InterOcean Capital LLC lowered its holdings in shares of Conagra Brands Inc (NYSE:CAG) by 54.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 82,071 shares of the company’s stock after selling 96,299 shares during the quarter. InterOcean Capital LLC’s holdings in Conagra Brands were worth $2,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. boosted its stake in Conagra Brands by 7.1% during the first quarter. BlackRock Inc. now owns 29,385,070 shares of the company’s stock worth $1,083,722,000 after buying an additional 1,935,790 shares in the last quarter. Jennison Associates LLC boosted its stake in Conagra Brands by 2.7% during the second quarter. Jennison Associates LLC now owns 3,459,244 shares of the company’s stock worth $123,599,000 after buying an additional 91,196 shares in the last quarter. TD Asset Management Inc. boosted its stake in Conagra Brands by 17.8% during the second quarter. TD Asset Management Inc. now owns 2,909,940 shares of the company’s stock worth $103,972,000 after buying an additional 438,889 shares in the last quarter. Coho Partners Ltd. boosted its stake in Conagra Brands by 2.9% during the second quarter. Coho Partners Ltd. now owns 2,632,548 shares of the company’s stock worth $94,061,000 after buying an additional 73,933 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in Conagra Brands by 71.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 2,457,526 shares of the company’s stock worth $90,635,000 after buying an additional 1,022,437 shares in the last quarter. Hedge funds and other institutional investors own 81.42% of the company’s stock.
Shares of NYSE CAG opened at $35.94 on Friday. The firm has a market cap of $14.14 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 2.01 and a beta of 0.25. Conagra Brands Inc has a 52-week low of $32.90 and a 52-week high of $39.43. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.83 and a quick ratio of 0.40.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, June 27th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.07. The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Conagra Brands had a return on equity of 22.54% and a net margin of 10.18%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the business earned $0.37 earnings per share. sell-side analysts predict that Conagra Brands Inc will post 2.24 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 30th. Shareholders of record on Tuesday, July 31st were issued a dividend of $0.2125 per share. The ex-dividend date was Monday, July 30th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.37%. Conagra Brands’s payout ratio is presently 40.28%.
In related news, Director Steven F. Goldstone sold 72,678 shares of Conagra Brands stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $35.59, for a total value of $2,586,610.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Ann Marshall sold 3,023 shares of Conagra Brands stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $35.15, for a total value of $106,258.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,791 shares of company stock valued at $4,823,771. Company insiders own 0.92% of the company’s stock.
CAG has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Wednesday, August 29th. Citigroup decreased their price target on shares of Conagra Brands from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, June 28th. Stephens initiated coverage on shares of Conagra Brands in a research note on Monday, August 20th. They set an “overweight” rating and a $45.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Conagra Brands from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. Finally, ValuEngine downgraded shares of Conagra Brands from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $42.40.
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.
Further Reading: Short Selling
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