Ontario Teachers Pension Plan Board acquired a new stake in shares of Conagra Brands Inc (NYSE:CAG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 22,889 shares of the company’s stock, valued at approximately $672,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Alliance acquired a new stake in Conagra Brands during the 4th quarter valued at approximately $43,000. Danda Trouve Investment Management Inc. acquired a new stake in Conagra Brands during the 4th quarter valued at approximately $29,000. RMR Wealth Builders acquired a new stake in Conagra Brands during the 4th quarter valued at approximately $32,000. Citizens Financial Group Inc RI grew its stake in Conagra Brands by 567.6% during the 1st quarter. Citizens Financial Group Inc RI now owns 988 shares of the company’s stock valued at $29,000 after purchasing an additional 840 shares in the last quarter. Finally, Samalin Investment Counsel LLC acquired a new stake in Conagra Brands during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 84.67% of the company’s stock.
In related news, Director Jana Partners Llc sold 5,619 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.48, for a total value of $193,743.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas K. Brown sold 7,336 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $32.44, for a total value of $237,979.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,296 shares of company stock worth $9,923,922. 0.84% of the stock is owned by insiders.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.59 billion. Conagra Brands had a return on equity of 12.08% and a net margin of 7.37%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period last year, the business posted $0.51 EPS. As a group, equities analysts forecast that Conagra Brands Inc will post 2.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th will be given a $0.2125 dividend. This represents a $0.85 annualized dividend and a yield of 2.60%. The ex-dividend date is Wednesday, April 29th. Conagra Brands’s dividend payout ratio is currently 42.29%.
A number of equities research analysts have weighed in on the company. Credit Suisse Group raised their price objective on Conagra Brands from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Standpoint Research lowered Conagra Brands from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 target price on shares of Conagra Brands in a report on Tuesday, March 31st. Cfra reaffirmed a “strong-buy” rating and set a $35.00 target price (up previously from $33.00) on shares of Conagra Brands in a report on Tuesday, March 31st. Finally, SunTrust Banks downgraded Conagra Brands from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a report on Monday, May 11th. Eleven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $33.47.
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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