Conagra Brands Sees Unusually Large Options Volume (NYSE:CAG)

Conagra Brands, Inc. (NYSE:CAG) was the target of unusually large options trading activity on Wednesday. Traders acquired 5,792 put options on the company. This is an increase of 44% compared to the typical daily volume of 4,031 put options.

Conagra Brands Stock Down 1.1 %

Shares of NYSE:CAG opened at $26.32 on Thursday. Conagra Brands has a 12-month low of $23.06 and a 12-month high of $33.24. The stock’s 50-day moving average price is $25.69 and its two-hundred day moving average price is $27.52. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.76 and a beta of 0.18. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Monday, April 28th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.32%. Conagra Brands’s dividend payout ratio (DPR) is currently 137.25%.

Wall Street Analyst Weigh In

CAG has been the subject of a number of research analyst reports. The Goldman Sachs Group cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and dropped their target price for the company from $33.00 to $26.00 in a report on Monday, February 24th. JPMorgan Chase & Co. dropped their price objective on shares of Conagra Brands from $29.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Barclays cut their price objective on Conagra Brands from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, December 23rd. Wells Fargo & Company lowered their target price on Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Finally, Citigroup cut their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $28.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in shares of Conagra Brands by 0.6% in the 4th quarter. Bessemer Group Inc. now owns 78,038 shares of the company’s stock worth $2,166,000 after purchasing an additional 429 shares during the period. Grove Bank & Trust increased its position in Conagra Brands by 65.4% during the 4th quarter. Grove Bank & Trust now owns 1,131 shares of the company’s stock worth $31,000 after purchasing an additional 447 shares in the last quarter. Summit Financial Wealth Advisors LLC lifted its position in Conagra Brands by 1.3% during the fourth quarter. Summit Financial Wealth Advisors LLC now owns 40,455 shares of the company’s stock valued at $1,030,000 after buying an additional 500 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Conagra Brands by 0.6% in the 4th quarter. CIBC Asset Management Inc now owns 84,534 shares of the company’s stock valued at $2,346,000 after acquiring an additional 501 shares during the period. Finally, Xponance Inc. lifted its holdings in shares of Conagra Brands by 0.8% during the 4th quarter. Xponance Inc. now owns 65,680 shares of the company’s stock valued at $1,823,000 after acquiring an additional 505 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

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.