Conagra Brands (CAG) Hits New 1-Year Low at $30.90
Conagra Brands Inc (NYSE:CAG) shares reached a new 52-week low on Thursday . The company traded as low as $30.90 and last traded at $31.30, with a volume of 314887 shares changing hands. The stock had previously closed at $32.08.
CAG has been the topic of a number of recent research reports. UBS Group upgraded Conagra Brands from a “neutral” rating to a “buy” rating and raised their target price for the company from $38.00 to $40.00 in a report on Monday, October 8th. Zacks Investment Research lowered Conagra Brands from a “buy” rating to a “sell” rating in a report on Wednesday, September 26th. Jefferies Financial Group set a $44.00 target price on Conagra Brands and gave the company a “buy” rating in a report on Thursday, September 27th. Sanford C. Bernstein lowered Conagra Brands from a “market perform” rating to an “underperform” rating in a report on Wednesday, November 14th. Finally, Credit Suisse Group initiated coverage on Conagra Brands in a report on Wednesday, October 31st. They issued a “neutral” rating and a $40.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $42.20.
The company has a quick ratio of 0.39, a current ratio of 0.84 and a debt-to-equity ratio of 0.85. The firm has a market cap of $12.39 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 1.84 and a beta of 0.14.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Wednesday, January 30th will be issued a dividend of $0.2125 per share. The ex-dividend date is Tuesday, January 29th. This represents a $0.85 dividend on an annualized basis and a yield of 2.76%. Conagra Brands’s dividend payout ratio (DPR) is currently 40.28%.
In other Conagra Brands news, CFO David S. Marberger purchased 2,836 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were acquired at an average cost of $35.25 per share, for a total transaction of $99,969.00. Following the completion of the acquisition, the chief financial officer now owns 12,721 shares of the company’s stock, valued at approximately $448,415.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sean Connolly purchased 14,184 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were acquired at an average price of $35.25 per share, for a total transaction of $499,986.00. Following the completion of the acquisition, the insider now directly 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 have purchased 24,112 shares of company stock worth $849,948 over the last quarter. 0.92% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Conagra Brands by 0.8% during the third quarter. Vanguard Group Inc. now owns 45,019,445 shares of the company’s stock worth $1,529,309,000 after acquiring an additional 362,347 shares during the period. WealthPLAN Partners LLC lifted its holdings in Conagra Brands by 85.0% during the third quarter. WealthPLAN Partners LLC now owns 12,212 shares of the company’s stock worth $405,000 after acquiring an additional 5,612 shares during the period. Morgan Stanley raised its stake in shares of Conagra Brands by 0.6% in the third quarter. Morgan Stanley now owns 2,159,214 shares of the company’s stock valued at $73,348,000 after buying an additional 12,000 shares during the period. Legal & General Group Plc raised its stake in shares of Conagra Brands by 8.8% in the third quarter. Legal & General Group Plc now owns 2,223,955 shares of the company’s stock valued at $75,529,000 after buying an additional 179,744 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Conagra Brands by 1,096.0% in the third quarter. Nordea Investment Management AB now owns 334,940 shares of the company’s stock valued at $11,379,000 after buying an additional 306,936 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.
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About Conagra Brands (NYSE:CAG)
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.
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