Traders Purchase High Volume of Call Options on Conagra Brands (NYSE:CAG)

Conagra Brands Inc (NYSE:CAG) saw unusually large options trading on Tuesday. Traders bought 11,153 call options on the company. This is an increase of approximately 190% compared to the average volume of 3,845 call options.

Several brokerages have recently issued reports on CAG. ValuEngine lowered Conagra Brands from a “hold” rating to a “sell” rating in a research note on Monday, June 1st. Standpoint Research lowered Conagra Brands from a “buy” rating to a “hold” rating in a research note on Monday, May 18th. Cfra reaffirmed a “strong-buy” rating and set a $35.00 price target (up previously from $33.00) on shares of Conagra Brands in a research note on Tuesday, March 31st. Credit Suisse Group upped their price target on Conagra Brands from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Finally, Morgan Stanley upped their price target on Conagra Brands from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $34.38.

Shares of Conagra Brands stock opened at $35.17 on Wednesday. Conagra Brands has a 1 year low of $22.83 and a 1 year high of $35.79. The business has a 50-day moving average of $33.56 and a two-hundred day moving average of $31.81. The company has a market capitalization of $16.41 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 2.02 and a beta of 0.82. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.87 and a quick ratio of 0.34.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.09. Conagra Brands had a return on equity of 12.08% and a net margin of 7.37%. The company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities analysts anticipate that Conagra Brands will post 2.19 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th were issued a dividend of $0.2125 per share. The ex-dividend date was Wednesday, April 29th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.42%. Conagra Brands’s payout ratio is presently 42.29%.

In other Conagra Brands news, Director Jana Partners Llc sold 274,341 shares of the business’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $34.60, for a total value of $9,492,198.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Thomas M. Mcgough sold 80,615 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $35.00, for a total value of $2,821,525.00. Following the transaction, the insider now directly owns 226,484 shares in the company, valued at approximately $7,926,940. The disclosure for this sale can be found here. In the last three months, insiders sold 367,911 shares of company stock worth $12,745,447. Insiders own 0.84% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Wealth Alliance bought a new position in shares of Conagra Brands during the fourth quarter worth about $43,000. Danda Trouve Investment Management Inc. bought a new position in shares of Conagra Brands during the fourth quarter worth about $29,000. RMR Wealth Builders bought a new position in shares of Conagra Brands during the fourth quarter worth about $32,000. Citizens Financial Group Inc RI grew its holdings in shares of Conagra Brands by 567.6% during the first quarter. Citizens Financial Group Inc RI now owns 988 shares of the company’s stock worth $29,000 after buying an additional 840 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Conagra Brands by 694.6% during the first quarter. Tower Research Capital LLC TRC now owns 1,033 shares of the company’s stock worth $30,000 after buying an additional 903 shares in the last quarter. Institutional investors and hedge funds own 82.69% 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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