Royal Bank of Canada grew its holdings in shares of Conagra Brands (NYSE:CAG – Free Report) by 184.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,623,416 shares of the company’s stock after purchasing an additional 1,053,308 shares during the quarter. Royal Bank of Canada owned about 0.34% of Conagra Brands worth $25,520,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently bought and sold shares of CAG. Norges Bank acquired a new stake in shares of Conagra Brands in the fourth quarter worth about $145,656,000. Two Sigma Investments LP raised its stake in shares of Conagra Brands by 239.6% in the 3rd quarter. Two Sigma Investments LP now owns 8,347,163 shares of the company’s stock valued at $152,837,000 after acquiring an additional 5,889,542 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Conagra Brands by 245.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,734,061 shares of the company’s stock valued at $141,611,000 after acquiring an additional 5,495,503 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Conagra Brands by 216.2% in the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company’s stock worth $135,318,000 after purchasing an additional 5,100,424 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in Conagra Brands by 241.9% during the third quarter. Qube Research & Technologies Ltd now owns 5,915,490 shares of the company’s stock worth $108,313,000 after purchasing an additional 4,185,486 shares during the period. 83.75% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have commented on the company. Evercore lowered their price target on Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. JPMorgan Chase & Co. upped their price objective on shares of Conagra Brands from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Wells Fargo & Company lowered their target price on shares of Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Monday, May 18th. BNP Paribas Exane dropped their target price on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 21st. Finally, Sanford C. Bernstein reissued an “underperform” rating and set a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, Conagra Brands has an average rating of “Reduce” and a consensus target price of $14.07.
Conagra Brands Stock Performance
NYSE CAG opened at $15.00 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of -3.75 and a beta of -0.03. The company’s fifty day moving average is $13.91 and its two-hundred day moving average is $15.53. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $20.32.
Conagra Brands (NYSE:CAG – Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter in the previous year, the firm posted $0.56 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Equities research analysts forecast that Conagra Brands will post 1.45 EPS for the current year.
Conagra Brands Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th will be issued a $0.175 dividend. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $0.70 annualized dividend and a yield of 4.7%. Conagra Brands’s dividend payout ratio is -17.50%.
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.
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