Bank of America Corp DE Sells 1,598,735 Shares of Conagra Brands, Inc. (NYSE:CAG)

Bank of America Corp DE trimmed its holdings in shares of Conagra Brands, Inc. (NYSE:CAG) by 33.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,148,334 shares of the company’s stock after selling 1,598,735 shares during the period. Bank of America Corp DE’s holdings in Conagra Brands were worth $87,366,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CAG. Norges Bank bought a new stake in shares of Conagra Brands during the 4th quarter worth $168,877,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Conagra Brands during the 4th quarter worth $110,704,000. Invesco Ltd. raised its stake in shares of Conagra Brands by 18.5% during the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock worth $309,728,000 after purchasing an additional 1,745,319 shares during the period. Vanguard Group Inc. raised its stake in shares of Conagra Brands by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company’s stock worth $1,631,671,000 after purchasing an additional 1,132,839 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its stake in shares of Conagra Brands by 114.5% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 1,927,141 shares of the company’s stock worth $53,478,000 after purchasing an additional 1,028,631 shares during the period. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Stock Down 0.5%

CAG stock opened at $23.11 on Monday. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $11.03 billion, a PE ratio of 22.66, a PEG ratio of 1.76 and a beta of 0.18. Conagra Brands, Inc. has a twelve month low of $22.78 and a twelve month high of $33.24. The stock has a 50-day simple moving average of $25.44 and a two-hundred day simple moving average of $26.33.

Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.69 EPS. On average, equities analysts predict that Conagra Brands, Inc. will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, April 28th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 6.06%. The ex-dividend date of this dividend is Monday, April 28th. Conagra Brands’s payout ratio is presently 205.88%.

Wall Street Analyst Weigh In

CAG has been the subject of several recent research reports. Morgan Stanley began coverage on Conagra Brands in a report on Monday, March 24th. They issued an “equal weight” rating and a $27.00 price objective for the company. Stifel Nicolaus lowered their price objective on Conagra Brands from $28.00 to $26.00 and set a “hold” rating on the stock in a research note on Wednesday, February 19th. Wells Fargo & Company lowered their price objective on Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Barclays boosted their price objective on Conagra Brands from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Finally, The Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $33.00 to $26.00 in a research note on Monday, February 24th. Nine analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Conagra Brands has an average rating of “Hold” and an average target price of $27.80.

Conagra Brands Company 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.