Sen. Gary C. Peters Purchases Shares of Conagra Brands (NYSE:CAG)

Senator Gary C. Peters (D-Michigan) recently bought shares of Conagra Brands (NYSE:CAG). In a filing disclosed on December 04th, the Senator disclosed that they had bought between $1,001 and $15,000 in Conagra Brands stock on November 14th.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $16.96 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.44 and a debt-to-equity ratio of 0.81. The company has a market cap of $8.11 billion, a PE ratio of 9.63 and a beta of -0.01. The company has a 50 day moving average of $17.91 and a 200-day moving average of $19.38. Conagra Brands has a 1-year low of $16.60 and a 1-year high of $28.69.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, October 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.06. Conagra Brands had a net margin of 7.42% and a return on equity of 11.72%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the firm posted $0.53 EPS. The firm’s revenue was down 5.8% on a year-over-year basis. Conagra Brands has set its FY 2026 guidance at 1.700-1.85 EPS. As a group, equities research analysts forecast that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Thursday, October 30th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, October 30th. This represents a $1.40 annualized dividend and a yield of 8.3%. Conagra Brands’s dividend payout ratio is currently 79.55%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Conagra Brands in the 2nd quarter worth $172,475,000. Two Sigma Investments LP raised its stake in shares of Conagra Brands by 239.6% in the third quarter. Two Sigma Investments LP now owns 8,347,163 shares of the company’s stock worth $152,837,000 after buying an additional 5,889,542 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Conagra Brands by 245.5% during the 3rd 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. AQR Capital Management LLC lifted its position in shares of Conagra Brands by 216.2% during the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company’s stock valued at $135,318,000 after buying an additional 5,100,424 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Conagra Brands by 233.7% during the 1st quarter. Ameriprise Financial Inc. now owns 5,985,256 shares of the company’s stock valued at $159,625,000 after acquiring an additional 4,191,555 shares during the period. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CAG shares. The Goldman Sachs Group lowered their target price on Conagra Brands from $18.00 to $16.00 and set a “sell” rating for the company in a report on Monday, November 24th. Wells Fargo & Company lifted their price objective on shares of Conagra Brands from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Thursday, October 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Conagra Brands in a research report on Wednesday, October 8th. UBS Group reduced their price target on shares of Conagra Brands from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. started coverage on shares of Conagra Brands in a research note on Wednesday, August 20th. They issued a “neutral” rating and a $20.00 price target for the company. One investment analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $21.50.

Insider Buying and Selling

In related news, SVP Melissa C. Napier sold 13,011 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $17.19, for a total transaction of $223,659.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.57% of the company’s stock.

About Senator Peters

Gary Peters (Democratic Party) is a member of the U.S. Senate from Michigan. He assumed office on January 3, 2015. His current term ends on January 3, 2027. Peters (Democratic Party) ran for re-election to the U.S. Senate to represent Michigan. He won in the general election on November 3, 2020. Peters completed Ballotpedia’s Candidate Connection survey in 2020. Click here to read the survey answers. Peters was elected to the Senate in 2014. On May 1, 2013, Peters announced he would seek election to the United States Senate seat that was being vacated in 2014 by retiring Michigan Sen. Carl Levin. Peters ran unopposed in the Democratic primary on August 5, 2014, before he defeated Terri Lynn Land (R), Jim Fulner (Libertarian), Richard Matkin (U.S. Taxpayers), and Chris Wahmhoff (Green) in the general election on November 4, 2014. Peters was previously a member of the U.S. House of Representatives representing Michigan’s 9th Congressional District from 2009 to 2013 and Michigan’s 14th Congressional District from 2013 to 2015. He also served as Commissioner of the Michigan Lottery from 2003 to 2007. As of a 2014 analysis of multiple outside rankings, Peters is an average Democratic member of Congress, meaning he will vote with the Democratic Party on the majority of bills. On January 28, 2021, Senate Majority Leader Chuck Schumer (D-N.Y.) appointed Peters to head the Democratic Senatorial Campaign Committee for the 2022 campaign cycle. Peters was born in 1958 in Pontiac, Michigan. After graduating from Alma College in 1980, Peters went on to receive his M.B.A. from the University of Detroit and his J.D. from Wayne State University in 1985 and 1989, respectively. Prior to his political career, Peters worked as a professor and investment banker. He also served in the United States Naval Reserve from 1993 to 2000 and from 2001 to 2005.

About Conagra Brands

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.