abrdn plc Decreases Stock Position in Conagra Brands, Inc. (NYSE:CAG)

abrdn plc cut its holdings in Conagra Brands, Inc. (NYSE:CAG) by 0.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 186,732 shares of the company’s stock after selling 1,429 shares during the quarter. abrdn plc’s holdings in Conagra Brands were worth $6,034,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Courier Capital LLC raised its stake in Conagra Brands by 1.3% in the third quarter. Courier Capital LLC now owns 27,062 shares of the company’s stock valued at $880,000 after buying an additional 355 shares during the last quarter. CWM LLC raised its stake in Conagra Brands by 0.4% in the third quarter. CWM LLC now owns 87,222 shares of the company’s stock valued at $2,836,000 after buying an additional 359 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Conagra Brands by 7.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 5,220 shares of the company’s stock valued at $155,000 after buying an additional 373 shares during the last quarter. Arkadios Wealth Advisors raised its stake in shares of Conagra Brands by 0.7% in the third quarter. Arkadios Wealth Advisors now owns 52,769 shares of the company’s stock worth $1,716,000 after purchasing an additional 376 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in shares of Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares during the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Conagra Brands

In other news, COO Thomas M. Mcgough sold 40,000 shares of Conagra Brands stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total value of $1,211,600.00. Following the sale, the chief operating officer now directly owns 161,443 shares of the company’s stock, valued at $4,890,108.47. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CAG. Wells Fargo & Company raised their price objective on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. The Goldman Sachs Group began coverage on Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 target price on shares of Conagra Brands in a report on Thursday, October 3rd. Finally, Bank of America dropped their target price on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.63.

Conagra Brands Stock Up 0.1 %

Shares of CAG opened at $28.97 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. Conagra Brands, Inc. has a 12 month low of $26.62 and a 12 month high of $33.24. The stock’s 50 day moving average is $30.92 and its two-hundred day moving average is $30.23. The firm has a market cap of $13.83 billion, a P/E ratio of 28.13, a PEG ratio of 2.98 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.66 earnings per share. Analysts predict that Conagra Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s dividend payout ratio is presently 135.92%.

About Conagra Brands

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.