Gabelli Funds LLC Cuts Holdings in Conagra Brands, Inc. (NYSE:CAG)

Gabelli Funds LLC decreased its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 17.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 390,000 shares of the company’s stock after selling 80,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.08% of Conagra Brands worth $13,151,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. EP Wealth Advisors LLC purchased a new position in shares of Conagra Brands in the 1st quarter valued at about $208,000. Institutional & Family Asset Management LLC purchased a new position in shares of Conagra Brands in the 1st quarter valued at about $26,000. Tradition Wealth Management LLC increased its holdings in shares of Conagra Brands by 641.6% in the 1st quarter. Tradition Wealth Management LLC now owns 927 shares of the company’s stock valued at $35,000 after acquiring an additional 802 shares during the last quarter. Clear Street Markets LLC increased its holdings in shares of Conagra Brands by 93.2% in the 1st quarter. Clear Street Markets LLC now owns 935 shares of the company’s stock valued at $35,000 after acquiring an additional 451 shares during the last quarter. Finally, Coppell Advisory Solutions Corp. purchased a new position in shares of Conagra Brands in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 84.27% of the company’s stock.

Conagra Brands Stock Down 0.3 %

Conagra Brands stock opened at $28.10 on Tuesday. Conagra Brands, Inc. has a twelve month low of $25.16 and a twelve month high of $41.30. The stock has a 50 day moving average of $27.68 and a two-hundred day moving average of $31.20. The company has a current ratio of 0.91, a quick ratio of 0.30 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $13.43 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 2.73 and a beta of 0.61.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, October 5th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.06. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Conagra Brands had a return on equity of 15.49% and a net margin of 8.80%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm earned $0.57 EPS. As a group, research analysts expect that Conagra Brands, Inc. will post 2.68 earnings per share for the current year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Thursday, November 2nd will be issued a $0.35 dividend. The ex-dividend date is Wednesday, November 1st. This represents a $1.40 annualized dividend and a dividend yield of 4.98%. Conagra Brands’s dividend payout ratio is currently 62.22%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CAG shares. TD Cowen started coverage on Conagra Brands in a report on Wednesday, September 13th. They issued a “market perform” rating and a $32.00 price objective on the stock. Jefferies Financial Group dropped their price objective on Conagra Brands from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Friday, October 6th. The Goldman Sachs Group dropped their price objective on Conagra Brands from $37.00 to $33.00 in a report on Thursday, October 5th. Stifel Nicolaus decreased their target price on Conagra Brands from $36.00 to $29.00 and set a “hold” rating for the company in a research report on Friday, October 6th. Finally, JPMorgan Chase & Co. decreased their target price on Conagra Brands from $38.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, August 21st. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $34.15.

Insider Activity

In other Conagra Brands news, Director Richard H. Lenny purchased 9,238 shares of Conagra Brands stock in a transaction dated Monday, October 9th. The stock was acquired at an average cost of $27.31 per share, with a total value of $252,289.78. Following the acquisition, the director now directly owns 165,205 shares of the company’s stock, valued at $4,511,748.55. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

Conagra Brands Company Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.