Bowling Portfolio Management LLC Invests $969,000 in Conagra Brands Inc (NYSE:CAG)
Bowling Portfolio Management LLC bought a new position in shares of Conagra Brands Inc (NYSE:CAG) in the third quarter, Holdings Channel.com reports. The fund bought 27,128 shares of the company’s stock, valued at approximately $969,000.
Other institutional investors have also added to or reduced their stakes in the company. Obermeyer Wood Investment Counsel Lllp purchased a new stake in shares of Conagra Brands during the second quarter worth $223,000. Squarepoint Ops LLC grew its holdings in shares of Conagra Brands by 15.4% in the first quarter. Squarepoint Ops LLC now owns 113,880 shares of the company’s stock valued at $3,341,000 after purchasing an additional 15,230 shares during the period. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Conagra Brands by 12.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 101,352 shares of the company’s stock valued at $2,974,000 after purchasing an additional 11,433 shares during the period. Engineers Gate Manager LP grew its holdings in shares of Conagra Brands by 16.2% in the first quarter. Engineers Gate Manager LP now owns 34,557 shares of the company’s stock valued at $1,014,000 after purchasing an additional 4,818 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in shares of Conagra Brands in the second quarter valued at about $2,406,000. 81.14% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on CAG. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Conagra Brands from $32.00 to $36.00 and gave the company a “hold” rating in a report on Wednesday, July 1st. ValuEngine raised shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. Credit Suisse Group upped their price objective on shares of Conagra Brands from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Jefferies Financial Group reissued a “buy” rating and issued a $41.00 price objective on shares of Conagra Brands in a report on Thursday, August 13th. Finally, Morgan Stanley increased their target price on shares of Conagra Brands from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Conagra Brands presently has an average rating of “Hold” and an average target price of $36.07.
Shares of CAG opened at $37.91 on Friday. The stock has a market capitalization of $18.52 billion, a PE ratio of 18.67, a P/E/G ratio of 2.15 and a beta of 0.86. Conagra Brands Inc has a 1 year low of $22.83 and a 1 year high of $39.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.44 and a current ratio of 0.95. The company’s 50-day simple moving average is $36.29 and its 200-day simple moving average is $35.04.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Tuesday, October 6th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.13. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Conagra Brands had a net margin of 8.77% and a return on equity of 15.77%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 earnings per share. On average, sell-side analysts predict that Conagra Brands Inc will post 2.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Monday, November 2nd will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Friday, October 30th. This is a boost from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s dividend payout ratio is currently 37.28%.
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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