Bleakley Financial Group LLC Reduces Position in Conagra Brands, Inc. (NYSE:CAG)

Bleakley Financial Group LLC decreased its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 67.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,439 shares of the company’s stock after selling 23,990 shares during the period. Bleakley Financial Group LLC’s holdings in Conagra Brands were worth $372,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Federated Hermes Inc. increased its position in Conagra Brands by 20.5% during the second quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after buying an additional 1,871,238 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Conagra Brands by 17.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock worth $122,602,000 after buying an additional 633,794 shares in the last quarter. Squarepoint Ops LLC increased its position in Conagra Brands by 148.2% during the second quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock worth $72,048,000 after buying an additional 1,513,726 shares in the last quarter. Marshall Wace LLP increased its position in Conagra Brands by 1,362.6% during the second quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock worth $68,400,000 after buying an additional 2,242,186 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Conagra Brands by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 2,294,468 shares of the company’s stock worth $65,209,000 after buying an additional 78,487 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Insider Transactions at Conagra Brands

In other news, COO Thomas M. Mcgough sold 40,000 shares of Conagra Brands stock in a transaction dated 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 sale, the chief operating officer now directly owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CAG shares. Stifel Nicolaus dropped their price target on Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Citigroup decreased their price objective on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Royal Bank of Canada restated a “sector perform” rating and set a $29.00 price objective on shares of Conagra Brands in a report on Thursday, October 3rd. The Goldman Sachs Group started 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, Evercore ISI reduced their target price on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Conagra Brands has a consensus rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Price Performance

Shares of Conagra Brands stock opened at $29.49 on Wednesday. The business’s fifty day moving average price is $31.14 and its 200 day moving average price is $30.30. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. Conagra Brands, Inc. has a twelve month low of $26.62 and a twelve month high of $33.24. The stock has a market capitalization of $14.10 billion, a P/E ratio of 40.39, a PEG ratio of 3.01 and a beta of 0.32.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Conagra Brands, Inc. will post 2.59 earnings per share for the current year.

Conagra Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s payout ratio is 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.