Pitcairn Co. Decreases Stock Position in Conagra Brands, Inc. (NYSE:CAG)

Pitcairn Co. decreased its holdings in shares of Conagra Brands, Inc. (NYSE:CAG) by 45.0% during the third quarter, Holdings Channel.com reports. The fund owned 14,619 shares of the company’s stock after selling 11,980 shares during the period. Pitcairn Co.’s holdings in Conagra Brands were worth $475,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Aigen Investment Management LP purchased a new stake in Conagra Brands during the 3rd quarter worth approximately $1,020,000. Pacer Advisors Inc. grew its holdings in shares of Conagra Brands by 21,015.0% during the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after buying an additional 10,604,367 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Conagra Brands in the 3rd quarter valued at $3,829,000. Swedbank AB purchased a new position in Conagra Brands in the 1st quarter worth $18,268,000. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Conagra Brands during the 3rd quarter worth about $967,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Performance

CAG opened at $27.48 on Wednesday. The stock has a market cap of $13.11 billion, a P/E ratio of 26.67, a P/E/G ratio of 2.82 and a beta of 0.34. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. The firm has a fifty day moving average price of $29.57 and a 200 day moving average price of $29.88. Conagra Brands, Inc. has a 1 year low of $26.21 and a 1 year high of $33.24.

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

Conagra Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s payout ratio is currently 135.92%.

Wall Street Analyst Weigh In

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

Conagra Brands Company 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.