Dana Investment Advisors Inc. Takes $467,000 Position in Conagra Brands Inc. (CAG)
Dana Investment Advisors Inc. acquired a new position in shares of Conagra Brands Inc. (NYSE:CAG) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 13,049 shares of the company’s stock, valued at approximately $467,000.
A number of other hedge funds have also made changes to their positions in CAG. Sun Life Financial INC grew its holdings in Conagra Brands by 32,666.7% during the second quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock worth $105,000 after acquiring an additional 2,940 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Conagra Brands during the first quarter worth $110,000. Bronfman E.L. Rothschild L.P. grew its holdings in Conagra Brands by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after acquiring an additional 1,851 shares during the period. Alpha Windward LLC grew its holdings in Conagra Brands by 5.8% during the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after acquiring an additional 196 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Conagra Brands by 53.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after acquiring an additional 1,333 shares during the period. 78.38% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on CAG shares. BidaskClub lowered Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Bank of America Corporation reaffirmed a “buy” rating and set a $43.00 price objective (down previously from $44.00) on shares of Conagra Brands in a report on Monday, June 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $42.00 price objective (down previously from $43.00) on shares of Conagra Brands in a report on Monday, June 26th. Credit Suisse Group dropped their price objective on Conagra Brands from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday, September 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Conagra Brands in a report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $41.31.
In related news, Director Ruth Ann Marshall sold 6,046 shares of Conagra Brands stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the transaction, the director now directly owns 89,260 shares in the company, valued at approximately $2,965,217.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.79% of the company’s stock.
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Conagra Brands Inc. (NYSE CAG) traded down 0.06% during mid-day trading on Friday, reaching $34.08. The company’s stock had a trading volume of 3,426,397 shares. The company has a market capitalization of $14.15 billion, a PE ratio of 24.50 and a beta of 0.31. The firm has a 50 day moving average price of $33.84 and a 200-day moving average price of $36.57. Conagra Brands Inc. has a 1-year low of $32.16 and a 1-year high of $41.68.
Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.79 billion. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The company’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.37 EPS. On average, equities analysts predict that Conagra Brands Inc. will post $1.88 EPS for the current fiscal year.
Conagra Brands declared that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be issued a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, October 30th. Conagra Brands’s payout ratio is 60.28%.
Conagra Brands Company Profile
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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