Jones Financial Companies Lllp lifted its position in Conagra Brands (NYSE:CAG – Free Report) by 22.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 327,686 shares of the company’s stock after acquiring an additional 60,887 shares during the period. Jones Financial Companies Lllp’s holdings in Conagra Brands were worth $4,614,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Conagra Brands in the second quarter worth $1,071,275,000. State Street Corp increased its stake in Conagra Brands by 2.3% in the 2nd quarter. State Street Corp now owns 26,202,392 shares of the company’s stock valued at $536,363,000 after buying an additional 588,435 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Conagra Brands by 9.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 19,323,789 shares of the company’s stock valued at $303,771,000 after acquiring an additional 1,701,624 shares in the last quarter. Invesco Ltd. increased its position in Conagra Brands by 13.3% in the 4th quarter. Invesco Ltd. now owns 17,667,780 shares of the company’s stock worth $305,829,000 after purchasing an additional 2,079,903 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Conagra Brands by 18.5% during the 4th quarter. Morgan Stanley now owns 15,229,557 shares of the company’s stock worth $263,624,000 after purchasing an additional 2,376,823 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.
Conagra Brands Stock Up 1.4%
Shares of CAG opened at $16.65 on Tuesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.31 and a current ratio of 0.90. The company has a 50-day simple moving average of $14.56 and a 200-day simple moving average of $15.31. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $20.32. The firm has a market capitalization of $7.97 billion, a P/E ratio of -4.16 and a beta of -0.03.
Conagra Brands Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Thursday, July 30th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -17.50%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada reduced their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a “sector perform” rating for the company in a research note on Thursday, July 16th. Jefferies Financial Group cut their target price on shares of Conagra Brands from $15.00 to $13.00 and set a “hold” rating for the company in a research report on Wednesday, May 27th. Evercore decreased their price target on shares of Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Finally, Wells Fargo & Company dropped their price objective on Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Monday, May 18th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $14.07.
Get Our Latest Analysis on CAG
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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