First Trust Advisors LP Acquires 521,020 Shares of Conagra Brands Inc (NYSE:CAG)
First Trust Advisors LP boosted its holdings in shares of Conagra Brands Inc (NYSE:CAG) by 27.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,437,567 shares of the company’s stock after purchasing an additional 521,020 shares during the period. First Trust Advisors LP’s holdings in Conagra Brands were worth $74,785,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its stake in Conagra Brands by 1.0% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 70,165 shares of the company’s stock worth $1,861,000 after purchasing an additional 683 shares during the last quarter. Dynamic Capital Management Ltd bought a new stake in Conagra Brands during the second quarter worth $271,000. IFG Advisory LLC bought a new stake in Conagra Brands during the second quarter worth $233,000. Mn Services Vermogensbeheer B.V. lifted its stake in Conagra Brands by 200.8% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 247,757 shares of the company’s stock worth $6,571,000 after purchasing an additional 165,400 shares during the last quarter. Finally, Manning & Napier Group LLC lifted its stake in Conagra Brands by 38.5% during the second quarter. Manning & Napier Group LLC now owns 138,693 shares of the company’s stock worth $3,677,000 after purchasing an additional 38,564 shares during the last quarter. Hedge funds and other institutional investors own 86.26% of the company’s stock.
CAG has been the subject of several recent analyst reports. Citigroup upped their target price on Conagra Brands from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Credit Suisse Group restated a “hold” rating and set a $29.00 target price on shares of Conagra Brands in a research note on Thursday, September 19th. ValuEngine upgraded Conagra Brands from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Barclays set a $33.00 target price on Conagra Brands and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Goldman Sachs Group downgraded shares of Conagra Brands from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $33.00 to $31.00 in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.33.
Shares of NYSE:CAG opened at $27.44 on Friday. The company has a fifty day moving average of $28.29 and a 200-day moving average of $28.69. The company has a market capitalization of $13.44 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.86 and a beta of 0.84. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.40 and a current ratio of 1.11. Conagra Brands Inc has a 52-week low of $20.22 and a 52-week high of $35.72.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, September 26th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.04. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.48 billion. Conagra Brands had a net margin of 6.68% and a return on equity of 12.34%. The company’s revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 earnings per share. On average, equities analysts forecast that Conagra Brands Inc will post 2.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 1st will be issued a dividend of $0.2125 per share. The ex-dividend date is Thursday, October 31st. This represents a $0.85 annualized dividend and a dividend yield of 3.10%. Conagra Brands’s dividend payout ratio (DPR) is presently 42.29%.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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