The Manufacturers Life Insurance Company Sells 76,025 Shares of Conagra Brands, Inc. (NYSE:CAG)

The Manufacturers Life Insurance Company decreased its position in shares of Conagra Brands, Inc. (NYSE:CAG) by 7.2% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 987,188 shares of the company’s stock after selling 76,025 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.21% of Conagra Brands worth $28,056,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CAG. Whittier Trust Co. of Nevada Inc. raised its holdings in 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 valued at $155,000 after acquiring an additional 373 shares during the period. Czech National Bank grew its position in shares of Conagra Brands by 0.5% during the first quarter. Czech National Bank now owns 84,105 shares of the company’s stock worth $2,493,000 after purchasing an additional 392 shares in the last quarter. Summit Financial Wealth Advisors LLC raised its stake in Conagra Brands by 1.1% during the 1st quarter. Summit Financial Wealth Advisors LLC now owns 39,955 shares of the company’s stock valued at $1,184,000 after purchasing an additional 430 shares during the period. Courier Capital LLC lifted its holdings in Conagra Brands by 1.7% in the 2nd quarter. Courier Capital LLC now owns 26,707 shares of the company’s stock worth $759,000 after purchasing an additional 438 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its holdings in Conagra Brands by 4.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 11,265 shares of the company’s stock worth $334,000 after purchasing an additional 445 shares in the last quarter. Institutional investors own 83.75% of the company’s stock.

Insiders Place Their Bets

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

Conagra Brands Trading Up 0.2 %

Shares of NYSE CAG opened at $32.52 on Tuesday. Conagra Brands, Inc. has a twelve month low of $25.16 and a twelve month high of $33.24. The firm has a market cap of $15.55 billion, a PE ratio of 44.55, a price-to-earnings-growth ratio of 2.95 and a beta of 0.32. The business has a fifty day simple moving average of $31.22 and a two-hundred day simple moving average of $30.23. The company has a quick ratio of 0.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.88.

Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the prior year, the business earned $0.62 EPS. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. Analysts expect that Conagra Brands, Inc. will post 2.61 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 1st were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date was Thursday, August 1st. Conagra Brands’s dividend payout ratio (DPR) is 191.78%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Conagra Brands from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. The Goldman Sachs Group started coverage on shares of Conagra Brands in a research note on Monday, August 12th. They set a “buy” rating and a $36.00 target price for the company. Stifel Nicolaus decreased their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Citigroup cut their price objective on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Finally, Royal Bank of Canada reduced their target price on Conagra Brands from $30.00 to $29.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Nine research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.10.

About Conagra Brands

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.