Traders Purchase Large Volume of Put Options on Conagra Brands (NYSE:CAG)

Conagra Brands Inc (NYSE:CAG) was the recipient of some unusual options trading on Monday. Stock investors acquired 8,459 put options on the company. This represents an increase of approximately 691% compared to the average daily volume of 1,070 put options.

In other news, insider Thomas M. Mcgough sold 80,615 shares of Conagra Brands stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $35.00, for a total value of $2,821,525.00. Following the completion of the transaction, the insider now owns 226,484 shares in the company, valued at approximately $7,926,940. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jana Partners Llc sold 5,619 shares of Conagra Brands stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $34.48, for a total value of $193,743.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,911 shares of company stock valued at $12,745,447. 0.84% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pennsylvania Trust Co grew its stake in Conagra Brands by 1.1% in the first quarter. Pennsylvania Trust Co now owns 27,150 shares of the company’s stock valued at $797,000 after purchasing an additional 300 shares in the last quarter. North Star Investment Management Corp. boosted its stake in shares of Conagra Brands by 7.4% during the 1st quarter. North Star Investment Management Corp. now owns 4,475 shares of the company’s stock worth $131,000 after acquiring an additional 307 shares in the last quarter. Synovus Financial Corp boosted its stake in shares of Conagra Brands by 2.0% during the 1st quarter. Synovus Financial Corp now owns 16,717 shares of the company’s stock worth $492,000 after acquiring an additional 327 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Conagra Brands by 3.1% during the 1st quarter. Fifth Third Bancorp now owns 12,182 shares of the company’s stock worth $357,000 after acquiring an additional 363 shares in the last quarter. Finally, NEXT Financial Group Inc boosted its stake in shares of Conagra Brands by 4.2% during the 1st quarter. NEXT Financial Group Inc now owns 9,802 shares of the company’s stock worth $288,000 after acquiring an additional 396 shares in the last quarter. Hedge funds and other institutional investors own 82.69% of the company’s stock.

CAG has been the subject of a number of analyst reports. Sanford C. Bernstein upgraded Conagra Brands from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $26.00 to $30.00 in a research report on Wednesday, March 18th. Morgan Stanley boosted their price objective on Conagra Brands from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. Zacks Investment Research upgraded Conagra Brands from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Wednesday, April 15th. Cfra restated a “strong-buy” rating and set a $35.00 price objective (up previously from $33.00) on shares of Conagra Brands in a research report on Tuesday, March 31st. Finally, SunTrust Banks downgraded Conagra Brands from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a research note on Monday, May 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $34.38.

Shares of Conagra Brands stock opened at $33.70 on Tuesday. The stock’s fifty day moving average is $33.56 and its 200-day moving average is $31.78. The firm has a market capitalization of $15.90 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 2.02 and a beta of 0.82. The company has a quick ratio of 0.34, a current ratio of 0.87 and a debt-to-equity ratio of 1.16. Conagra Brands has a 12-month low of $22.83 and a 12-month high of $35.59.

Conagra Brands (NYSE:CAG) last announced its earnings results on Tuesday, March 31st. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). Conagra Brands had a return on equity of 12.08% and a net margin of 7.37%. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Analysts expect that Conagra Brands will post 2.19 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th were paid a $0.2125 dividend. The ex-dividend date was Wednesday, April 29th. This represents a $0.85 dividend on an annualized basis and a yield of 2.52%. Conagra Brands’s dividend payout ratio (DPR) is currently 42.29%.

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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