Conagra Brands Inc (CAG) Stake Increased by Utah Retirement Systems
Utah Retirement Systems grew its stake in shares of Conagra Brands Inc (NYSE:CAG) by 4.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 72,655 shares of the company’s stock after acquiring an additional 2,900 shares during the quarter. Utah Retirement Systems’ holdings in Conagra Brands were worth $2,468,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Conagra Brands by 59.3% during the 3rd quarter. FMR LLC now owns 6,684,731 shares of the company’s stock valued at $227,081,000 after acquiring an additional 2,487,451 shares during the period. Macquarie Group Ltd. lifted its position in shares of Conagra Brands by 57,565.2% during the 2nd quarter. Macquarie Group Ltd. now owns 4,555,550 shares of the company’s stock valued at $162,770,000 after acquiring an additional 4,547,650 shares during the period. Coho Partners Ltd. lifted its position in shares of Conagra Brands by 57.2% during the 3rd quarter. Coho Partners Ltd. now owns 4,138,901 shares of the company’s stock valued at $140,598,000 after acquiring an additional 1,506,353 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Conagra Brands by 12.6% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 2,997,220 shares of the company’s stock valued at $101,478,000 after acquiring an additional 335,637 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Conagra Brands by 4.5% during the 2nd quarter. Bank of America Corp DE now owns 2,917,925 shares of the company’s stock valued at $104,256,000 after acquiring an additional 125,768 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.
In other news, insider Sean Connolly bought 14,184 shares of the stock in a transaction on Friday, October 12th. The stock was acquired at an average price of $35.25 per share, with a total value of $499,986.00. Following the acquisition, the insider now directly owns 217,607 shares in the company, valued at $7,670,646.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David S. Marberger bought 2,836 shares of the stock in a transaction on Friday, October 12th. The stock was purchased at an average cost of $35.25 per share, with a total value of $99,969.00. Following the acquisition, the chief financial officer now owns 12,721 shares in the company, valued at $448,415.25. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 24,112 shares of company stock valued at $849,948. Insiders own 0.92% of the company’s stock.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, September 27th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the company earned $0.46 earnings per share. Conagra Brands’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, research analysts expect that Conagra Brands Inc will post 2.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Wednesday, January 30th will be given a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a dividend yield of 2.71%. Conagra Brands’s dividend payout ratio is currently 40.28%.
Several brokerages recently weighed in on CAG. Jefferies Financial Group set a $44.00 price objective on Conagra Brands and gave the stock a “buy” rating in a research report on Friday, October 5th. Zacks Investment Research restated a “hold” rating on shares of Conagra Brands in a research report on Monday, November 12th. Sanford C. Bernstein downgraded Conagra Brands from a “market perform” rating to an “underperform” rating in a research report on Wednesday, November 14th. Goldman Sachs Group restated a “buy” rating and set a $42.00 price objective on shares of Conagra Brands in a research report on Wednesday, October 24th. Finally, TheStreet downgraded Conagra Brands from a “b-” rating to a “c+” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $42.20.
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About Conagra Brands
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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