CIBC Asset Management Inc lifted its position in shares of Conagra Brands Inc (NYSE:CAG) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,517 shares of the company’s stock after acquiring an additional 633 shares during the quarter. CIBC Asset Management Inc’s holdings in Conagra Brands were worth $1,425,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Capital World Investors lifted its stake in Conagra Brands by 28.3% in the 1st quarter. Capital World Investors now owns 38,056,615 shares of the company’s stock valued at $1,116,581,000 after buying an additional 8,401,933 shares in the last quarter. Coho Partners Ltd. lifted its stake in Conagra Brands by 1.6% in the 2nd quarter. Coho Partners Ltd. now owns 4,272,244 shares of the company’s stock valued at $150,255,000 after buying an additional 67,577 shares in the last quarter. Legal & General Group Plc lifted its stake in Conagra Brands by 2.1% in the 1st quarter. Legal & General Group Plc now owns 3,666,615 shares of the company’s stock valued at $107,623,000 after buying an additional 74,449 shares in the last quarter. Franklin Resources Inc. lifted its stake in Conagra Brands by 12.6% in the 1st quarter. Franklin Resources Inc. now owns 2,874,395 shares of the company’s stock valued at $84,335,000 after buying an additional 321,285 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Conagra Brands by 44.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,872,623 shares of the company’s stock valued at $101,030,000 after buying an additional 886,435 shares in the last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE CAG opened at $37.45 on Friday. The company has a 50 day simple moving average of $35.17 and a 200-day simple moving average of $32.41. The company has a market capitalization of $18.25 billion, a P/E ratio of 16.43, a P/E/G ratio of 2.24 and a beta of 0.85. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.88 and a quick ratio of 0.46. Conagra Brands Inc has a 1 year low of $22.83 and a 1 year high of $37.82.
Conagra Brands (NYSE:CAG) last posted its earnings results on Tuesday, June 30th. The company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. Conagra Brands had a net margin of 7.60% and a return on equity of 14.38%. The firm had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, research analysts expect that Conagra Brands Inc will post 2.39 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 4th will be issued a $0.2125 dividend. The ex-dividend date is Monday, August 3rd. This represents a $0.85 annualized dividend and a yield of 2.27%. Conagra Brands’s dividend payout ratio (DPR) is presently 37.28%.
In related news, EVP David Biegger sold 33,634 shares of Conagra Brands stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $37.66, for a total value of $1,266,656.44. Following the completion of the sale, the executive vice president now owns 66,697 shares in the company, valued at approximately $2,511,809.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joie A. Gregor sold 9,900 shares of Conagra Brands stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $35.61, for a total transaction of $352,539.00. Insiders sold a total of 364,422 shares of company stock valued at $13,145,465 in the last quarter. 0.84% of the stock is owned by insiders.
A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Conagra Brands from $36.00 to $39.00 in a research note on Wednesday, July 1st. Morgan Stanley raised their price target on shares of Conagra Brands from $32.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 1st. ValuEngine downgraded shares of Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Thursday, July 2nd. Jefferies Financial Group upgraded shares of Conagra Brands to a “buy” rating and set a $41.00 price objective for the company in a report on Tuesday, June 30th. Finally, Deutsche Bank increased their price objective on shares of Conagra Brands from $32.00 to $36.00 and gave the company a “hold” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.29.
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.
See Also: Hold Rating
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