California Public Employees Retirement System Lowers Position in Conagra Brands, Inc. (NYSE:CAG)

California Public Employees Retirement System cut its holdings in shares of Conagra Brands, Inc. (NYSE:CAG) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,969,079 shares of the company’s stock after selling 12,752 shares during the quarter. California Public Employees Retirement System’s holdings in Conagra Brands were worth $85,094,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. OLD National Bancorp IN grew its holdings in shares of Conagra Brands by 10.5% during the 4th quarter. OLD National Bancorp IN now owns 240,895 shares of the company’s stock worth $6,904,000 after purchasing an additional 22,902 shares during the period. CWM LLC grew its holdings in shares of Conagra Brands by 329.5% during the 4th quarter. CWM LLC now owns 83,292 shares of the company’s stock worth $2,387,000 after purchasing an additional 63,897 shares during the period. Signaturefd LLC boosted its holdings in Conagra Brands by 36.7% during the 4th quarter. Signaturefd LLC now owns 25,251 shares of the company’s stock valued at $724,000 after acquiring an additional 6,774 shares during the period. abrdn plc boosted its holdings in Conagra Brands by 16.8% during the 4th quarter. abrdn plc now owns 215,059 shares of the company’s stock valued at $6,164,000 after acquiring an additional 30,915 shares during the period. Finally, Kornitzer Capital Management Inc. KS boosted its holdings in Conagra Brands by 2.7% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 734,629 shares of the company’s stock valued at $21,054,000 after acquiring an additional 19,609 shares during the period. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Price Performance

CAG stock opened at $31.56 on Thursday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.33. The firm has a market capitalization of $15.09 billion, a P/E ratio of 15.86, a P/E/G ratio of 3.14 and a beta of 0.42. The business’s 50-day moving average is $29.07 and its two-hundred day moving average is $28.63. Conagra Brands, Inc. has a 1 year low of $25.16 and a 1 year high of $38.73.

Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, April 4th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.05. Conagra Brands had a return on equity of 14.25% and a net margin of 7.86%. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the company earned $0.76 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Conagra Brands, Inc. will post 2.62 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Monday, April 29th. Conagra Brands’s dividend payout ratio (DPR) is presently 70.35%.

Analyst Upgrades and Downgrades

CAG has been the subject of a number of research analyst reports. Barclays raised their target price on Conagra Brands from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Wells Fargo & Company raised their target price on Conagra Brands from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Citigroup raised their target price on Conagra Brands from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Royal Bank of Canada lowered their target price on Conagra Brands from $32.00 to $30.00 and set a “sector perform” rating for the company in a report on Wednesday, January 3rd. Finally, Stifel Nicolaus raised their target price on Conagra Brands from $29.00 to $32.00 and gave the company a “hold” rating in a report on Friday, April 5th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Conagra Brands presently has a consensus rating of “Hold” and a consensus price target of $33.14.

Conagra Brands Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.