Miller Global Investments LLC Takes Position in Conagra Brands $CAG

Miller Global Investments LLC purchased a new position in Conagra Brands (NYSE:CAG) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 46,283 shares of the company’s stock, valued at approximately $801,000.

Several other institutional investors have also made changes to their positions in CAG. CYBER HORNET ETFs LLC purchased a new stake in Conagra Brands in the 2nd quarter worth approximately $26,000. True Wealth Design LLC boosted its stake in shares of Conagra Brands by 844.4% during the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company’s stock valued at $29,000 after buying an additional 1,427 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Conagra Brands during the 2nd quarter valued at $29,000. Spire Wealth Management grew its holdings in shares of Conagra Brands by 249.0% during the 3rd quarter. Spire Wealth Management now owns 1,724 shares of the company’s stock valued at $32,000 after acquiring an additional 1,230 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Conagra Brands in the third quarter worth $33,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Conagra Brands Stock Down 1.1%

CAG stock opened at $15.40 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.28 and a debt-to-equity ratio of 0.80. Conagra Brands has a 1 year low of $15.31 and a 1 year high of $27.68. The company has a fifty day simple moving average of $18.12 and a 200 day simple moving average of $18.00. The firm has a market cap of $7.36 billion, a PE ratio of -69.98 and a beta of -0.02.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Friday, December 19th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. Conagra Brands had a negative net margin of 0.87% and a positive return on equity of 10.59%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the prior year, the company posted $0.70 earnings per share. Conagra Brands’s revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts anticipate that Conagra Brands will post 2.35 EPS for the current fiscal year.

Analyst Ratings Changes

CAG has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating on shares of Conagra Brands in a report on Wednesday, February 18th. Jefferies Financial Group lowered their target price on Conagra Brands from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Thursday, December 11th. Bank of America dropped their target price on Conagra Brands from $18.00 to $17.00 and set an “underperform” rating on the stock in a research report on Monday, December 22nd. Wall Street Zen upgraded Conagra Brands from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $15.00 price target (down from $20.00) on shares of Conagra Brands in a research note on Thursday, March 12th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Conagra Brands has an average rating of “Reduce” and an average price target of $18.71.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.