Conagra Brands Inc (CAG) Sees Large Decrease in Short Interest

Conagra Brands Inc (NYSE:CAG) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 10,874,662 shares, a decline of 31.8% from the October 31st total of 15,942,010 shares. Based on an average daily trading volume, of 7,664,683 shares, the short-interest ratio is currently 1.4 days. Approximately 2.2% of the company’s stock are short sold.

CAG opened at $32.43 on Tuesday. The stock has a market capitalization of $12.67 billion, a PE ratio of 15.37, a P/E/G ratio of 1.88 and a beta of 0.14. Conagra Brands has a 1-year low of $31.86 and a 1-year high of $39.43. The company has a quick ratio of 0.39, a current ratio of 0.84 and a debt-to-equity ratio of 0.85.

Conagra Brands (NYSE:CAG) last released its earnings results on Thursday, September 27th. The company reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.02). The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.85 billion. Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. Conagra Brands’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. On average, equities analysts expect that Conagra Brands will post 2.15 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Wednesday, October 17th were given a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Tuesday, October 16th. Conagra Brands’s payout ratio is currently 40.28%.

Several equities research analysts recently issued reports on the stock. Stephens assumed coverage on shares of Conagra Brands in a research note on Monday, August 20th. They set an “overweight” rating and a $45.00 price target on the stock. Zacks Investment Research reaffirmed a “hold” rating on shares of Conagra Brands in a research note on Monday, November 12th. Credit Suisse Group set a $35.00 price target on shares of Conagra Brands and gave the stock a “hold” rating in a research note on Monday, November 26th. ValuEngine downgraded shares of Conagra Brands from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Finally, Goldman Sachs Group reaffirmed a “buy” rating and set a $42.00 price target on shares of Conagra Brands in a research note on Wednesday, October 24th. One 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’s stock. Conagra Brands has an average rating of “Buy” and an average price target of $42.20.

In other news, CFO David S. Marberger purchased 2,836 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were purchased at an average price of $35.25 per share, with a total value of $99,969.00. Following the purchase, the chief financial officer now directly owns 12,721 shares of the company’s stock, valued at approximately $448,415.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas K. Brown purchased 7,092 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were purchased at an average cost of $35.25 per share, for a total transaction of $249,993.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,112 shares of company stock worth $849,948 in the last ninety days. 0.92% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fort L.P. bought a new stake in shares of Conagra Brands during the 2nd quarter valued at about $117,000. JNBA Financial Advisors grew its position in shares of Conagra Brands by 761.4% during the 3rd quarter. JNBA Financial Advisors now owns 4,393 shares of the company’s stock valued at $149,000 after buying an additional 3,883 shares during the last quarter. Vectors Research Management LLC bought a new stake in shares of Conagra Brands during the 3rd quarter valued at about $165,000. Bray Capital Advisors bought a new stake in shares of Conagra Brands during the 3rd quarter valued at about $170,000. Finally, LFA Lugano Financial Advisors SA grew its position in shares of Conagra Brands by 137.6% during the 3rd quarter. LFA Lugano Financial Advisors SA now owns 5,153 shares of the company’s stock valued at $175,000 after buying an additional 2,984 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

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Conagra Brands Company Profile

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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