Conagra Brands $CAG Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its holdings in Conagra Brands (NYSE:CAG) by 68.5% in the second quarter, Holdings Channel.com reports. The firm owned 156,563 shares of the company’s stock after selling 340,435 shares during the period. The Manufacturers Life Insurance Company’s holdings in Conagra Brands were worth $2,107,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Conagra Brands by 23.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company’s stock valued at $140,659,000 after buying an additional 1,554,725 shares during the period. Leonteq Securities AG purchased a new position in shares of Conagra Brands during the 4th quarter worth about $2,415,000. Marathon Trading Investment Management LLC purchased a new position in shares of Conagra Brands during the 4th quarter worth about $1,367,000. Hsbc Holdings PLC boosted its position in shares of Conagra Brands by 25.0% in the fourth quarter. Hsbc Holdings PLC now owns 785,989 shares of the company’s stock worth $13,634,000 after acquiring an additional 157,423 shares during the last quarter. Finally, AIA Group Ltd grew its holdings in Conagra Brands by 319.5% in the first quarter. AIA Group Ltd now owns 411,099 shares of the company’s stock valued at $6,462,000 after purchasing an additional 313,106 shares during the period. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $14.59 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.90 and a debt-to-equity ratio of 1.02. The business has a 50 day moving average price of $15.12 and a two-hundred day moving average price of $14.95. The firm has a market cap of $6.98 billion, a PE ratio of -3.65 and a beta of -0.01. Conagra Brands has a fifty-two week low of $12.53 and a fifty-two week high of $20.32.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the prior year, the company posted $0.56 earnings per share. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Sell-side analysts expect that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Thursday, July 30th were paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Thursday, July 30th. Conagra Brands’s dividend payout ratio is -17.50%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CAG. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Conagra Brands from $14.00 to $12.00 and set a “hold” rating on the stock in a report on Thursday, June 18th. Weiss Ratings cut shares of Conagra Brands from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, June 25th. Evercore dropped their price objective on Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. Finally, Royal Bank Of Canada cut their target price on Conagra Brands from $16.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 16th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $14.07.

Conagra Brands Profile

Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender’s, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt’s and PAM.