Conagra Brands Inc. (CAG) EVP Sells $4,589,029.32 in Stock
Conagra Brands Inc. (NYSE:CAG) EVP Colleen Batcheler sold 133,869 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $34.28, for a total value of $4,589,029.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Conagra Brands Inc. (CAG) opened at 33.76 on Friday. Conagra Brands Inc. has a 52-week low of $32.16 and a 52-week high of $41.68. The firm has a 50-day moving average price of $33.96 and a 200 day moving average price of $36.11. The stock has a market cap of $13.79 billion, a PE ratio of 24.27 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, September 28th. The company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.79 billion. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.37 EPS. On average, analysts forecast that Conagra Brands Inc. will post $1.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, October 13th will be issued a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Monday, October 30th. Conagra Brands’s payout ratio is 60.28%.
Conagra Brands announced that its board has approved a share buyback program on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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CAG has been the topic of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $40.00 target price on shares of Conagra Brands in a research report on Tuesday, October 3rd. Zacks Investment Research raised Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 target price on shares of Conagra Brands in a research report on Friday, September 29th. Morgan Stanley cut their target price on Conagra Brands from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, September 25th. Finally, Credit Suisse Group cut their target price on Conagra Brands from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, September 25th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $40.24.
Institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. bought a new stake in shares of Conagra Brands in the 1st quarter worth $110,000. Sun Life Financial INC increased its holdings in shares of Conagra Brands by 32,666.7% in the 2nd quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock worth $105,000 after purchasing an additional 2,940 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Conagra Brands by 143.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after purchasing an additional 1,851 shares in the last quarter. Alpha Windward LLC increased its holdings in shares of Conagra Brands by 5.8% in the 2nd quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after purchasing an additional 196 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Conagra Brands by 53.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after purchasing an additional 1,333 shares in the last quarter. 79.73% of the stock is owned by institutional investors and hedge funds.
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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