Tobam now owns 1,574,121 shares of the company’s stock worth $57,267,000 after purchasing an additional 20,976 shares in the last quarter. Institutional investors and hedge funds own 83.88% of the company’s stock.

Several analysts have recently weighed in on CAG shares. Stifel Nicolaus cut shares of Conagra Brands from a “buy” rating to a “hold” rating and lowered their price objective for the company from $39.00 to $35.00 in a research report on Wednesday, July 14th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Conagra Brands from $37.00 to $35.00 and set a “hold” rating on the stock in a research report on Wednesday, July 14th. Citigroup lowered their price objective on shares of Conagra Brands from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 14th. Morgan Stanley lowered their price objective on shares of Conagra Brands from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 14th. Finally, Bank of America cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $44.00 to $36.00 in a research report on Wednesday, July 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $36.90.

CAG stock opened at $33.35 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.29 and a current ratio of 0.82. Conagra Brands, Inc. has a 52 week low of $32.25 and a 52 week high of $39.09. The firm’s fifty day moving average is $33.48 and its 200 day moving average is $35.90. The firm has a market cap of $16.02 billion, a P/E ratio of 12.54, a P/E/G ratio of 1.91 and a beta of 0.88.

Conagra Brands (NYSE:CAG) last released its earnings results on Monday, July 12th. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. Conagra Brands had a net margin of 11.61% and a return on equity of 15.33%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same quarter last year, the firm earned $0.41 EPS. The firm’s quarterly revenue was down 16.7% compared to the same quarter last year. As a group, analysts forecast that Conagra Brands, Inc. will post 2.47 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Tuesday, August 3rd were issued a $0.3125 dividend. This represents a $1.25 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend was Monday, August 2nd. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.28. Conagra Brands’s dividend payout ratio (DPR) is 47.35%.

In other news, Director Richard H. Lenny purchased 10,000 shares of the business’s stock in a transaction on Thursday, July 15th. The shares were acquired at an average price of $34.14 per share, with a total value of $341,400.00. Following the acquisition, the director now directly owns 128,261 shares in the company, valued at $4,378,830.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Colleen Batcheler sold 6,210 shares of the firm’s stock in a transaction on Wednesday, July 21st. The stock was sold at an average price of $34.96, for a total transaction of $217,101.60. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Conagra Brands Profile

Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks; Refrigerated and Frozen; International; and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.

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Institutional Ownership by Quarter for Conagra Brands (NYSE:CAG)

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