CIBC Asset Management Inc Boosts Stock Holdings in Conagra Brands $CAG

CIBC Asset Management Inc increased its stake in Conagra Brands (NYSE:CAG) by 59.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,955 shares of the company’s stock after acquiring an additional 39,658 shares during the period. CIBC Asset Management Inc’s holdings in Conagra Brands were worth $1,834,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CAG. NewEdge Advisors LLC boosted its stake in shares of Conagra Brands by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company’s stock valued at $628,000 after buying an additional 954 shares during the period. United Services Automobile Association acquired a new position in shares of Conagra Brands during the first quarter worth about $225,000. Empowered Funds LLC increased its stake in shares of Conagra Brands by 5.9% during the first quarter. Empowered Funds LLC now owns 36,356 shares of the company’s stock worth $970,000 after buying an additional 2,038 shares during the period. Woodline Partners LP raised its holdings in Conagra Brands by 40.7% in the first quarter. Woodline Partners LP now owns 40,326 shares of the company’s stock valued at $1,075,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in Conagra Brands by 3.9% in the second quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company’s stock valued at $1,033,000 after acquiring an additional 1,900 shares in the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $13.15 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $22.58. The firm’s 50 day moving average is $14.23 and its two-hundred day moving average is $16.45. The firm has a market capitalization of $6.29 billion, a P/E ratio of -131.44 and a beta of -0.02.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. Research analysts forecast that Conagra Brands will post 1.7 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 10.7%. The ex-dividend date was Thursday, April 30th. Conagra Brands’s dividend payout ratio is currently -1,400.00%.

Insider Activity

In other news, Director Richard H. Lenny acquired 25,000 shares of the company’s stock in a transaction on Tuesday, April 14th. The shares were bought at an average price of $14.34 per share, with a total value of $358,500.00. Following the completion of the acquisition, the director owned 229,340 shares in the company, valued at $3,288,735.60. This trade represents a 12.23% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Mulligan bought 17,500 shares of the business’s stock in a transaction dated Tuesday, April 14th. The shares were purchased at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the transaction, the director directly owned 20,728 shares of the company’s stock, valued at approximately $296,617.68. This represents a 542.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. BNP Paribas Exane lowered their price target on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 21st. UBS Group reduced their price objective on shares of Conagra Brands from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Weiss Ratings cut shares of Conagra Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Sanford C. Bernstein reiterated an “underperform” rating and set a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research note on Wednesday, June 3rd. Finally, TD Cowen dropped their target price on Conagra Brands from $18.00 to $14.00 and set a “hold” rating on the stock in a report on Wednesday, March 25th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $14.67.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.