Conagra Brands $CAG Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its stake in Conagra Brands (NYSE:CAG) by 15.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,021,478 shares of the company’s stock after acquiring an additional 408,597 shares during the period. JPMorgan Chase & Co. owned about 0.63% of Conagra Brands worth $55,323,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in CAG. Vanguard Group Inc. increased its holdings in Conagra Brands by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 61,369,876 shares of the company’s stock valued at $1,256,241,000 after purchasing an additional 966,031 shares during the last quarter. State Street Corp boosted its position in shares of Conagra Brands by 2.3% during the second quarter. State Street Corp now owns 26,202,392 shares of the company’s stock worth $536,363,000 after buying an additional 588,435 shares during the period. Invesco Ltd. boosted its position in shares of Conagra Brands by 25.6% during the third quarter. Invesco Ltd. now owns 15,587,877 shares of the company’s stock worth $285,414,000 after buying an additional 3,173,767 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Conagra Brands by 21.7% in the third quarter. Dimensional Fund Advisors LP now owns 14,674,084 shares of the company’s stock valued at $268,672,000 after buying an additional 2,618,647 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Conagra Brands by 19.6% in the third quarter. Ameriprise Financial Inc. now owns 12,130,671 shares of the company’s stock valued at $222,113,000 after buying an additional 1,984,873 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $15.16 on Friday. The business has a 50-day simple moving average of $18.08 and a 200-day simple moving average of $17.97. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.28 and a current ratio of 0.89. Conagra Brands has a one year low of $15.06 and a one year high of $27.68. The company has a market cap of $7.25 billion, a PE ratio of -68.89 and a beta of -0.02.

Conagra Brands (NYSE:CAG) last issued its earnings results on Friday, December 19th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. Conagra Brands had a negative net margin of 0.87% and a positive return on equity of 10.59%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue was down 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Conagra Brands will post 2.35 EPS for the current fiscal year.

Analysts Set New Price Targets

CAG has been the topic of several research reports. Jefferies Financial Group decreased their target price on Conagra Brands from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Thursday, December 11th. Bank of America cut their price target on shares of Conagra Brands from $18.00 to $17.00 and set an “underperform” rating on the stock in a research note on Monday, December 22nd. JPMorgan Chase & Co. reduced their price target on shares of Conagra Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday. Wall Street Zen upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Finally, TD Cowen reaffirmed a “hold” rating on shares of Conagra Brands in a research note on Monday, December 22nd. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $18.57.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.