FUKOKU MUTUAL LIFE INSURANCE Co Has $156,000 Position in Conagra Brands Inc. (CAG)
FUKOKU MUTUAL LIFE INSURANCE Co maintained its position in shares of Conagra Brands Inc. (NYSE:CAG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,360 shares of the company’s stock at the close of the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Conagra Brands were worth $156,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Conagra Brands by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock worth $1,868,249,000 after purchasing an additional 1,175,244 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Conagra Brands by 2,749.9% during the 1st quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after purchasing an additional 26,020,645 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Conagra Brands by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,445,440 shares of the company’s stock valued at $302,009,000 after purchasing an additional 285,685 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Conagra Brands by 17.8% during the 2nd quarter. American Century Companies Inc. now owns 7,277,792 shares of the company’s stock valued at $260,254,000 after purchasing an additional 1,100,589 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its holdings in shares of Conagra Brands by 21.6% during the 1st quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock valued at $265,271,000 after purchasing an additional 1,169,432 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.
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In other news, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares in the company, valued at $2,965,217.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is owned by corporate insiders.
A number of research analysts have recently weighed in on CAG shares. Jefferies Group LLC restated a “buy” rating and set a $40.00 price objective on shares of Conagra Brands in a research report on Tuesday. Zacks Investment Research upgraded Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada reiterated a “buy” rating and issued a $45.00 target price on shares of Conagra Brands in a research report on Friday, September 29th. Morgan Stanley dropped their price target on Conagra Brands from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, September 25th. Finally, Credit Suisse Group dropped their price target on Conagra Brands from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, September 25th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.45.
Conagra Brands Inc. (NYSE:CAG) traded up 0.39% during midday trading on Wednesday, hitting $33.54. The stock had a trading volume of 670,530 shares. The firm has a 50-day moving average of $33.90 and a 200-day moving average of $36.61. Conagra Brands Inc. has a 12-month low of $32.16 and a 12-month high of $41.68. The company has a market cap of $13.92 billion, a PE ratio of 24.11 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, September 28th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same quarter last year, the firm posted $0.37 EPS. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities research analysts forecast that Conagra Brands Inc. will post $1.88 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.2125 per share. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Monday, October 30th. Conagra Brands’s payout ratio is 60.28%.
Conagra Brands announced that its board has approved a share buyback plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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