First Manhattan Co. maintained its position in Conagra Brands Inc (NYSE:CAG) during the second quarter, Holdings Channel reports. The firm owned 10,067 shares of the company’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Conagra Brands were worth $359,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. acquired a new position in Conagra Brands during the first quarter valued at approximately $110,000. Advisors Asset Management Inc. increased its position 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 increased its position in Conagra Brands by 5.8% in the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after buying an additional 196 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position 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. Finally, Rational Advisors LLC increased its position 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. Institutional investors and hedge funds own 77.64% of the company’s stock.

Shares of Conagra Brands Inc (NYSE:CAG) opened at 34.39 on Thursday. The firm has a market capitalization of $14.33 billion, a P/E ratio of 23.55 and a beta of 0.32. The firm’s 50-day moving average is $34.65 and its 200-day moving average is $38.33. Conagra Brands Inc has a 52 week low of $32.93 and a 52 week high of $41.68.

Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.37. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. Conagra Brands had a return on equity of 14.95% and a net margin of 7.22%. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS. Equities analysts anticipate that Conagra Brands Inc will post $1.86 EPS for the current year.

Conagra Brands declared that its Board of Directors has approved a stock buyback program on Thursday, June 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, July 31st will be issued a dividend of $0.2125 per share. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.85 annualized dividend and a dividend yield of 2.47%. Conagra Brands’s payout ratio is presently 57.82%.

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Several research firms recently commented on CAG. UBS AG restated a “sell” rating and issued a $33.00 price target (down from $35.00) on shares of Conagra Brands in a research note on Friday, June 30th. J P Morgan Chase & Co decreased their price target on shares of Conagra Brands from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 31st. Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Bank of America Corporation restated a “buy” rating and issued a $43.00 price target (down from $44.00) on shares of Conagra Brands in a research note on Monday, June 26th. Finally, Morgan Stanley restated an “overweight” rating and issued a $42.00 price target (down from $43.00) on shares of Conagra Brands in a research note on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $42.72.

In other news, Director Stephen G. Butler sold 5,848 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Ann Marshall sold 6,046 shares of the business’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 transaction, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Conagra Brands (NYSE:CAG)

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