Alliancebernstein L.P. trimmed its position in shares of Conagra Brands Inc (NYSE:CAG) by 23.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 665,189 shares of the company’s stock after selling 202,232 shares during the quarter. Alliancebernstein L.P.’s holdings in Conagra Brands were worth $22,596,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Daiwa Securities Group Inc. boosted its holdings in Conagra Brands by 86.5% in the second quarter. Daiwa Securities Group Inc. now owns 25,865 shares of the company’s stock valued at $924,000 after purchasing an additional 12,000 shares in the last quarter. Aperio Group LLC boosted its holdings in Conagra Brands by 10.5% in the second quarter. Aperio Group LLC now owns 216,972 shares of the company’s stock valued at $7,752,000 after purchasing an additional 20,600 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Conagra Brands by 5.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 119,668 shares of the company’s stock valued at $4,276,000 after purchasing an additional 6,206 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Conagra Brands by 3.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,277,711 shares of the company’s stock valued at $45,653,000 after purchasing an additional 41,304 shares in the last quarter. Finally, Comerica Bank boosted its holdings in Conagra Brands by 15.4% in the second quarter. Comerica Bank now owns 170,640 shares of the company’s stock valued at $6,162,000 after purchasing an additional 22,741 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.
In other news, CFO David S. Marberger acquired 2,836 shares of Conagra Brands stock in a transaction on Friday, October 12th. The stock was bought at an average price of $35.25 per share, for a total transaction of $99,969.00. Following the completion of the purchase, the chief financial officer now owns 12,721 shares in the company, valued at $448,415.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Connolly acquired 14,184 shares of Conagra Brands stock in a transaction on Friday, October 12th. The stock was purchased at an average price of $35.25 per share, with a total value of $499,986.00. Following the purchase, the insider now owns 217,607 shares of the company’s stock, valued at approximately $7,670,646.75. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 24,112 shares of company stock valued at $849,948. 0.92% of the stock is owned by company insiders.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, September 27th. The company reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). Conagra Brands had a net margin of 10.47% and a return on equity of 22.50%. The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the firm posted $0.46 EPS. Conagra Brands’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Conagra Brands Inc will post 2.15 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Wednesday, October 17th were paid a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Tuesday, October 16th. Conagra Brands’s dividend payout ratio is currently 40.28%.
A number of brokerages recently issued reports on CAG. Credit Suisse Group set a $35.00 price target on Conagra Brands and gave the company a “hold” rating in a report on Monday, November 26th. Sanford C. Bernstein downgraded Conagra Brands from a “market perform” rating to an “underperform” rating in a report on Wednesday, November 14th. Zacks Investment Research reaffirmed a “hold” rating on shares of Conagra Brands in a report on Monday, November 12th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $42.00 price target on shares of Conagra Brands in a report on Wednesday, October 24th. Finally, ValuEngine upgraded Conagra Brands from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Conagra Brands has an average rating of “Buy” and a consensus target price of $42.20.
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About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a 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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