Argent Capital Management LLC lessened its position in shares of Conagra Brands Inc. (NYSE:CAG) by 6.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,785,506 shares of the company’s stock after selling 121,118 shares during the quarter. Conagra Brands makes up approximately 2.6% of Argent Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Argent Capital Management LLC owned approximately 0.43% of Conagra Brands worth $63,850,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in CAG. Sun Life Financial INC increased its position in Conagra Brands by 32,666.7% during the 2nd quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock valued at $105,000 after purchasing an additional 2,940 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Conagra Brands during the 1st quarter valued at approximately $110,000. Bronfman E.L. Rothschild L.P. increased its position in Conagra Brands by 143.7% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after purchasing an additional 1,851 shares during the period. Alpha Windward LLC increased its position in Conagra Brands by 5.8% during the 2nd quarter. Alpha Windward LLC now owns 3,578 shares of the company’s stock valued at $128,000 after purchasing an additional 196 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its position in Conagra Brands by 53.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,833 shares of the company’s stock valued at $137,000 after purchasing an additional 1,333 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.
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Shares of Conagra Brands Inc. (CAG) traded down 0.06% during mid-day trading on Friday, hitting $34.08. 3,426,397 shares of the stock traded hands. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 24.50 and a beta of 0.31. The firm’s 50-day moving average is $33.84 and its 200-day moving average is $36.57. Conagra Brands Inc. has a 52 week low of $32.16 and a 52 week high of $41.68.
Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The business’s revenue was down 4.8% compared to the same quarter last year. On average, analysts forecast that Conagra Brands Inc. will post $1.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be paid a dividend of $0.2125 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.49%. Conagra Brands’s dividend payout ratio (DPR) is presently 60.28%.
Conagra Brands announced that its Board of Directors has authorized a stock buyback program on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have weighed in on CAG shares. Royal Bank Of Canada reissued a “buy” rating and set a $45.00 target price on shares of Conagra Brands in a research report on Friday, September 29th. Bank of America Corporation reissued a “buy” rating and set a $43.00 target price (down previously from $44.00) on shares of Conagra Brands in a research report on Monday, June 26th. Jefferies Group LLC reissued a “buy” rating on shares of Conagra Brands in a research report on Friday, June 16th. Credit Suisse Group reissued a “hold” rating and set a $39.00 target price on shares of Conagra Brands in a research report on Friday, August 11th. Finally, Zacks Investment Research raised shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Three research 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. The company presently has an average rating of “Hold” and an average price target of $41.31.
In other news, Director Ruth Ann Marshall sold 6,046 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total transaction of $200,848.12. Following the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at $2,965,217.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.79% of the stock is currently owned by insiders.
Conagra Brands Company Profile
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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