Wedge Capital Management L L P NC Invests $3.83 Million in Conagra Brands, Inc. (NYSE:CAG)

by · The Cerbat Gem

Wedge Capital Management L L P NC acquired a new stake in Conagra Brands, Inc. (NYSE:CAG – Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 117,735 shares of the company’s stock, valued at approximately $3,829,000.

Other institutional investors also recently modified their holdings of the company. Marshall Wace LLP increased its stake in Conagra Brands by 1,362.6% in the second quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock valued at $68,400,000 after purchasing an additional 2,242,186 shares in the last quarter. Federated Hermes Inc. increased its position in Conagra Brands by 20.5% in the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock valued at $313,004,000 after buying an additional 1,871,238 shares in the last quarter. AMF Tjanstepension AB bought a new stake in Conagra Brands in the 1st quarter valued at about $47,980,000. Squarepoint Ops LLC raised its stake in Conagra Brands by 148.2% during the 2nd quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock worth $72,048,000 after buying an additional 1,513,726 shares during the period. Finally, Miller Howard Investments Inc. NY boosted its holdings in Conagra Brands by 523.8% in the second quarter. Miller Howard Investments Inc. NY now owns 1,446,775 shares of the company’s stock worth $41,117,000 after acquiring an additional 1,214,859 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Up 0.4 %

CAG opened at $29.58 on Wednesday. Conagra Brands, Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $33.24. The firm has a market capitalization of $14.14 billion, a P/E ratio of 40.52, a PEG ratio of 3.01 and a beta of 0.32. The company’s 50-day moving average is $31.15 and its 200 day moving average is $30.29. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33.

Conagra Brands (NYSE:CAG – Get Free Report) last posted its earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. Conagra Brands’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.66 EPS. Research analysts expect that Conagra Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be paid a $0.35 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.40 dividend on an annualized basis and a yield of 4.73%. Conagra Brands’s dividend payout ratio (DPR) is presently 191.78%.

Analysts Set New Price Targets

CAG has been the subject of several recent research reports. Barclays decreased their price objective on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 12th. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America dropped their price objective on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $29.00 target price on shares of Conagra Brands in a research report on Thursday, October 3rd. Finally, Citigroup dropped their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Conagra Brands has a consensus rating of “Hold” and a consensus target price of $31.63.

Get Our Latest Analysis on CAG

Insider Activity

In related news, COO Thomas M. Mcgough sold 40,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $30.29, for a total value of $1,211,600.00. Following the transaction, the chief operating officer now directly owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

About Conagra Brands

(Free Report)

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.

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