Norges Bank Takes Position in Conagra Brands $CAG

Norges Bank purchased a new stake in Conagra Brands (NYSE:CAG) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 8,414,552 shares of the company’s stock, valued at approximately $145,656,000.

A number of other large investors have also made changes to their positions in CAG. NewEdge Advisors LLC increased its holdings in Conagra Brands by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company’s stock valued at $628,000 after acquiring an additional 954 shares in the last quarter. United Services Automobile Association purchased a new position in Conagra Brands during the 1st quarter valued at about $225,000. Empowered Funds LLC increased its holdings in Conagra Brands by 5.9% during the 1st quarter. Empowered Funds LLC now owns 36,356 shares of the company’s stock valued at $970,000 after acquiring an additional 2,038 shares in the last quarter. Woodline Partners LP increased its holdings in Conagra Brands by 40.7% during the 1st quarter. Woodline Partners LP now owns 40,326 shares of the company’s stock valued at $1,075,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in Conagra Brands by 3.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company’s stock valued at $1,033,000 after acquiring an additional 1,900 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Price Performance

Conagra Brands stock opened at $12.58 on Thursday. Conagra Brands has a 12-month low of $12.55 and a 12-month high of $22.81. The stock has a market capitalization of $6.02 billion, a P/E ratio of -125.74 and a beta of -0.02. The firm’s 50-day moving average is $14.38 and its two-hundred day moving average is $16.55. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the business earned $0.51 earnings per share. Conagra Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts predict that Conagra Brands will post 1.7 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 11.1%. The ex-dividend date of this dividend was Thursday, April 30th. Conagra Brands’s dividend payout ratio (DPR) is currently -1,400.00%.

Insider Activity

In related news, Director John J. Mulligan bought 17,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 14th. The shares were acquired at an average cost of $14.31 per share, with a total value of $250,425.00. Following the completion of the transaction, the director owned 20,728 shares of the company’s stock, valued at approximately $296,617.68. The trade was a 542.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard H. Lenny bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 14th. The stock was bought at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the completion of the transaction, the director directly owned 229,340 shares of the company’s stock, valued at approximately $3,288,735.60. The trade was a 12.23% increase in their position. The SEC filing for this purchase provides additional information. 0.57% of the stock is owned by company insiders.

Analysts Set New Price Targets

CAG has been the subject of several recent research reports. Wall Street Zen upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Sanford C. Bernstein restated an “underperform” rating and set a $12.00 target price (down from $16.00) on shares of Conagra Brands in a report on Wednesday. Royal Bank Of Canada dropped their target price on shares of Conagra Brands from $20.00 to $17.00 and set a “sector perform” rating for the company in a report on Thursday, April 2nd. The Goldman Sachs Group dropped their target price on shares of Conagra Brands from $17.00 to $15.00 and set a “sell” rating for the company in a report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Conagra Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, March 20th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $15.00.

Conagra Brands Company Profile

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.