Royal Bank of Canada Has $25.52 Million Position in Conagra Brands $CAG

Royal Bank of Canada raised its holdings in Conagra Brands (NYSE:CAG) by 184.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,623,416 shares of the company’s stock after purchasing an additional 1,053,308 shares during the period. Royal Bank of Canada’s holdings in Conagra Brands were worth $25,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Quantinno Capital Management LP boosted its position in shares of Conagra Brands by 51.7% during the 1st quarter. Quantinno Capital Management LP now owns 2,162,412 shares of the company’s stock valued at $33,993,000 after acquiring an additional 737,120 shares in the last quarter. Saba Capital Management L.P. raised its position in Conagra Brands by 247.0% in the first quarter. Saba Capital Management L.P. now owns 161,608 shares of the company’s stock worth $2,540,000 after purchasing an additional 115,040 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Conagra Brands by 59.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 30,058 shares of the company’s stock worth $473,000 after purchasing an additional 11,148 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in Conagra Brands by 23.8% during the first quarter. Gamco Investors INC. ET AL now owns 40,250 shares of the company’s stock worth $633,000 after purchasing an additional 7,750 shares during the period. Finally, Bank of Nova Scotia lifted its stake in Conagra Brands by 102.0% during the first quarter. Bank of Nova Scotia now owns 130,203 shares of the company’s stock worth $2,047,000 after purchasing an additional 65,743 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Up 0.6%

NYSE CAG opened at $15.00 on Wednesday. The stock’s 50 day simple moving average is $13.91 and its 200 day simple moving average is $15.53. Conagra Brands has a one year low of $12.53 and a one year high of $20.32. The firm has a market cap of $7.18 billion, a PE ratio of -3.75 and a beta of -0.03. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.89 billion. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. As a group, sell-side analysts forecast that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, July 30th. This represents a $0.70 annualized dividend and a yield of 4.7%. Conagra Brands’s dividend payout ratio is -17.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Evercore lowered their price objective on Conagra Brands from $18.00 to $13.00 in a research note on Wednesday, June 10th. Zacks Research downgraded Conagra Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. BTIG Research started coverage on Conagra Brands in a research note on Monday, April 13th. They issued a “neutral” rating on the stock. Barclays upped their price target on Conagra Brands from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Sanford C. Bernstein reissued an “underperform” rating and set a $12.00 price objective (down from $16.00) on shares of Conagra Brands in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Conagra Brands has a consensus rating of “Reduce” and an average price target of $14.07.

Conagra Brands Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.