Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in Conagra Brands Inc (NYSE:CAG) by 8.8% during the second quarter, HoldingsChannel.com reports. The fund owned 100,325 shares of the company’s stock after selling 9,644 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Conagra Brands were worth $3,528,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CAG. Capital World Investors lifted its holdings in shares of Conagra Brands by 28.3% in the first quarter. Capital World Investors now owns 38,056,615 shares of the company’s stock worth $1,116,581,000 after acquiring an additional 8,401,933 shares during the last quarter. Coho Partners Ltd. increased its position in Conagra Brands by 1.0% during the 1st quarter. Coho Partners Ltd. now owns 4,204,667 shares of the company’s stock worth $123,365,000 after purchasing an additional 39,788 shares in the last quarter. Legal & General Group Plc lifted its stake in Conagra Brands by 2.1% in the 1st quarter. Legal & General Group Plc now owns 3,666,615 shares of the company’s stock valued at $107,623,000 after purchasing an additional 74,449 shares during the last quarter. Franklin Resources Inc. boosted its position in Conagra Brands by 12.6% in the first quarter. Franklin Resources Inc. now owns 2,874,395 shares of the company’s stock valued at $84,335,000 after buying an additional 321,285 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of 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 worth $101,030,000 after buying an additional 886,435 shares during the last quarter. 82.53% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. SunTrust Banks cut Conagra Brands from a “buy” rating to a “hold” rating and set a $35.00 price target for the company. in a research note on Monday, May 11th. Stifel Nicolaus increased their target price on Conagra Brands from $36.00 to $39.00 in a research report on Wednesday, July 1st. ValuEngine cut Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Thursday, July 2nd. Morgan Stanley raised their price objective on shares of Conagra Brands from $32.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, July 1st. Finally, Zacks Investment Research upgraded shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Wednesday, April 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Conagra Brands currently has an average rating of “Hold” and an average price target of $35.29.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Tuesday, June 30th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. Conagra Brands had a return on equity of 14.38% and a net margin of 7.60%. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the business earned $0.36 EPS. The firm’s revenue was up 25.8% compared to the same quarter last year. As a group, research analysts predict that Conagra Brands Inc will post 2.39 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 4th will be paid a $0.2125 dividend. This represents a $0.85 annualized dividend and a yield of 2.27%. The ex-dividend date is Monday, August 3rd. Conagra Brands’s dividend payout ratio (DPR) is presently 37.28%.
In related news, insider Thomas M. Mcgough sold 80,615 shares of the 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 transaction, the insider now directly owns 226,484 shares of the company’s stock, valued at $7,926,940. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP David Biegger sold 33,634 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $37.66, for a total transaction of $1,266,656.44. Following the completion of the sale, the executive vice president now owns 66,697 shares of the company’s stock, valued at $2,511,809.02. The disclosure for this sale can be found here. Insiders have sold a total of 364,422 shares of company stock worth $13,145,465 over the last 90 days. Company insiders own 0.84% of the company’s stock.
Conagra Brands 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.
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