Conagra Brands Inc (NYSE:CAG) Position Held by Palisade Asset Management LLC
Palisade Asset Management LLC maintained its stake in Conagra Brands Inc (NYSE:CAG) during the second quarter, Holdings Channel reports. The institutional investor owned 24,600 shares of the company’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in Conagra Brands were worth $880,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Oppenheimer Asset Management Inc. acquired a new stake in Conagra Brands during the first quarter valued at approximately $110,000. Advisors Asset Management Inc. boosted its stake in Conagra Brands by 75.7% in the first quarter. Advisors Asset Management Inc. now owns 2,987 shares of the company’s stock valued at $120,000 after buying an additional 1,287 shares during the period. Alpha Windward LLC boosted its stake in Conagra Brands by 7.9% in the first quarter. Alpha Windward LLC now owns 3,382 shares of the company’s stock valued at $136,000 after buying an additional 247 shares during the period. Rational Advisors LLC boosted its stake in Conagra Brands by 14.3% in the first quarter. Rational Advisors LLC now owns 3,507 shares of the company’s stock valued at $141,000 after buying an additional 438 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in Conagra Brands by 53.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after buying an additional 1,333 shares during the period. Institutional investors own 77.64% of the company’s stock.
Shares of Conagra Brands Inc (CAG) opened at 34.39 on Thursday. The stock’s 50 day moving average price is $34.65 and its 200-day moving average price is $38.33. The stock has a market cap of $14.33 billion, a PE ratio of 23.55 and a beta of 0.32. Conagra Brands Inc has a one year low of $32.93 and a one year high of $41.68.
Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the consensus estimate of $0.37. Conagra Brands had a return on equity of 14.95% and a net margin of 7.22%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the firm posted $0.52 EPS. The business’s revenue was down 9.3% compared to the same quarter last year. On average, equities analysts predict that Conagra Brands Inc will post $1.86 earnings per share for the current fiscal year.
Conagra Brands declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, July 31st will be given a $0.2125 dividend. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.20. This represents a $0.85 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Thursday, July 27th. Conagra Brands’s dividend payout ratio is presently 57.82%.
Several analysts have commented on the company. UBS AG cut Conagra Brands from a “neutral” rating to a “sell” rating and lowered their price target for the company from $38.00 to $35.00 in a report on Tuesday, April 25th. Credit Suisse Group set a $39.00 price target on Conagra Brands and gave the company a “hold” rating in a report on Saturday, July 1st. J P Morgan Chase & Co restated an “overweight” rating and issued a $42.00 price target (down previously from $44.00) on shares of Conagra Brands in a report on Wednesday, June 28th. BidaskClub cut Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. Finally, Zacks Investment Research upgraded Conagra Brands from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $42.72.
In other Conagra Brands news, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total value of $209,358.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated 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 transaction, the director now directly 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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