Gabelli Funds LLC reduced its stake in Conagra Brands, Inc. (NYSE:CAG – Free Report) by 17.0% during the second quarter, HoldingsChannel reports. The firm owned 390,000 shares of the company’s stock after selling 80,000 shares during the period. Gabelli Funds LLC’s holdings in Conagra Brands were worth $13,151,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of CAG. Institutional & Family Asset Management LLC bought a new position in Conagra Brands during the first quarter valued at approximately $26,000. Tradition Wealth Management LLC grew its holdings in shares of Conagra Brands by 641.6% in the first quarter. Tradition Wealth Management LLC now owns 927 shares of the company’s stock worth $35,000 after purchasing an additional 802 shares during the last quarter. Glassman Wealth Services grew its holdings in shares of Conagra Brands by 70.3% in the second quarter. Glassman Wealth Services now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 430 shares during the last quarter. Clear Street Markets LLC grew its holdings in shares of Conagra Brands by 93.2% in the first quarter. Clear Street Markets LLC now owns 935 shares of the company’s stock worth $35,000 after purchasing an additional 451 shares during the last quarter. Finally, Coppell Advisory Solutions Corp. bought a new position in shares of Conagra Brands in the fourth quarter worth approximately $39,000. 84.27% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. Barclays cut their price target on shares of Conagra Brands from $39.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, October 6th. TD Cowen assumed coverage on Conagra Brands in a research report on Wednesday, September 13th. They set a “market perform” rating and a $32.00 price objective for the company. StockNews.com began coverage on Conagra Brands in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Jefferies Financial Group reduced their price objective on Conagra Brands from $30.00 to $28.00 and set a “hold” rating for the company in a report on Friday, October 6th. Finally, Royal Bank of Canada reduced their price objective on Conagra Brands from $36.00 to $32.00 and set a “sector perform” rating for the company in a report on Friday, October 6th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Conagra Brands currently has a consensus rating of “Hold” and an average price target of $34.15.
Conagra Brands Trading Down 0.3 %
Conagra Brands stock opened at $28.10 on Tuesday. The business has a 50-day simple moving average of $27.68 and a two-hundred day simple moving average of $31.20. The company has a market cap of $13.43 billion, a P/E ratio of 12.49, a P/E/G ratio of 2.73 and a beta of 0.61. Conagra Brands, Inc. has a 52-week low of $25.16 and a 52-week high of $41.30. The company has a quick ratio of 0.30, a current ratio of 0.91 and a debt-to-equity ratio of 0.86.
Conagra Brands (NYSE:CAG – Get Free Report) last released its quarterly earnings results on Thursday, October 5th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.06. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.95 billion. Conagra Brands had a return on equity of 15.49% and a net margin of 8.80%. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. Analysts predict that Conagra Brands, Inc. will post 2.68 EPS for the current year.
Conagra Brands Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Thursday, November 2nd will be issued a $0.35 dividend. The ex-dividend date is Wednesday, November 1st. This represents a $1.40 dividend on an annualized basis and a yield of 4.98%. Conagra Brands’s dividend payout ratio is presently 62.22%.
Insider Transactions at Conagra Brands
In other news, Director Richard H. Lenny acquired 9,238 shares of the firm’s stock in a transaction dated Monday, October 9th. The shares were acquired at an average cost of $27.31 per share, with a total value of $252,289.78. Following the acquisition, the director now directly owns 165,205 shares of the company’s stock, valued at $4,511,748.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.88% of the company’s stock.
Conagra Brands 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.
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