State of Tennessee Department of Treasury Reduces Holdings in Conagra Brands, Inc. (NYSE:CAG)

State of Tennessee Department of Treasury decreased its position in shares of Conagra Brands, Inc. (NYSE:CAG) by 19.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 102,550 shares of the company’s stock after selling 24,158 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Conagra Brands were worth $2,846,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CAG. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Conagra Brands during the fourth quarter worth about $28,000. Riverview Trust Co purchased a new position in shares of Conagra Brands during the fourth quarter worth about $29,000. Grove Bank & Trust grew its holdings in shares of Conagra Brands by 65.4% during the fourth quarter. Grove Bank & Trust now owns 1,131 shares of the company’s stock worth $31,000 after purchasing an additional 447 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Conagra Brands during the fourth quarter worth about $41,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Conagra Brands during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Price Performance

CAG stock opened at $24.44 on Monday. The firm has a 50 day moving average of $25.79 and a 200-day moving average of $26.75. Conagra Brands, Inc. has a 12-month low of $23.06 and a 12-month high of $33.24. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The company has a market cap of $11.67 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.76 and a beta of 0.27.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the business posted $0.69 earnings per share. Conagra Brands’s revenue was down 6.3% on a year-over-year basis. As a group, equities analysts expect that Conagra Brands, Inc. will post 2.35 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Monday, April 28th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.73%. Conagra Brands’s payout ratio is 205.88%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CAG. Barclays increased their target price on shares of Conagra Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. JPMorgan Chase & Co. decreased their target price on shares of Conagra Brands from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Morgan Stanley began coverage on shares of Conagra Brands in a research note on Monday, March 24th. They set an “equal weight” rating and a $27.00 target price for the company. Wells Fargo & Company decreased their target price on shares of Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. Finally, The Goldman Sachs Group downgraded shares of Conagra Brands from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $26.00 in a research note on Monday, February 24th. Nine investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.90.

About Conagra Brands

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.