Candriam Luxembourg S.C.A. Acquires 3,538 Shares of Conagra Brands Inc (NYSE:CAG)
Candriam Luxembourg S.C.A. raised its position in shares of Conagra Brands Inc (NYSE:CAG) by 4.8% during the second quarter, Holdings Channel reports. The institutional investor owned 77,954 shares of the company’s stock after buying an additional 3,538 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Conagra Brands were worth $2,788,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CAG. Mountain Pacific Investment Advisers Inc. ID acquired a new position in Conagra Brands during the first quarter worth $649,000. Private Bank & Trust Co. increased its position in Conagra Brands by 0.5% in the first quarter. Private Bank & Trust Co. now owns 6,027 shares of the company’s stock worth $243,000 after buying an additional 27 shares in the last quarter. Alpha Windward LLC increased its position in Conagra Brands by 7.9% in the first quarter. Alpha Windward LLC now owns 3,382 shares of the company’s stock worth $136,000 after buying an additional 247 shares in the last quarter. Honkamp Krueger Financial Services Inc. increased its position in Conagra Brands by 0.6% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 20,626 shares of the company’s stock worth $832,000 after buying an additional 120 shares in the last quarter. Finally, Horrell Capital Management Inc. increased its position in Conagra Brands by 0.4% in the first quarter. Horrell Capital Management Inc. now owns 27,260 shares of the company’s stock worth $1,100,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.
Shares of Conagra Brands Inc (CAG) opened at 34.39 on Thursday. The firm has a market capitalization of $14.33 billion, a price-to-earnings ratio of 23.55 and a beta of 0.32. The firm has a 50-day moving average of $34.65 and a 200 day moving average of $38.33. Conagra Brands Inc has a 52-week low of $32.93 and a 52-week high of $41.68.
Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.37 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.37. Conagra Brands had a net margin of 7.22% and a return on equity of 14.95%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the company earned $0.52 earnings per share. The company’s quarterly revenue was down 9.3% on a year-over-year basis. Analysts predict that Conagra Brands Inc will post $1.86 EPS for the current year.
Conagra Brands declared that its board has approved a stock buyback plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be paid a $0.2125 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This is an increase from Conagra Brands’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a dividend yield of 2.47%. Conagra Brands’s dividend payout ratio is 57.82%.
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A number of research analysts have recently weighed in on the stock. UBS AG downgraded shares of Conagra Brands from a “neutral” rating to a “sell” rating and cut their price target for the company from $38.00 to $35.00 in a report on Tuesday, April 25th. Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “buy” rating on shares of Conagra Brands in a research note on Friday, June 16th. J P Morgan Chase & Co lowered their target price on shares of Conagra Brands from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 31st. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $43.00 target price (down from $44.00) on shares of Conagra Brands in a research note on Monday, June 26th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $42.72.
In related news, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.80, for a total value of $209,358.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the transaction, the director now owns 89,260 shares in the company, valued at $2,965,217.20. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
Conagra Brands Company 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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