Scotia Capital Inc. lowered its position in shares of Conagra Brands Inc. (NYSE:CAG) by 8.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,784 shares of the company’s stock after selling 3,178 shares during the quarter. Scotia Capital Inc.’s holdings in Conagra Brands were worth $1,315,000 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. Sun Life Financial INC raised its stake in Conagra Brands by 32,666.7% during the second quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock valued at $105,000 after buying an additional 2,940 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Conagra Brands during the first quarter valued at approximately $110,000. Bronfman E.L. Rothschild L.P. raised its stake in Conagra Brands by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after buying an additional 1,851 shares in the last quarter. Alpha Windward LLC raised its stake in Conagra Brands by 5.8% during the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after buying an additional 196 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in Conagra Brands by 53.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after buying an additional 1,333 shares in the last quarter. Hedge funds and other institutional investors own 79.75% of the company’s stock.
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Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, September 28th. The company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.79 billion. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The company’s revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the business posted $0.37 earnings per share.
The company 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 dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Monday, October 30th. Conagra Brands’s payout ratio is 60.28%.
Conagra Brands announced that its board has authorized a stock buyback program on Thursday, June 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several analysts have issued reports on CAG shares. BidaskClub cut Conagra Brands from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $42.00 target price (down from $44.00) on shares of Conagra Brands in a report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Conagra Brands in a report on Friday, June 16th. Credit Suisse Group set a $39.00 target price on Conagra Brands and gave the company a “hold” rating in a report on Saturday, July 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $42.00 target price (down from $43.00) on shares of Conagra Brands in a report on Monday, June 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $41.31.
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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