First Trust Advisors LP raised its position in shares of Conagra Brands Inc (NYSE:CAG) by 22.4% in the third quarter, HoldingsChannel reports. The firm owned 1,042,912 shares of the company’s stock after acquiring an additional 190,708 shares during the quarter. First Trust Advisors LP’s holdings in Conagra Brands were worth $35,428,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Caption Management LLC bought a new stake in Conagra Brands during the 2nd quarter valued at about $357,000. Putnam Investments LLC increased its stake in Conagra Brands by 4.7% during the 2nd quarter. Putnam Investments LLC now owns 411,293 shares of the company’s stock valued at $14,695,000 after purchasing an additional 18,618 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Conagra Brands by 15.0% during the 2nd quarter. Great West Life Assurance Co. Can now owns 455,083 shares of the company’s stock valued at $16,263,000 after purchasing an additional 59,276 shares in the last quarter. Zacks Investment Management bought a new stake in Conagra Brands during the 2nd quarter valued at about $203,000. Finally, Tocqueville Asset Management L.P. increased its stake in Conagra Brands by 0.9% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 178,140 shares of the company’s stock valued at $6,365,000 after purchasing an additional 1,502 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.
Shares of CAG stock opened at $35.62 on Friday. Conagra Brands Inc has a 52 week low of $32.81 and a 52 week high of $39.43. The company has a market capitalization of $14.26 billion, a PE ratio of 17.08, a P/E/G ratio of 2.11 and a beta of 0.31. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.84 and a quick ratio of 0.39.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, September 27th. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the firm earned $0.46 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. Equities research analysts anticipate that Conagra Brands Inc will post 2.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Wednesday, October 17th will be paid a $0.2125 dividend. The ex-dividend date is Tuesday, October 16th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.39%. Conagra Brands’s dividend payout ratio is presently 40.28%.
CAG has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Conagra Brands from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Stephens initiated coverage on shares of Conagra Brands in a research note on Monday, August 20th. They set an “overweight” rating and a $45.00 price objective for the company. Zacks Investment Research upgraded shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Wednesday, August 29th. Jefferies Financial Group set a $44.00 price objective on shares of Conagra Brands and gave the company a “buy” rating in a research note on Thursday, September 27th. Finally, ValuEngine lowered shares of Conagra Brands from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $42.70.
In other Conagra Brands news, CFO David S. Marberger acquired 2,836 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were bought at an average price of $35.25 per share, with a total value of $99,969.00. Following the completion of the acquisition, the chief financial officer now owns 12,721 shares in the company, valued at approximately $448,415.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean Connolly acquired 14,184 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The stock was acquired at an average cost of $35.25 per share, for a total transaction of $499,986.00. Following the acquisition, the insider now owns 217,607 shares of the company’s stock, valued at approximately $7,670,646.75. The disclosure for this purchase can be found here. Insiders bought 24,112 shares of company stock valued at $849,948 over the last quarter. Company insiders own 0.92% of the company’s stock.
Conagra Brands Company Profile
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
Further Reading: Asset Allocation
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