Savoir Faire Capital Management L.P. Buys New Position in Conagra Brands, Inc. (NYSE:CAG)

Savoir Faire Capital Management L.P. purchased a new stake in Conagra Brands, Inc. (NYSE:CAG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 142,199 shares of the company’s stock, valued at approximately $3,946,000. Conagra Brands comprises about 1.9% of Savoir Faire Capital Management L.P.’s holdings, making the stock its 23rd biggest holding.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Conagra Brands by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company’s stock worth $1,631,671,000 after acquiring an additional 1,132,839 shares during the period. Nordea Investment Management AB increased its position in shares of Conagra Brands by 5.3% during the 4th quarter. Nordea Investment Management AB now owns 12,285,579 shares of the company’s stock valued at $341,048,000 after purchasing an additional 618,096 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Conagra Brands by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,745,629 shares of the company’s stock worth $325,096,000 after purchasing an additional 231,477 shares during the period. Invesco Ltd. boosted its holdings in shares of Conagra Brands by 18.5% in the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock worth $309,728,000 after buying an additional 1,745,319 shares during the last quarter. Finally, Norges Bank bought a new position in Conagra Brands during the fourth quarter valued at about $168,877,000. 83.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Morgan Stanley started coverage on shares of Conagra Brands in a research note on Monday, March 24th. They issued an “equal weight” rating and a $27.00 target price on the stock. Bank of America dropped their price objective on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Friday, December 20th. The Goldman Sachs Group downgraded Conagra Brands from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $26.00 in a research report on Monday, February 24th. JPMorgan Chase & Co. dropped their price target on Conagra Brands from $29.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Finally, Wells Fargo & Company decreased their price objective on Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. Nine research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Conagra Brands currently has a consensus rating of “Hold” and a consensus target price of $27.90.

Conagra Brands Stock Down 2.3 %

CAG stock opened at $25.59 on Wednesday. Conagra Brands, Inc. has a twelve month low of $23.06 and a twelve month high of $33.24. The firm has a market capitalization of $12.21 billion, a PE ratio of 25.08, a PEG ratio of 1.76 and a beta of 0.27. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. The stock has a 50-day simple moving average of $25.74 and a two-hundred day simple moving average of $27.05.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the prior year, the firm posted $0.69 EPS. Conagra Brands’s revenue was down 6.3% on a year-over-year basis. On average, equities analysts predict that Conagra Brands, Inc. will post 2.35 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Monday, April 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.47%. The ex-dividend date of this dividend is Monday, April 28th. Conagra Brands’s payout ratio is 205.88%.

Conagra Brands 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.