Truist Financial Corp Reduces Stock Holdings in Conagra Brands, Inc. (NYSE:CAG)

Truist Financial Corp trimmed its holdings in Conagra Brands, Inc. (NYSE:CAG) by 27.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 467,247 shares of the company’s stock after selling 176,074 shares during the period. Truist Financial Corp owned 0.10% of Conagra Brands worth $13,279,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in shares of Conagra Brands by 20.5% during the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after purchasing an additional 1,871,238 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Conagra Brands by 17.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock valued at $122,602,000 after buying an additional 633,794 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of Conagra Brands by 148.2% in the second quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock valued at $72,048,000 after acquiring an additional 1,513,726 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Conagra Brands by 1,362.6% during the second quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock valued at $68,400,000 after acquiring an additional 2,242,186 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Conagra Brands by 3.5% during the second quarter. Envestnet Asset Management Inc. now owns 2,294,468 shares of the company’s stock valued at $65,209,000 after acquiring an additional 78,487 shares during the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Conagra Brands news, COO Thomas M. Mcgough sold 40,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 161,443 shares in the company, valued at $4,890,108.47. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.88% of the company’s stock.

Conagra Brands Stock Performance

Shares of NYSE:CAG opened at $29.52 on Friday. The firm has a market capitalization of $14.11 billion, a PE ratio of 40.43, a P/E/G ratio of 2.95 and a beta of 0.32. Conagra Brands, Inc. has a 12 month low of $25.16 and a 12 month high of $33.24. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.97 and a quick ratio of 0.33. The business has a 50-day moving average of $31.29 and a two-hundred day moving average of $30.26.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. As a group, research analysts forecast that Conagra Brands, Inc. will post 2.61 earnings per share for the current year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, October 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s dividend payout ratio (DPR) is 191.78%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CAG shares. Royal Bank of Canada restated a “sector perform” rating and issued a $29.00 target price on shares of Conagra Brands in a report on Thursday. Wells Fargo & Company decreased their target price on shares of Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Stifel Nicolaus cut their price target on Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a report on Friday, July 12th. The Goldman Sachs Group initiated coverage on Conagra Brands in a research note on Monday, August 12th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Barclays lowered their price objective on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Nine equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $31.00.

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.