Russell Investments Group Ltd. Reduces Stock Holdings in Conagra Brands Inc (NYSE:CAG)

Russell Investments Group Ltd. reduced its holdings in Conagra Brands Inc (NYSE:CAG) by 36.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 228,187 shares of the company’s stock after selling 128,370 shares during the period. Russell Investments Group Ltd.’s holdings in Conagra Brands were worth $6,029,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Securian Asset Management Inc boosted its holdings in shares of Conagra Brands by 0.7% in the 2nd quarter. Securian Asset Management Inc now owns 50,008 shares of the company’s stock valued at $1,326,000 after acquiring an additional 361 shares during the last quarter. First Allied Advisory Services Inc. boosted its holdings in Conagra Brands by 2.7% during the first quarter. First Allied Advisory Services Inc. now owns 14,258 shares of the company’s stock worth $397,000 after buying an additional 371 shares in the last quarter. Hartford Investment Management Co. boosted its holdings in Conagra Brands by 0.3% during the second quarter. Hartford Investment Management Co. now owns 133,048 shares of the company’s stock worth $3,528,000 after buying an additional 401 shares in the last quarter. Old North State Trust LLC boosted its holdings in Conagra Brands by 20.7% during the second quarter. Old North State Trust LLC now owns 2,358 shares of the company’s stock worth $63,000 after buying an additional 405 shares in the last quarter. Finally, O Shares Investment Advisers LLC boosted its holdings in Conagra Brands by 3.0% during the first quarter. O Shares Investment Advisers LLC now owns 13,974 shares of the company’s stock worth $388,000 after buying an additional 408 shares in the last quarter. 87.22% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on CAG. UBS Group set a $32.00 price target on shares of Conagra Brands and gave the stock a “buy” rating in a report on Friday, June 28th. Goldman Sachs Group downgraded shares of Conagra Brands from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $33.00 to $31.00 in a report on Friday, September 6th. Evercore ISI began coverage on shares of Conagra Brands in a report on Tuesday, June 11th. They set an “outperform” rating and a $36.00 price target on the stock. Citigroup lowered their price target on shares of Conagra Brands from $36.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Zacks Investment Research raised shares of Conagra Brands from a “sell” rating to a “hold” rating and set a $29.00 price target on the stock in a report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $33.36.

CAG traded up $0.22 during midday trading on Friday, hitting $29.98. 69,193 shares of the company traded hands, compared to its average volume of 3,745,931. The company has a current ratio of 1.28, a quick ratio of 0.54 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $14.32 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.99 and a beta of 0.85. Conagra Brands Inc has a 52-week low of $20.22 and a 52-week high of $38.43. The business has a 50 day simple moving average of $28.65 and a two-hundred day simple moving average of $27.96.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, June 27th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.06). The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Conagra Brands had a net margin of 7.11% and a return on equity of 13.74%. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. Equities research analysts anticipate that Conagra Brands Inc will post 2.11 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Tuesday, July 30th were issued a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 2.84%. The ex-dividend date was Monday, July 29th. Conagra Brands’s payout ratio is 42.29%.

In other Conagra Brands news, Director Ruth Ann Marshall sold 3,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $27.00, for a total transaction of $81,000.00. Following the transaction, the director now directly owns 102,387 shares of the company’s stock, valued at $2,764,449. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Craig P. Omtvedt acquired 25,000 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $26.73 per share, for a total transaction of $668,250.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 33,589 shares of company stock worth $929,334. Insiders own 0.84% of the company’s stock.

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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Institutional Ownership by Quarter for Conagra Brands (NYSE:CAG)

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