Sciencast Management LP Takes $1.26 Million Position in Conagra Brands Inc. (CAG)
Sciencast Management LP purchased a new stake in Conagra Brands Inc. (NYSE:CAG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,288 shares of the company’s stock, valued at approximately $1,262,000. Conagra Brands makes up approximately 0.7% of Sciencast Management LP’s portfolio, making the stock its 17th largest position.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. acquired a new stake in Conagra Brands in the first quarter valued at $110,000. Sun Life Financial INC raised its holdings in Conagra Brands by 32,666.7% in the second quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock valued at $105,000 after acquiring an additional 2,940 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in Conagra Brands by 143.7% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after acquiring an additional 1,851 shares in the last quarter. Alpha Windward LLC raised its holdings 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 acquiring an additional 196 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings 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 acquiring an additional 1,333 shares in the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Conagra Brands Inc. (CAG) traded up 0.09% during mid-day trading on Friday, hitting $34.13. 1,190,224 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $33.84 and a 200-day moving average price of $36.57. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 24.54 and a beta of 0.31. Conagra Brands Inc. has a 52 week low of $32.16 and a 52 week high of $41.68.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The business’s revenue was down 4.8% on a year-over-year basis. During the same period last year, the business earned $0.37 earnings per share. On average, equities analysts anticipate that Conagra Brands Inc. will post $1.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.2125 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.49%. Conagra Brands’s payout ratio is presently 60.28%.
Conagra Brands declared that its Board of Directors has initiated a share buyback plan on Thursday, June 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Several analysts recently issued reports on CAG shares. BidaskClub cut shares of Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Bank of America Corporation reaffirmed a “buy” rating and issued a $43.00 price target (down from $44.00) on shares of Conagra Brands in a report on Monday, June 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $42.00 price target (down from $43.00) on shares of Conagra Brands in a report on Monday, June 26th. Credit Suisse Group AG cut their price target on shares of Conagra Brands from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday, September 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Conagra Brands in a report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $41.31.
In other Conagra Brands news, Director Ruth Ann Marshall sold 6,046 shares of Conagra Brands stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the completion of the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.79% of the stock is currently owned by company insiders.
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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