Raymond James Financial Services Advisors Inc. cut its stake in shares of Conagra Brands Inc (NYSE:CAG) by 14.0% during the 4th quarter, HoldingsChannel reports. The fund owned 111,187 shares of the company’s stock after selling 18,140 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Conagra Brands were worth $4,188,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. American Century Companies Inc. boosted its stake in Conagra Brands by 64.0% during the third quarter. American Century Companies Inc. now owns 11,938,659 shares of the company’s stock worth $402,810,000 after acquiring an additional 4,660,867 shares in the last quarter. Valueinvest Asset Management S.A. boosted its stake in Conagra Brands by 3.3% during the fourth quarter. Valueinvest Asset Management S.A. now owns 4,742,450 shares of the company’s stock worth $178,648,000 after acquiring an additional 151,300 shares in the last quarter. Jennison Associates LLC boosted its stake in Conagra Brands by 1.4% during the fourth quarter. Jennison Associates LLC now owns 3,604,098 shares of the company’s stock worth $135,766,000 after acquiring an additional 50,034 shares in the last quarter. TD Asset Management Inc. boosted its stake in Conagra Brands by 1.8% during the third quarter. TD Asset Management Inc. now owns 2,369,188 shares of the company’s stock worth $79,936,000 after acquiring an additional 42,562 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Conagra Brands by 0.5% during the third quarter. Legal & General Group Plc now owns 2,147,538 shares of the company’s stock worth $72,469,000 after acquiring an additional 11,023 shares in the last quarter. 81.33% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently issued reports on CAG. Zacks Investment Research raised shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Thursday, February 22nd. Stifel Nicolaus increased their target price on shares of Conagra Brands from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Saturday, December 30th. Credit Suisse Group set a $40.00 price objective on shares of Conagra Brands and gave the stock a “hold” rating in a report on Monday, December 25th. Sanford C. Bernstein upgraded shares of Conagra Brands from an “underperform” rating to a “market perform” rating in a report on Thursday, December 14th. Finally, UBS Group upgraded shares of Conagra Brands from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $37.00 in a report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Conagra Brands presently has a consensus rating of “Buy” and a consensus price target of $40.50.
Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, December 21st. The company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.03. Conagra Brands had a net margin of 9.04% and a return on equity of 19.58%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. equities analysts forecast that Conagra Brands Inc will post 1.96 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Tuesday, January 30th will be issued a $0.213 dividend. The ex-dividend date is Monday, January 29th. This represents a $0.85 annualized dividend and a dividend yield of 2.33%. This is an increase from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s dividend payout ratio is currently 50.90%.
In other news, EVP Colleen Batcheler sold 120,451 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $37.50, for a total value of $4,516,912.50. Following the completion of the sale, the executive vice president now owns 211,514 shares in the company, valued at $7,931,775. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joie A. Gregor sold 5,250 shares of the stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $38.04, for a total transaction of $199,710.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,121 shares of company stock valued at $5,793,780. 0.79% of the stock is currently owned by corporate insiders.
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Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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