Fmr LLC Has $6.36 Million Position in Conagra Brands Inc. (CAG)
Fmr LLC lowered its holdings in Conagra Brands Inc. (NYSE:CAG) by 77.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 177,760 shares of the company’s stock after selling 609,761 shares during the period. Fmr LLC’s holdings in Conagra Brands were worth $6,357,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Conagra Brands by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 8,445,440 shares of the company’s stock valued at $302,009,000 after purchasing an additional 285,685 shares during the last quarter. American Century Companies Inc. boosted its holdings in Conagra Brands by 17.8% in the second quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock valued at $260,254,000 after purchasing an additional 1,100,589 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Conagra Brands by 49.8% in the second quarter. Alliancebernstein L.P. now owns 5,674,123 shares of the company’s stock valued at $202,907,000 after purchasing an additional 1,886,614 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Conagra Brands by 24.4% in the second quarter. JPMorgan Chase & Co. now owns 3,837,098 shares of the company’s stock valued at $137,214,000 after purchasing an additional 751,652 shares during the last quarter. Finally, AJO LP boosted its holdings in Conagra Brands by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock valued at $111,526,000 after purchasing an additional 2,754,930 shares during the last quarter. 79.64% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Colleen Batcheler sold 133,869 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $34.28, for a total transaction of $4,589,029.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.79% of the company’s stock.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period in the previous year, the company posted $0.37 earnings per share. The company’s quarterly revenue was down 4.8% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be paid a dividend of $0.2125 per share. The ex-dividend date is Monday, October 30th. This represents a $0.85 annualized dividend and a yield of 2.51%. Conagra Brands’s dividend payout ratio is 60.28%.
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A number of research analysts recently commented on CAG shares. Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 price target on shares of Conagra Brands in a report on Friday, September 29th. Stifel Nicolaus raised Conagra Brands from a “hold” rating to a “buy” rating and increased their price target for the company from $36.00 to $38.00 in a report on Sunday, October 29th. They noted that the move was a valuation call. Jefferies Group LLC reissued a “buy” rating and issued a $40.00 price target on shares of Conagra Brands in a report on Tuesday, October 3rd. Zacks Investment Research raised Conagra Brands from a “sell” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Credit Suisse Group reissued a “hold” rating and issued a $39.00 price target on shares of Conagra Brands in a report on Friday, August 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $40.03.
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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