Magnetar Financial LLC decreased its position in Conagra Brands Inc. (NYSE:CAG) by 75.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,120 shares of the company’s stock after selling 27,781 shares during the quarter. Magnetar Financial LLC’s holdings in Conagra Brands were worth $308,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CAG. Municipal Employees Retirement System of Michigan grew its position in Conagra Brands by 35.9% during the second quarter. Municipal Employees Retirement System of Michigan now owns 18,040 shares of the company’s stock valued at $646,000 after buying an additional 4,770 shares during the period. NGAM Advisors L.P. bought a new position in Conagra Brands during the second quarter valued at about $519,000. Schwab Charles Investment Management Inc. grew its position in Conagra Brands by 3.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,360,630 shares of the company’s stock valued at $48,657,000 after buying an additional 50,134 shares during the period. First Trust Advisors LP grew its position in Conagra Brands by 10.6% during the second quarter. First Trust Advisors LP now owns 545,681 shares of the company’s stock valued at $19,514,000 after buying an additional 52,159 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Conagra Brands by 57.1% during the second quarter. Advisors Asset Management Inc. now owns 4,692 shares of the company’s stock valued at $168,000 after buying an additional 1,705 shares during the period. Hedge funds and other institutional investors own 79.03% of the company’s stock.
Conagra Brands Inc. (CAG) opened at $37.76 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.51 and a debt-to-equity ratio of 0.71. The firm has a market cap of $15,118.51, a PE ratio of 20.56, a price-to-earnings-growth ratio of 2.79 and a beta of 0.37. Conagra Brands Inc. has a 1 year low of $32.16 and a 1 year high of $41.68.
Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, September 28th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.79 billion. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the business earned $0.37 earnings per share. sell-side analysts expect that Conagra Brands Inc. will post 1.9 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Tuesday, January 30th will be given a dividend of $0.213 per share. This represents a $0.85 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Monday, January 29th. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s dividend payout ratio (DPR) is currently 60.28%.
CAG has been the subject of several research reports. BidaskClub lowered shares of Conagra Brands from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 26th. Morgan Stanley reduced their price target on shares of Conagra Brands from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, September 25th. Credit Suisse Group reduced their price target on shares of Conagra Brands from $39.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, September 25th. Jefferies Group restated a “buy” rating and set a $40.00 price target on shares of Conagra Brands in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $40.37.
In other Conagra Brands news, EVP Colleen Batcheler sold 133,869 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $34.28, for a total transaction of $4,589,029.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.79% of the stock is owned by company insiders.
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Conagra Brands Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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