Conagra Brands Inc. (CAG) Shares Sold by Shelton Capital Management
Shelton Capital Management lowered its holdings in shares of Conagra Brands Inc. (NYSE:CAG) by 46.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,537 shares of the company’s stock after selling 39,463 shares during the quarter. Shelton Capital Management’s holdings in Conagra Brands were worth $1,628,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Conagra Brands by 12.3% during the first quarter. Geode Capital Management LLC now owns 4,266,630 shares of the company’s stock worth $171,882,000 after purchasing an additional 467,789 shares during the period. Paradigm Asset Management Co. LLC raised its position in shares of Conagra Brands by 7.5% during the second quarter. Paradigm Asset Management Co. LLC now owns 100,470 shares of the company’s stock worth $3,593,000 after purchasing an additional 7,000 shares during the period. Bank of Nova Scotia raised its position in shares of Conagra Brands by 259.4% during the first quarter. Bank of Nova Scotia now owns 101,920 shares of the company’s stock worth $4,112,000 after purchasing an additional 73,561 shares during the period. State of Tennessee Treasury Department raised its position in shares of Conagra Brands by 1.2% during the second quarter. State of Tennessee Treasury Department now owns 1,360,161 shares of the company’s stock worth $48,640,000 after purchasing an additional 16,143 shares during the period. Finally, Koch Industries Inc. acquired a new stake in shares of Conagra Brands during the first quarter worth about $223,000. 78.38% of the stock is currently owned by institutional investors.
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A number of equities research analysts have recently commented on the company. Jefferies Group LLC reaffirmed a “buy” rating on shares of Conagra Brands in a research report on Friday, June 16th. Bank of America Corporation reissued a “buy” rating and issued a $43.00 target price (down previously from $44.00) on shares of Conagra Brands in a research report on Monday, June 26th. Morgan Stanley reissued an “overweight” rating and issued a $42.00 target price (down previously from $43.00) on shares of Conagra Brands in a research report on Monday, June 26th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 target price (down previously from $44.00) on shares of Conagra Brands in a research report on Wednesday, June 28th. Finally, Credit Suisse Group AG set a $39.00 target price on Conagra Brands and gave the company a “hold” rating in a research report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. Conagra Brands presently has a consensus rating of “Hold” and an average target price of $41.31.
Conagra Brands Inc. (NYSE CAG) traded up 0.56% on Friday, reaching $34.29. The company’s stock had a trading volume of 434,870 shares. Conagra Brands Inc. has a 52-week low of $32.16 and a 52-week high of $41.68. The firm’s 50-day moving average price is $33.84 and its 200 day moving average price is $36.57. The company has a market cap of $14.23 billion, a P/E ratio of 24.65 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, September 28th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the business posted $0.37 earnings per share. Equities analysts anticipate that Conagra Brands Inc. will post $1.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be paid a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Monday, October 30th. Conagra Brands’s dividend payout ratio (DPR) is presently 60.28%.
Conagra Brands announced that its Board of Directors has approved a stock repurchase program on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.79% of the company’s stock.
Conagra Brands 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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