First Trust Advisors LP lowered its holdings in Conagra Brands Inc (NYSE:CAG) by 34.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,916 shares of the company’s stock after selling 123,039 shares during the period. First Trust Advisors LP’s holdings in Conagra Brands were worth $8,368,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in CAG. Citizens Financial Group Inc RI raised its holdings in shares of Conagra Brands by 567.6% in the 1st quarter. Citizens Financial Group Inc RI now owns 988 shares of the company’s stock valued at $29,000 after acquiring an additional 840 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Conagra Brands by 694.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,033 shares of the company’s stock valued at $30,000 after acquiring an additional 903 shares in the last quarter. NuWave Investment Management LLC purchased a new stake in shares of Conagra Brands in the 2nd quarter valued at about $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Conagra Brands in the 2nd quarter valued at about $32,000. Finally, Tobam purchased a new stake in shares of Conagra Brands in the 1st quarter valued at about $36,000. 82.53% of the stock is currently owned by hedge funds and other institutional investors.
CAG has been the topic of several recent research reports. Deutsche Bank increased their price objective on Conagra Brands from $32.00 to $36.00 and gave the company a “hold” rating in a research report on Wednesday, July 1st. Jefferies Financial Group upgraded Conagra Brands to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, June 30th. Morgan Stanley increased their price objective on Conagra Brands from $32.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 1st. Standpoint Research lowered Conagra Brands from a “buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, Credit Suisse Group increased their price objective on Conagra Brands from $36.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Conagra Brands currently has an average rating of “Hold” and a consensus price target of $35.29.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.09. The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.13 billion. Conagra Brands had a return on equity of 14.38% and a net margin of 7.60%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. As a group, equities analysts predict that Conagra Brands Inc will post 2.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 4th will be given a $0.2125 dividend. The ex-dividend date is Monday, August 3rd. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.27%. Conagra Brands’s dividend payout ratio is currently 37.28%.
In other news, EVP Colleen Batcheler sold 6,629 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $36.29, for a total value of $240,566.41. Following the completion of the transaction, the executive vice president now owns 169,873 shares in the company, valued at approximately $6,164,691.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas M. Mcgough sold 80,615 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $35.00, for a total value of $2,821,525.00. Following the completion of the transaction, the insider now owns 226,484 shares of the company’s stock, valued at approximately $7,926,940. The disclosure for this sale can be found here. Over the last quarter, insiders sold 364,422 shares of company stock worth $13,145,465. Corporate insiders own 0.84% of the company’s stock.
Conagra Brands Company Profile
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.
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