Miller Financial Services LLC Makes New $681,000 Investment in Conagra Brands, Inc. (NYSE:CAG)

Miller Financial Services LLC purchased a new position in Conagra Brands, Inc. (NYSE:CAG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 24,532 shares of the company’s stock, valued at approximately $681,000.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Conagra Brands by 21,015.0% during the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after acquiring an additional 10,604,367 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Conagra Brands by 106.4% during the third quarter. Two Sigma Advisers LP now owns 6,077,000 shares of the company’s stock valued at $197,624,000 after acquiring an additional 3,133,200 shares during the last quarter. Holocene Advisors LP bought a new position in shares of Conagra Brands during the third quarter valued at about $65,932,000. State Street Corp raised its stake in shares of Conagra Brands by 7.4% during the third quarter. State Street Corp now owns 24,484,277 shares of the company’s stock valued at $796,229,000 after acquiring an additional 1,691,945 shares during the last quarter. Finally, Ilex Capital Partners UK LLP bought a new position in shares of Conagra Brands during the third quarter valued at about $46,990,000. 83.75% of the stock is owned by institutional investors.

Conagra Brands Price Performance

Shares of CAG opened at $27.63 on Tuesday. The stock has a market cap of $13.19 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 1.76 and a beta of 0.18. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.22 and a current ratio of 0.70. Conagra Brands, Inc. has a fifty-two week low of $23.06 and a fifty-two week high of $33.24. The firm’s 50-day simple moving average is $25.82 and its two-hundred day simple moving average is $28.17.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. Analysts anticipate that Conagra Brands, Inc. will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Monday, January 27th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.07%. The ex-dividend date was Monday, January 27th. Conagra Brands’s payout ratio is 137.25%.

Analysts Set New Price Targets

CAG has been the subject of several recent analyst reports. Bank of America lowered their price objective on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Friday, December 20th. The Goldman Sachs Group cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $33.00 to $26.00 in a research report on Monday, February 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Friday, December 20th. Barclays reduced their price target on shares of Conagra Brands from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Conagra Brands from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Eight analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.33.

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.