Engineers Gate Manager LP bought a new stake in shares of Conagra Brands Inc (NYSE:CAG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 16,800 shares of the company’s stock, valued at approximately $600,000.
Other large investors also recently made changes to their positions in the company. Fortis Advisors LLC purchased a new position in shares of Conagra Brands during the first quarter valued at approximately $148,000. Capital One National Association purchased a new position in Conagra Brands in the second quarter worth $216,000. TLP Group LLC purchased a new position in Conagra Brands in the first quarter worth $228,000. Chesapeake Wealth Management purchased a new position in Conagra Brands in the first quarter worth $235,000. Finally, Jolley Asset Management LLC purchased a new position in Conagra Brands in the second quarter worth $250,000. 79.82% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on CAG shares. Citigroup cut their price objective on Conagra Brands from $43.00 to $42.00 and set a “buy” rating on the stock in a research report on Thursday, June 28th. Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Thursday, May 24th. JPMorgan Chase & Co. boosted their price objective on Conagra Brands from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Finally, ValuEngine cut Conagra Brands from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $42.11.
CAG stock opened at $37.48 on Monday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.40 and a current ratio of 0.83. Conagra Brands Inc has a 1-year low of $32.16 and a 1-year high of $39.43. The firm has a market capitalization of $14.35 billion, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 2.04 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Wednesday, June 27th. The company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.07. Conagra Brands had a return on equity of 22.54% and a net margin of 10.18%. The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. research analysts predict that Conagra Brands Inc will post 2.25 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 30th. Shareholders of record on Tuesday, July 31st will be paid a $0.2125 dividend. The ex-dividend date is Monday, July 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.27%. Conagra Brands’s payout ratio is presently 40.28%.
In other Conagra Brands news, Director Steven F. Goldstone sold 72,678 shares of the business’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $35.59, for a total value of $2,586,610.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Colleen Batcheler sold 33,317 shares of the business’s stock in a transaction on Friday, July 20th. The shares were sold at an average price of $36.08, for a total value of $1,202,077.36. Following the completion of the sale, the executive vice president now owns 163,145 shares in the company, valued at $5,886,271.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 134,791 shares of company stock worth $4,823,771. Corporate insiders own 0.92% 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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