Conagra Brands Inc. (CAG) Position Lowered by Systematic Financial Management LP
Systematic Financial Management LP trimmed its stake in Conagra Brands Inc. (NYSE:CAG) by 19.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,915 shares of the company’s stock after selling 7,682 shares during the period. Systematic Financial Management LP’s holdings in Conagra Brands were worth $1,043,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of CAG. Paradigm Asset Management Co. LLC boosted its stake in Conagra Brands by 7.5% during the 2nd quarter. Paradigm Asset Management Co. LLC now owns 100,470 shares of the company’s stock worth $3,593,000 after purchasing an additional 7,000 shares during the period. State of Tennessee Treasury Department boosted its stake in Conagra Brands by 1.2% during the 2nd quarter. State of Tennessee Treasury Department now owns 1,360,161 shares of the company’s stock worth $48,640,000 after purchasing an additional 16,143 shares during the period. Alethea Capital Management LLC acquired a new stake in Conagra Brands during the 2nd quarter worth $3,610,000. Sciencast Management LP acquired a new stake in Conagra Brands during the 2nd quarter worth $1,262,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Conagra Brands by 13.9% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,254,398 shares of the company’s stock worth $44,857,000 after purchasing an additional 153,309 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Conagra Brands Inc. (NYSE CAG) opened at $37.47 on Friday. Conagra Brands Inc. has a 52 week low of $32.16 and a 52 week high of $41.68. The company has a market cap of $15,249.24, a price-to-earnings ratio of 20.74, a PEG ratio of 2.82 and a beta of 0.36. The company has a quick ratio of 0.51, a current ratio of 1.03 and a debt-to-equity ratio of 0.71.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Friday, October 13th were paid a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Monday, October 30th. Conagra Brands’s dividend payout ratio (DPR) is presently 60.28%.
CAG has been the subject of a number of recent research reports. BidaskClub upgraded shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 12th. Credit Suisse Group reiterated a “hold” rating and set a $39.00 price target on shares of Conagra Brands in a research note on Friday, August 11th. Morgan Stanley reduced their target price on shares of Conagra Brands from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, September 25th. Royal Bank Of Canada restated a “buy” rating and issued a $45.00 target price on shares of Conagra Brands in a research note on Friday, September 29th. Finally, Zacks Investment Research upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research note on Monday, October 2nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $40.03.
In other news, EVP Colleen Batcheler sold 133,869 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $34.28, for a total value of $4,589,029.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.79% of the company’s stock.
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Conagra Brands 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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