Cornerstone Capital Management Holdings LLC. cut its holdings in shares of Conagra Brands Inc. (NYSE:CAG) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 179,434 shares of the company’s stock after selling 3,032 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Conagra Brands were worth $6,415,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Conagra Brands during the first quarter worth approximately $110,000. Sun Life Financial INC grew its position in shares of Conagra Brands by 32,666.7% during the second quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock worth $105,000 after acquiring an additional 2,940 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its position in shares of Conagra Brands by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after acquiring an additional 1,851 shares during the last quarter. Alpha Windward LLC grew its position in shares of Conagra Brands by 5.8% during the second quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock worth $128,000 after acquiring an additional 196 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in shares of Conagra Brands by 53.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock worth $137,000 after acquiring an additional 1,333 shares during the last quarter. Institutional investors and hedge funds own 79.75% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Jefferies Group LLC restated a “buy” rating on shares of Conagra Brands in a research report on Friday, June 16th. Bank of America Corporation reiterated a “buy” rating and issued a $43.00 price objective (down from $44.00) on shares of Conagra Brands in a research report on Monday, June 26th. Morgan Stanley reiterated an “overweight” rating and issued a $42.00 price objective (down from $43.00) on shares of Conagra Brands in a research report on Monday, June 26th. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $42.00 price objective (down from $44.00) on shares of Conagra Brands in a research report on Wednesday, June 28th. Finally, Credit Suisse Group set a $39.00 price objective on shares of Conagra Brands and gave the company a “hold” rating in a research report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Conagra Brands has an average rating of “Hold” and an average target price of $41.31.
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Conagra Brands Inc. (NYSE:CAG) opened at 33.72 on Wednesday. The company has a 50-day moving average of $33.77 and a 200-day moving average of $36.36. Conagra Brands Inc. has a 52-week low of $32.16 and a 52-week high of $41.68. The stock has a market capitalization of $13.77 billion, a price-to-earnings ratio of 24.24 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the prior year, the business posted $0.37 earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. Equities research analysts expect that Conagra Brands Inc. will post $1.88 EPS for the current year.
Conagra Brands declared that its board has initiated a stock buyback program on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be paid a $0.2125 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.52%. Conagra Brands’s payout ratio is 60.28%.
About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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