Stifel Financial Corp lowered its position in shares of Conagra Brands Inc. (NYSE:CAG) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,966 shares of the company’s stock after selling 5,378 shares during the period. Stifel Financial Corp’s holdings in Conagra Brands were worth $3,221,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Conagra Brands by 2.6% during the first quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock valued at $1,868,249,000 after buying an additional 1,175,244 shares during the period. BlackRock Inc. increased its stake in shares of Conagra Brands by 2,749.9% during the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after buying an additional 26,020,645 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 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 valued at $302,009,000 after buying an additional 285,685 shares during the period. American Century Companies Inc. increased its stake in shares of Conagra Brands by 17.8% during the second quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock valued at $260,254,000 after buying an additional 1,100,589 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Conagra Brands by 49.8% during the second quarter. Alliancebernstein L.P. now owns 5,674,123 shares of the company’s stock valued at $202,907,000 after buying an additional 1,886,614 shares during the period. Hedge funds and other institutional investors own 79.75% of the company’s stock.
A number of equities research analysts recently weighed in on CAG shares. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price objective on shares of Conagra Brands in a research report on Friday, September 29th. Credit Suisse Group set a $39.00 price objective on Conagra Brands and gave the company a “hold” rating in a research report on Saturday, July 1st. UBS AG reaffirmed a “sell” rating and set a $33.00 price objective (down previously from $35.00) on shares of Conagra Brands in a research report on Friday, June 30th. Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 price objective (down previously from $44.00) on shares of Conagra Brands in a research report on Monday, June 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $42.00 price objective (down previously from $43.00) on shares of Conagra Brands in a research report on Monday, June 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $41.31.
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Shares of Conagra Brands Inc. (CAG) opened at 33.79 on Thursday. Conagra Brands Inc. has a one year low of $32.16 and a one year high of $48.86. The firm has a market cap of $13.80 billion, a P/E ratio of 24.29 and a beta of 0.31. The firm has a 50-day moving average price of $33.75 and a 200 day moving average price of $36.34.
Conagra Brands (NYSE:CAG) last released 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 return on equity of 18.35% and a net margin of 7.83%. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the prior year, the business posted $0.37 EPS. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, analysts forecast that Conagra Brands Inc. will post $1.88 earnings per share for the current fiscal year.
Conagra Brands declared that its board has approved a share repurchase plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be issued a $0.2125 dividend. 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 2.52%. Conagra Brands’s payout ratio is currently 60.28%.
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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