Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Conagra Brands Inc (NYSE:CAG) by 44.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 603,602 shares of the company’s stock after buying an additional 185,908 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.15% of Conagra Brands worth $22,739,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of CAG. Brown Advisory Inc. purchased a new position in shares of Conagra Brands during the 4th quarter worth approximately $63,808,000. Bank of New York Mellon Corp raised its stake in shares of Conagra Brands by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,376,444 shares of the company’s stock worth $353,210,000 after buying an additional 1,528,107 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in shares of Conagra Brands during the 4th quarter worth approximately $35,796,000. State of Tennessee Treasury Department raised its stake in shares of Conagra Brands by 766.7% during the 4th quarter. State of Tennessee Treasury Department now owns 980,151 shares of the company’s stock worth $36,922,000 after buying an additional 867,057 shares in the last quarter. Finally, AXA raised its stake in shares of Conagra Brands by 324.3% during the 3rd quarter. AXA now owns 977,611 shares of the company’s stock worth $32,985,000 after buying an additional 747,211 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on CAG. Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Thursday, February 22nd. Stifel Nicolaus upped their price target on Conagra Brands from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, December 22nd. Sanford C. Bernstein upgraded Conagra Brands from an “underperform” rating to a “market perform” rating in a report on Thursday, December 14th. UBS Group upgraded Conagra Brands from a “sell” rating to a “neutral” rating and upped their price target for the stock from $33.00 to $37.00 in a report on Tuesday, December 12th. Finally, Credit Suisse Group set a $40.00 price target on Conagra Brands and gave the stock a “hold” rating in a report on Monday, December 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $40.50.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, December 21st. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Conagra Brands had a return on equity of 19.58% and a net margin of 9.04%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.49 EPS. analysts expect that Conagra Brands Inc will post 1.96 earnings per share for the current year.
In other Conagra Brands news, Director Joie A. Gregor sold 5,250 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $38.04, for a total transaction of $199,710.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Robert G. Wise sold 23,170 shares of the stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $37.87, for a total value of $877,447.90. Following the sale, the senior vice president now owns 51,859 shares in the company, valued at approximately $1,963,900.33. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,670 shares of company stock worth $1,276,868. 0.79% of the stock is owned by insiders.
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Conagra Brands Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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