Bank of New York Mellon Corp cut its position in shares of Conagra Brands, Inc. (NYSE:CAG – Get Rating) by 0.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,542,455 shares of the company’s stock after selling 7,585 shares during the quarter. Bank of New York Mellon Corp’s holdings in Conagra Brands were worth $180,851,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of CAG. Vanguard Group Inc. grew its stake in Conagra Brands by 1.1% in the third quarter. Vanguard Group Inc. now owns 56,457,547 shares of the company’s stock valued at $1,842,209,000 after purchasing an additional 640,197 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Conagra Brands by 11.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 27,918,907 shares of the company’s stock valued at $955,943,000 after purchasing an additional 2,969,072 shares in the last quarter. State Street Corp grew its stake in Conagra Brands by 1.7% in the third quarter. State Street Corp now owns 24,151,241 shares of the company’s stock valued at $788,055,000 after purchasing an additional 401,379 shares in the last quarter. Invesco Ltd. grew its stake in Conagra Brands by 10.7% in the first quarter. Invesco Ltd. now owns 8,716,615 shares of the company’s stock valued at $292,616,000 after purchasing an additional 841,538 shares in the last quarter. Finally, LSV Asset Management grew its stake in Conagra Brands by 0.7% in the third quarter. LSV Asset Management now owns 8,387,795 shares of the company’s stock valued at $273,694,000 after purchasing an additional 57,111 shares in the last quarter. 81.08% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Conagra Brands news, SVP Robert G. Wise sold 50,000 shares of the firm’s stock in a transaction on Friday, January 6th. The stock was sold at an average price of $40.90, for a total transaction of $2,045,000.00. Following the transaction, the senior vice president now owns 22,717 shares in the company, valued at approximately $929,125.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Conagra Brands Stock Performance
Conagra Brands (NYSE:CAG – Get Rating) last released its quarterly earnings results on Thursday, January 5th. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.15. Conagra Brands had a return on equity of 14.38% and a net margin of 5.66%. The business had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same period last year, the firm posted $0.64 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. Research analysts anticipate that Conagra Brands, Inc. will post 2.66 earnings per share for the current year.
Conagra Brands Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 2nd. Shareholders of record on Monday, January 30th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, January 27th. This represents a $1.32 dividend on an annualized basis and a yield of 3.72%. Conagra Brands’s dividend payout ratio (DPR) is presently 93.62%.
Analyst Ratings Changes
CAG has been the subject of a number of analyst reports. Bank of America decreased their price target on Conagra Brands to $40.00 in a research note on Monday, March 6th. UBS Group raised their price objective on Conagra Brands from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, January 6th. Credit Suisse Group raised their price objective on Conagra Brands from $35.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, January 6th. Morgan Stanley raised their price objective on Conagra Brands from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, January 6th. Finally, Royal Bank of Canada raised their price objective on Conagra Brands from $35.00 to $38.00 and gave the company a “sector perform” rating in a research report on Friday, January 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Conagra Brands has a consensus rating of “Hold” and an average target price of $40.64.
Conagra Brands Profile
Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks, Refrigerated and Frozen, International, and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.
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