Pictet Asset Management Ltd. Reduces Stock Position in Conagra Brands Inc (NYSE:CAG)

Pictet Asset Management Ltd. cut its holdings in Conagra Brands Inc (NYSE:CAG) by 5.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 218,362 shares of the company’s stock after selling 12,500 shares during the period. Pictet Asset Management Ltd.’s holdings in Conagra Brands were worth $6,699,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Private Capital Group LLC lifted its position in Conagra Brands by 16.2% in the second quarter. Private Capital Group LLC now owns 2,520 shares of the company’s stock worth $90,000 after buying an additional 351 shares during the last quarter. Securian Asset Management Inc raised its stake in shares of Conagra Brands by 0.7% in the second 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 period. Stephens Inc. AR raised its stake in shares of Conagra Brands by 1.7% in the third quarter. Stephens Inc. AR now owns 23,188 shares of the company’s stock valued at $711,000 after acquiring an additional 390 shares during the period. Hartford Investment Management Co. lifted its holdings in shares of Conagra Brands by 0.3% in the 2nd quarter. Hartford Investment Management Co. now owns 133,048 shares of the company’s stock worth $3,528,000 after acquiring an additional 401 shares during the last quarter. Finally, Berman Capital Advisors LLC lifted its holdings in shares of Conagra Brands by 86.2% in the 2nd quarter. Berman Capital Advisors LLC now owns 959 shares of the company’s stock worth $25,000 after acquiring an additional 444 shares during the last quarter. Hedge funds and other institutional investors own 87.70% of the company’s stock.

In other news, EVP Colleen Batcheler sold 25,458 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $30.00, for a total transaction of $763,740.00. Following the transaction, the executive vice president now owns 169,873 shares of the company’s stock, valued at approximately $5,096,190. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Thomas M. Mcgough sold 26,099 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $31.00, for a total value of $809,069.00. Following the transaction, the chief operating officer now directly owns 145,869 shares in the company, valued at approximately $4,521,939. The disclosure for this sale can be found here. Insiders own 0.84% of the company’s stock.

CAG has been the topic of several analyst reports. Barclays set a $33.00 price target on shares of Conagra Brands and gave the company a “buy” rating in a report on Friday, September 27th. Royal Bank of Canada started coverage on shares of Conagra Brands in a research note on Thursday, October 17th. They issued a “sector perform” rating and a $30.00 price objective for the company. Credit Suisse Group restated a “hold” rating and set a $29.00 target price on shares of Conagra Brands in a research report on Thursday, September 19th. Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and cut their target price for the company from $33.00 to $31.00 in a research note on Friday, September 6th. Finally, ValuEngine upgraded Conagra Brands from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $33.00.

CAG stock opened at $28.60 on Wednesday. The company has a market capitalization of $14.05 billion, a PE ratio of 14.23, a P/E/G ratio of 1.95 and a beta of 0.85. Conagra Brands Inc has a 12 month low of $20.22 and a 12 month high of $32.80. The firm’s 50-day moving average is $28.00 and its 200 day moving average is $28.53. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.11 and a quick ratio of 0.40.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, September 26th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.48 billion. Conagra Brands had a net margin of 6.68% and a return on equity of 12.34%. The firm’s quarterly revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. Sell-side analysts forecast that Conagra Brands Inc will post 2.12 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Friday, November 1st were issued a dividend of $0.2125 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.85 annualized dividend and a yield of 2.97%. Conagra Brands’s payout ratio is currently 42.29%.

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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