Nine Chapters Capital Management LLC Buys New Stake in Conagra Brands Inc. (CAG)
Nine Chapters Capital Management LLC bought a new position in shares of Conagra Brands Inc. (NYSE:CAG) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 22,500 shares of the company’s stock, valued at approximately $759,000. Conagra Brands comprises 1.7% of Nine Chapters Capital Management LLC’s portfolio, making the stock its 3rd largest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp raised its position in Conagra Brands by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 8,445,440 shares of the company’s stock worth $302,009,000 after acquiring an additional 285,685 shares during the last quarter. American Century Companies Inc. raised its position in Conagra Brands by 17.8% during the second quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock worth $260,254,000 after acquiring an additional 1,100,589 shares during the last quarter. Janus Henderson Group PLC raised its position in Conagra Brands by 10,072.6% during the second quarter. Janus Henderson Group PLC now owns 6,144,061 shares of the company’s stock worth $219,711,000 after acquiring an additional 6,083,663 shares during the last quarter. Alliancebernstein L.P. raised its position in Conagra Brands by 49.8% during the second quarter. Alliancebernstein L.P. now owns 5,674,123 shares of the company’s stock worth $202,907,000 after acquiring an additional 1,886,614 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Conagra Brands by 24.4% during the second quarter. JPMorgan Chase & Co. now owns 3,837,098 shares of the company’s stock worth $137,214,000 after acquiring an additional 751,652 shares during the last quarter. Institutional investors own 79.64% of the company’s stock.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, September 28th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the firm earned $0.37 earnings per share. The business’s quarterly revenue was down 4.8% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be given a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, October 30th. Conagra Brands’s dividend payout ratio (DPR) is 60.28%.
In other news, EVP Colleen Batcheler sold 133,869 shares of the stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $34.28, for a total value of $4,589,029.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.79% of the stock is owned by corporate insiders.
A number of equities analysts have issued reports on the stock. Credit Suisse Group restated a “hold” rating and set a $39.00 target price on shares of Conagra Brands in a research report on Friday, August 11th. BidaskClub upgraded shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 12th. Morgan Stanley cut their target price on shares of Conagra Brands from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, September 25th. Stifel Nicolaus upgraded shares of Conagra Brands from a “hold” rating to a “buy” rating and lifted their target price for the stock from $36.00 to $38.00 in a research report on Sunday. They noted that the move was a valuation call. Finally, Jefferies Group LLC restated a “buy” rating and set a $40.00 target price on shares of Conagra Brands in a research report on Tuesday, October 3rd. 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 company’s stock. The stock has a consensus rating of “Hold” and an average price target of $40.03.
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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