abrdn plc Sells 1,429 Shares of Conagra Brands, Inc. (NYSE:CAG)

abrdn plc decreased its position in Conagra Brands, Inc. (NYSE:CAG) by 0.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 186,732 shares of the company’s stock after selling 1,429 shares during the quarter. abrdn plc’s holdings in Conagra Brands were worth $6,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in Conagra Brands by 20.5% in the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after acquiring an additional 1,871,238 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Conagra Brands by 17.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock worth $122,602,000 after purchasing an additional 633,794 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Conagra Brands by 148.2% in the 2nd quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock worth $72,048,000 after purchasing an additional 1,513,726 shares during the period. Marshall Wace LLP boosted its holdings in shares of Conagra Brands by 1,362.6% in the 2nd quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock worth $68,400,000 after purchasing an additional 2,242,186 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Conagra Brands by 3.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,294,468 shares of the company’s stock worth $65,209,000 after purchasing an additional 78,487 shares during the period. Institutional investors own 83.75% of the company’s stock.

Conagra Brands Price Performance

CAG opened at $28.97 on Friday. The business has a fifty day moving average of $30.92 and a 200 day moving average of $30.23. Conagra Brands, Inc. has a 52-week low of $26.62 and a 52-week high of $33.24. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The stock has a market cap of $13.83 billion, a P/E ratio of 28.13, a PEG ratio of 2.98 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the company posted $0.66 EPS. Conagra Brands’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Conagra Brands, Inc. will post 2.59 EPS for the current year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s payout ratio is 135.92%.

Analysts Set New Price Targets

A number of brokerages have recently commented on CAG. The Goldman Sachs Group began coverage on Conagra Brands in a report on Monday, August 12th. They issued a “buy” rating and a $36.00 target price for the company. Stifel Nicolaus dropped their target price on Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a report on Friday, July 12th. Evercore ISI dropped their target price on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Wells Fargo & Company lifted their target price on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Barclays dropped their price objective on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.63.

Insider Transactions at Conagra Brands

In other news, COO Thomas M. Mcgough sold 40,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.51% of the company’s stock.

Conagra Brands Company Profile

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.