American International Group Inc. grew its position in Conagra Brands Inc (NYSE:CAG) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 141,559 shares of the company’s stock after acquiring an additional 8,448 shares during the quarter. American International Group Inc.’s holdings in Conagra Brands were worth $4,809,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Caption Management LLC purchased a new position in shares of Conagra Brands in the second quarter valued at approximately $357,000. Putnam Investments LLC lifted its position in shares of Conagra Brands by 4.7% in the second quarter. Putnam Investments LLC now owns 411,293 shares of the company’s stock valued at $14,695,000 after acquiring an additional 18,618 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Conagra Brands by 15.0% in the second quarter. Great West Life Assurance Co. Can now owns 455,083 shares of the company’s stock valued at $16,263,000 after acquiring an additional 59,276 shares in the last quarter. Zacks Investment Management purchased a new position in shares of Conagra Brands in the second quarter valued at approximately $203,000. Finally, Manning & Napier Group LLC lifted its position in Conagra Brands by 17.7% during the third quarter. Manning & Napier Group LLC now owns 56,559 shares of the company’s stock worth $1,920,000 after buying an additional 8,503 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.
In other Conagra Brands news, insider Sean Connolly bought 14,184 shares of Conagra Brands stock in a transaction on Friday, October 12th. The shares were bought at an average price of $35.25 per share, for a total transaction of $499,986.00. Following the completion of the transaction, the insider now directly owns 217,607 shares of the company’s stock, valued at $7,670,646.75. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David S. Marberger bought 2,836 shares of Conagra Brands stock in a transaction on Friday, October 12th. The stock was acquired at an average price of $35.25 per share, for a total transaction of $99,969.00. Following the transaction, the chief financial officer now directly owns 12,721 shares of the company’s stock, valued at $448,415.25. The disclosure for this purchase can be found here. Insiders acquired 24,112 shares of company stock worth $849,948 in the last 90 days. Company insiders own 0.92% of the company’s stock.
Shares of Conagra Brands stock opened at $30.84 on Friday. Conagra Brands Inc has a one year low of $30.55 and a one year high of $39.43. The company has a market cap of $12.57 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.87 and a beta of 0.14. The company has a current ratio of 0.84, a quick ratio of 0.39 and a debt-to-equity ratio of 0.85.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, September 27th. The company reported $0.47 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. The company had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the business posted $0.46 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, research analysts predict that Conagra Brands Inc will post 2.15 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Wednesday, January 30th will be given a $0.2125 dividend. The ex-dividend date of this dividend is Tuesday, January 29th. This represents a $0.85 dividend on an annualized basis and a yield of 2.76%. Conagra Brands’s dividend payout ratio is currently 40.28%.
CAG has been the topic of a number of analyst reports. Stephens initiated coverage on Conagra Brands in a research report on Monday, August 20th. They set an “overweight” rating and a $45.00 price objective on the stock. Zacks Investment Research upgraded Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Wednesday, August 29th. Jefferies Financial Group set a $44.00 price objective on Conagra Brands and gave the stock a “buy” rating in a research report on Thursday, September 27th. ValuEngine downgraded Conagra Brands from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, UBS Group upgraded Conagra Brands from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $38.00 to $40.00 in a research report on Monday, October 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $42.20.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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