Trust Co. of Oklahoma decreased its holdings in Conagra Brands, Inc. (NYSE:CAG) by 10.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,286 shares of the company’s stock after selling 1,936 shares during the period. Trust Co. of Oklahoma’s holdings in Conagra Brands were worth $612,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Conagra Brands during the fourth quarter worth approximately $178,846,000. Sound Shore Management Inc. CT purchased a new position in Conagra Brands during the fourth quarter valued at approximately $74,320,000. LSV Asset Management increased its holdings in Conagra Brands by 26.5% during the first quarter. LSV Asset Management now owns 9,392,685 shares of the company’s stock valued at $353,164,000 after buying an additional 1,969,117 shares during the period. Coho Partners Ltd. increased its holdings in Conagra Brands by 23.9% during the fourth quarter. Coho Partners Ltd. now owns 5,336,884 shares of the company’s stock valued at $193,515,000 after buying an additional 1,031,043 shares during the period. Finally, Retirement Systems of Alabama increased its holdings in Conagra Brands by 463.3% during the fourth quarter. Retirement Systems of Alabama now owns 1,108,945 shares of the company’s stock valued at $40,210,000 after buying an additional 912,062 shares during the period. 82.11% of the stock is owned by institutional investors and hedge funds.
CAG has been the topic of several research reports. Credit Suisse Group lifted their price objective on shares of Conagra Brands from $33.00 to $34.00 and gave the company an “underperform” rating in a report on Monday, March 29th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell initiated coverage on shares of Conagra Brands in a report on Tuesday, April 27th. They issued a “neutral” rating and a $42.00 price target on the stock. Royal Bank of Canada lifted their price target on shares of Conagra Brands from $37.00 to $38.00 in a report on Friday, April 9th. Finally, Citigroup initiated coverage on shares of Conagra Brands in a report on Tuesday, April 20th. They issued a “neutral” rating and a $42.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Conagra Brands presently has an average rating of “Hold” and a consensus target price of $38.22.
Conagra Brands (NYSE:CAG) last posted its earnings results on Wednesday, April 7th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.72 billion. Conagra Brands had a net margin of 9.67% and a return on equity of 16.50%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, equities analysts predict that Conagra Brands, Inc. will post 2.6 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 2nd. Shareholders of record on Friday, April 30th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Thursday, April 29th. This represents a $1.10 dividend on an annualized basis and a yield of 2.90%. Conagra Brands’s payout ratio is 48.25%.
In other Conagra Brands news, Director Jana Partners Llc sold 2,811,853 shares of Conagra Brands stock in a transaction on Thursday, May 6th. The shares were sold at an average price of $37.60, for a total value of $105,725,672.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas K. Brown sold 11,000 shares of Conagra Brands stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $37.54, for a total transaction of $412,940.00. The disclosure for this sale can be found here. Insiders sold 2,942,853 shares of company stock valued at $110,641,396 in the last ninety days. 2.60% of the stock is owned by corporate insiders.
Conagra Brands Company Profile
Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods 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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