Bank of America Corp DE Has $87.37 Million Position in Conagra Brands, Inc. (NYSE:CAG)

Bank of America Corp DE lowered its position in Conagra Brands, Inc. (NYSE:CAG) by 33.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,148,334 shares of the company’s stock after selling 1,598,735 shares during the quarter. Bank of America Corp DE owned 0.66% of Conagra Brands worth $87,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. increased its stake in shares of Conagra Brands by 0.6% in the fourth quarter. Bessemer Group Inc. now owns 78,038 shares of the company’s stock valued at $2,166,000 after buying an additional 429 shares during the period. Grove Bank & Trust increased its position in Conagra Brands by 65.4% during the 4th quarter. Grove Bank & Trust now owns 1,131 shares of the company’s stock valued at $31,000 after purchasing an additional 447 shares during the period. Summit Financial Wealth Advisors LLC increased its position in Conagra Brands by 1.3% during the 4th quarter. Summit Financial Wealth Advisors LLC now owns 40,455 shares of the company’s stock valued at $1,030,000 after purchasing an additional 500 shares during the period. CIBC Asset Management Inc increased its position in Conagra Brands by 0.6% during the 4th quarter. CIBC Asset Management Inc now owns 84,534 shares of the company’s stock valued at $2,346,000 after purchasing an additional 501 shares during the period. Finally, Xponance Inc. increased its position in Conagra Brands by 0.8% during the 4th quarter. Xponance Inc. now owns 65,680 shares of the company’s stock valued at $1,823,000 after purchasing an additional 505 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Price Performance

Shares of CAG opened at $23.11 on Monday. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. The business’s fifty day moving average is $25.44 and its 200 day moving average is $26.33. Conagra Brands, Inc. has a 12-month low of $22.78 and a 12-month high of $33.24. The stock has a market cap of $11.03 billion, a P/E ratio of 22.66, a P/E/G ratio of 1.76 and a beta of 0.18.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the business posted $0.69 earnings per share. Conagra Brands’s revenue was down 6.3% on a year-over-year basis. Sell-side analysts anticipate that Conagra Brands, Inc. will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, April 28th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 6.06%. The ex-dividend date is Monday, April 28th. Conagra Brands’s dividend payout ratio (DPR) is presently 205.88%.

Wall Street Analyst Weigh In

CAG has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on Conagra Brands in a report on Monday, March 24th. They set an “equal weight” rating and a $27.00 price target on the stock. Wells Fargo & Company cut their price target on Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Barclays increased their price target on Conagra Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, April 7th. JPMorgan Chase & Co. cut their price target on Conagra Brands from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and cut their price target for the stock from $33.00 to $26.00 in a report on Monday, February 24th. Nine equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Conagra Brands presently has an average rating of “Hold” and a consensus target price of $27.80.

About Conagra Brands

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.