Conagra Brands $CAG Shares Bought by Legal & General Group Plc

Legal & General Group Plc grew its stake in shares of Conagra Brands (NYSE:CAG) by 21.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,225,900 shares of the company’s stock after purchasing an additional 214,180 shares during the quarter. Legal & General Group Plc’s holdings in Conagra Brands were worth $16,501,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CAG. BlackRock Inc. bought a new position in shares of Conagra Brands during the second quarter worth about $1,071,275,000. Norges Bank bought a new stake in Conagra Brands in the fourth quarter valued at about $145,656,000. Two Sigma Investments LP increased its holdings in Conagra Brands by 239.6% in the third quarter. Two Sigma Investments LP now owns 8,347,163 shares of the company’s stock valued at $152,837,000 after buying an additional 5,889,542 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Conagra Brands by 245.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,734,061 shares of the company’s stock valued at $141,611,000 after buying an additional 5,495,503 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Conagra Brands by 216.2% during the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company’s stock worth $135,318,000 after buying an additional 5,100,424 shares during the last quarter. Institutional investors own 83.75% of the company’s stock.

Wall Street Analysts Forecast Growth

CAG has been the subject of several research reports. JPMorgan Chase & Co. lifted their target price on Conagra Brands from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Evercore reduced their price objective on Conagra Brands from $18.00 to $13.00 in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Conagra Brands from $14.00 to $12.00 and set a “hold” rating for the company in a report on Thursday, June 18th. UBS Group boosted their target price on shares of Conagra Brands from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Wells Fargo & Company dropped their target price on shares of Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Monday, May 18th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $14.07.

Conagra Brands Stock Down 0.1%

NYSE:CAG opened at $16.08 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02. The stock has a 50 day moving average of $14.79 and a 200-day moving average of $15.22. The firm has a market capitalization of $7.70 billion, a PE ratio of -4.02 and a beta of -0.03. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $20.32.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter last year, the business posted $0.56 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Analysts predict that Conagra Brands will post 1.45 EPS for the current year.

Conagra Brands Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -17.50%.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.