Meyer Handelman Co. Decreases Stock Holdings in Conagra Brands, Inc. (NYSE:CAG)

Meyer Handelman Co. lowered its position in Conagra Brands, Inc. (NYSE:CAG) by 9.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 560,981 shares of the company’s stock after selling 57,985 shares during the period. Meyer Handelman Co. owned approximately 0.12% of Conagra Brands worth $15,942,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CAG. Whittier Trust Co. of Nevada Inc. increased its position in shares of Conagra Brands by 7.7% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 5,220 shares of the company’s stock worth $155,000 after purchasing an additional 373 shares in the last quarter. Czech National Bank raised its stake in Conagra Brands by 0.5% in the first quarter. Czech National Bank now owns 84,105 shares of the company’s stock valued at $2,493,000 after buying an additional 392 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in Conagra Brands by 5.4% in the fourth quarter. Kingsview Wealth Management LLC now owns 7,894 shares of the company’s stock valued at $226,000 after buying an additional 403 shares during the last quarter. Summit Financial Wealth Advisors LLC boosted its holdings in Conagra Brands by 1.1% in the first quarter. Summit Financial Wealth Advisors LLC now owns 39,955 shares of the company’s stock worth $1,184,000 after acquiring an additional 430 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in shares of Conagra Brands by 4.1% during the first quarter. Avantax Advisory Services Inc. now owns 11,265 shares of the company’s stock worth $334,000 after acquiring an additional 445 shares during the last quarter. Institutional investors own 83.75% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Charisse Brock sold 15,444 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $30.37, for a total value of $469,034.28. Following the completion of the transaction, the executive vice president now directly owns 113,254 shares of the company’s stock, valued at approximately $3,439,523.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on CAG. Stifel Nicolaus lowered their target price on shares of Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Royal Bank of Canada lowered their price objective on shares of Conagra Brands from $30.00 to $29.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. The Goldman Sachs Group initiated coverage on Conagra Brands in a research report on Monday. They issued a “buy” rating and a $36.00 target price on the stock. Evercore ISI lowered their price target on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Wells Fargo & Company cut their price objective on Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $31.45.

Conagra Brands Stock Performance

CAG stock traded up $0.53 during trading on Tuesday, hitting $30.36. 4,635,990 shares of the company traded hands, compared to its average volume of 4,633,043. Conagra Brands, Inc. has a 1 year low of $25.16 and a 1 year high of $31.82. The company has a market cap of $14.51 billion, a PE ratio of 41.59, a P/E/G ratio of 2.65 and a beta of 0.32. The stock’s 50-day simple moving average is $29.24 and its 200 day simple moving average is $29.37. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.97 and a quick ratio of 0.33.

Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same period in the previous year, the firm earned $0.62 EPS. The business’s quarterly revenue was down 2.3% on a year-over-year basis. On average, equities analysts expect that Conagra Brands, Inc. will post 2.61 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 1st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $1.40 annualized dividend and a yield of 4.61%. Conagra Brands’s dividend payout ratio (DPR) is currently 191.78%.

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.