Conagra Brands, Inc. (NYSE:CAG) Short Interest Update

Conagra Brands, Inc. (NYSE:CAG) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 17,030,000 shares, a growth of 11.8% from the August 31st total of 15,230,000 shares. Approximately 3.6% of the company’s stock are short sold. Based on an average daily volume of 4,790,000 shares, the days-to-cover ratio is currently 3.6 days.

Conagra Brands Stock Down 0.1 %

Shares of CAG traded down $0.02 on Friday, reaching $32.47. The stock had a trading volume of 2,687,980 shares, compared to its average volume of 4,696,643. The firm has a market capitalization of $15.52 billion, a price-to-earnings ratio of 44.48, a price-to-earnings-growth ratio of 2.95 and a beta of 0.32. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.97. The company has a 50-day simple moving average of $31.16 and a 200-day simple moving average of $30.20. Conagra Brands has a 12-month low of $25.16 and a 12-month high of $33.24.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Conagra Brands had a return on equity of 14.31% and a net margin of 2.88%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 earnings per share. Sell-side analysts predict that Conagra Brands will post 2.61 EPS for the current year.

Conagra Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 1st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend was Thursday, August 1st. Conagra Brands’s dividend payout ratio is currently 191.78%.

Wall Street Analyst Weigh In

CAG has been the subject of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on 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. Bank of America raised their price target on Conagra Brands from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. Barclays decreased their price objective on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. The Goldman Sachs Group initiated coverage on Conagra Brands in a report on Monday, August 12th. They set a “buy” rating and a $36.00 price objective on the stock. Finally, Citigroup reduced their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.10.

Insider Transactions at Conagra Brands

In related news, COO Thomas M. Mcgough sold 40,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the completion of the sale, the chief operating officer now owns 161,443 shares in the company, valued at $4,890,108.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CAG. Sanctuary Advisors LLC purchased a new stake in Conagra Brands during the second quarter valued at $829,000. SPC Financial Inc. increased its position in Conagra Brands by 18.9% in the second quarter. SPC Financial Inc. now owns 10,700 shares of the company’s stock worth $304,000 after buying an additional 1,700 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Conagra Brands in the second quarter worth about $1,482,000. EP Wealth Advisors LLC grew its position in shares of Conagra Brands by 10.2% during the second quarter. EP Wealth Advisors LLC now owns 10,980 shares of the company’s stock worth $312,000 after purchasing an additional 1,018 shares in the last quarter. Finally, Kimelman & Baird LLC purchased a new stake in shares of Conagra Brands during the second quarter worth about $224,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.