Morgan Stanley Reduces Holdings in Conagra Brands Inc (CAG)
Morgan Stanley cut its holdings in Conagra Brands Inc (NYSE:CAG) by 23.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,147,214 shares of the company’s stock after selling 656,564 shares during the quarter. Morgan Stanley’s holdings in Conagra Brands were worth $76,722,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of CAG. Boyer & Corporon Wealth Management LLC raised its holdings in Conagra Brands by 23.1% during the 2nd quarter. Boyer & Corporon Wealth Management LLC now owns 123,182 shares of the company’s stock worth $4,401,000 after buying an additional 23,102 shares during the period. Piedmont Investment Advisors LLC raised its holdings in Conagra Brands by 16.1% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 133,333 shares of the company’s stock worth $4,764,000 after buying an additional 18,524 shares during the period. Opera Trading Capital acquired a new stake in Conagra Brands during the 2nd quarter worth about $232,000. PGGM Investments raised its holdings in Conagra Brands by 9.2% during the 2nd quarter. PGGM Investments now owns 1,476,265 shares of the company’s stock worth $52,747,000 after buying an additional 123,965 shares during the period. Finally, Great West Life Assurance Co. Can raised its holdings in Conagra Brands by 15.0% during the 2nd quarter. Great West Life Assurance Co. Can now owns 455,083 shares of the company’s stock worth $16,263,000 after buying an additional 59,276 shares during the period. Hedge funds and other institutional investors own 81.39% of the company’s stock.
Several research firms have weighed in on CAG. Zacks Investment Research raised Conagra Brands from a “sell” rating to a “hold” rating in a research note on Friday, June 29th. ValuEngine cut Conagra Brands from a “hold” rating to a “sell” rating in a research note on Wednesday, July 4th. Stephens began coverage on Conagra Brands in a research note on Monday, August 20th. They set an “overweight” rating and a $45.00 target price on the stock. Citigroup lowered their target price on Conagra Brands from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, June 28th. Finally, JPMorgan Chase & Co. lifted their target price on Conagra Brands from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Conagra Brands currently has a consensus rating of “Buy” and an average price target of $42.40.
NYSE:CAG opened at $36.77 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.40 and a current ratio of 0.83. Conagra Brands Inc has a fifty-two week low of $32.90 and a fifty-two week high of $39.43. The stock has a market cap of $14.67 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 2.09 and a beta of 0.25.
Conagra Brands (NYSE:CAG) last released its earnings results on Wednesday, June 27th. The company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.07. Conagra Brands had a return on equity of 22.54% and a net margin of 10.18%. The company had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the business posted $0.37 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. equities analysts forecast that Conagra Brands Inc will post 2.24 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Wednesday, October 17th will be paid a dividend of $0.2125 per share. The ex-dividend date of this dividend is Tuesday, October 16th. This represents a $0.85 annualized dividend and a yield of 2.31%. Conagra Brands’s dividend payout ratio (DPR) is presently 40.28%.
Conagra Brands Profile
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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