Kentucky Retirement Systems Lowers Position in Conagra Brands, Inc. (NYSE:CAG)

Kentucky Retirement Systems cut its holdings in Conagra Brands, Inc. (NYSE:CAG) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,920 shares of the company’s stock after selling 453 shares during the quarter. Kentucky Retirement Systems’ holdings in Conagra Brands were worth $914,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Hardy Reed LLC purchased a new stake in Conagra Brands in the fourth quarter worth about $328,000. Handelsbanken Fonder AB lifted its stake in Conagra Brands by 36.8% in the fourth quarter. Handelsbanken Fonder AB now owns 208,287 shares of the company’s stock worth $5,780,000 after acquiring an additional 56,012 shares during the period. Keene & Associates Inc. purchased a new stake in Conagra Brands in the fourth quarter worth about $2,402,000. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in Conagra Brands by 5.3% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 14,940 shares of the company’s stock worth $415,000 after acquiring an additional 757 shares during the period. Finally, Valley Wealth Managers Inc. lifted its stake in Conagra Brands by 6.9% in the fourth quarter. Valley Wealth Managers Inc. now owns 564,586 shares of the company’s stock worth $15,667,000 after acquiring an additional 36,551 shares during the period. 83.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group lowered shares of Conagra Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $33.00 to $26.00 in a research note on Monday. Wells Fargo & Company decreased their price target on shares of Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Barclays decreased their price target on shares of Conagra Brands from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, December 23rd. Bank of America decreased their price target on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Conagra Brands from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Eight research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.67.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $25.83 on Tuesday. The company has a market cap of $12.33 billion, a PE ratio of 25.32, a price-to-earnings-growth ratio of 1.76 and a beta of 0.28. Conagra Brands, Inc. has a twelve month low of $23.06 and a twelve month high of $33.24. The company’s 50 day moving average is $26.11 and its 200 day moving average is $28.49. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.71 EPS. On average, sell-side analysts forecast that Conagra Brands, Inc. will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Monday, January 27th will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, January 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.42%. Conagra Brands’s payout ratio is 137.25%.

Conagra Brands Company Profile

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.