Millennium Management LLC lowered its holdings in shares of Conagra Brands Inc (NYSE:CAG) by 59.3% in the fourth quarter, Holdings Channel reports. The fund owned 3,156,125 shares of the company’s stock after selling 4,598,437 shares during the quarter. Millennium Management LLC’s holdings in Conagra Brands were worth $118,891,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vantage Investment Advisors LLC raised its position in Conagra Brands by 625.7% during the fourth quarter. Vantage Investment Advisors LLC now owns 2,990 shares of the company’s stock worth $113,000 after acquiring an additional 2,578 shares during the last quarter. NuWave Investment Management LLC acquired a new position in Conagra Brands during the fourth quarter worth about $114,000. Meeder Asset Management Inc. acquired a new position in Conagra Brands during the fourth quarter worth about $161,000. Strategic Financial Services Inc acquired a new position in Conagra Brands during the fourth quarter worth about $203,000. Finally, Lombard Odier Asset Management Europe Ltd acquired a new position in Conagra Brands during the fourth quarter worth about $207,000. Institutional investors own 79.91% of the company’s stock.
In related news, SVP Robert G. Wise sold 23,170 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $37.87, for a total value of $877,447.90. Following the completion of the sale, the senior vice president now directly owns 51,859 shares in the company, valued at $1,963,900.33. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joie A. Gregor sold 5,250 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $38.04, for a total transaction of $199,710.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,670 shares of company stock valued at $1,276,868. 0.79% of the stock is owned by insiders.
CAG has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, November 22nd. UBS Group raised shares of Conagra Brands from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $37.00 in a research report on Tuesday, December 12th. Stifel Nicolaus boosted their price objective on shares of Conagra Brands from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Saturday, December 30th. Sanford C. Bernstein raised shares of Conagra Brands from an “underperform” rating to a “market perform” rating in a research report on Thursday, December 14th. Finally, Credit Suisse Group set a $40.00 price objective on shares of Conagra Brands and gave the company a “hold” rating in a research report on Monday, December 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $40.50.
Conagra Brands Inc (NYSE CAG) opened at $37.46 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.11 and a quick ratio of 0.54. The firm has a market cap of $15,010.00, a P/E ratio of 22.30, a PEG ratio of 2.42 and a beta of 0.32. Conagra Brands Inc has a 52-week low of $32.16 and a 52-week high of $41.65.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, December 21st. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. Conagra Brands had a net margin of 9.04% and a return on equity of 19.58%. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the business posted $0.49 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. analysts forecast that Conagra Brands Inc will post 1.96 EPS for the current year.
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About Conagra Brands
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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