Cornerstone Advisors Inc. Acquires 463 Shares of Conagra Brands Inc (NYSE:CAG)

Cornerstone Advisors Inc. increased its holdings in Conagra Brands Inc (NYSE:CAG) by 48.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,412 shares of the company’s stock after buying an additional 463 shares during the period. Cornerstone Advisors Inc.’s holdings in Conagra Brands were worth $50,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CAG. Capital World Investors grew its holdings in Conagra Brands by 28.3% during the first quarter. Capital World Investors now owns 38,056,615 shares of the company’s stock valued at $1,116,581,000 after purchasing an additional 8,401,933 shares during the period. Norges Bank bought a new position in Conagra Brands during the fourth quarter valued at $160,248,000. Franklin Resources Inc. grew its holdings in Conagra Brands by 19,745.4% during the fourth quarter. Franklin Resources Inc. now owns 2,553,110 shares of the company’s stock valued at $87,418,000 after purchasing an additional 2,540,245 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Conagra Brands by 44.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,872,623 shares of the company’s stock valued at $101,030,000 after purchasing an additional 886,435 shares during the period. Finally, State of Tennessee Treasury Department grew its holdings in Conagra Brands by 469.0% during the first quarter. State of Tennessee Treasury Department now owns 659,698 shares of the company’s stock valued at $19,356,000 after purchasing an additional 543,760 shares during the period. 82.53% of the stock is owned by institutional investors and hedge funds.

In other news, insider Thomas M. Mcgough sold 80,615 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $35.00, for a total transaction of $2,821,525.00. Following the completion of the sale, the insider now owns 226,484 shares of the company’s stock, valued at approximately $7,926,940. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Colleen Batcheler sold 6,629 shares of the business’s stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of $36.29, for a total transaction of $240,566.41. Following the sale, the executive vice president now directly owns 169,873 shares of the company’s stock, valued at approximately $6,164,691.17. The disclosure for this sale can be found here. In the last three months, insiders have sold 364,422 shares of company stock valued at $13,145,465. Insiders own 0.84% of the company’s stock.

Shares of CAG opened at $37.45 on Friday. The firm has a market cap of $18.25 billion, a PE ratio of 21.77, a P/E/G ratio of 2.23 and a beta of 0.85. The company has a current ratio of 0.88, a quick ratio of 0.46 and a debt-to-equity ratio of 1.12. The firm has a fifty day simple moving average of $35.17 and a two-hundred day simple moving average of $32.41. Conagra Brands Inc has a 1-year low of $22.83 and a 1-year high of $37.82.

Conagra Brands (NYSE:CAG) last announced its earnings results on Tuesday, June 30th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. The business had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.13 billion. Conagra Brands had a net margin of 7.60% and a return on equity of 14.38%. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. As a group, research analysts forecast that Conagra Brands Inc will post 2.39 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 4th will be given a dividend of $0.2125 per share. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, August 3rd. Conagra Brands’s payout ratio is 37.28%.

Several equities analysts have weighed in on CAG shares. Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Wednesday, April 15th. ValuEngine lowered Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Thursday, July 2nd. SunTrust Banks lowered Conagra Brands from a “buy” rating to a “hold” rating and set a $35.00 price target for the company. in a report on Monday, May 11th. Stifel Nicolaus increased their price objective on Conagra Brands from $36.00 to $39.00 in a research report on Wednesday, July 1st. Finally, Morgan Stanley increased their price objective on Conagra Brands from $32.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Conagra Brands presently has a consensus rating of “Hold” and an average target price of $35.29.

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.

Further Reading: CBOE Russell 2000® Volatility Index

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

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