Bank of New York Mellon Corp Sells 71,093 Shares of Conagra Brands $CAG

Bank of New York Mellon Corp lessened its position in Conagra Brands (NYSE:CAG) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,804,529 shares of the company’s stock after selling 71,093 shares during the quarter. Bank of New York Mellon Corp’s holdings in Conagra Brands were worth $44,087,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in Conagra Brands in the fourth quarter worth $145,656,000. Two Sigma Investments LP grew its holdings 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 purchasing an additional 5,889,542 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Conagra Brands by 245.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,734,061 shares of the company’s stock worth $141,611,000 after purchasing an additional 5,495,503 shares during the last quarter. AQR Capital Management LLC increased its stake in Conagra Brands by 216.2% in the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company’s stock worth $135,318,000 after buying an additional 5,100,424 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in Conagra Brands by 241.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 5,915,490 shares of the company’s stock worth $108,313,000 after buying an additional 4,185,486 shares during the period. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Trading Up 2.7%

NYSE:CAG opened at $14.76 on Friday. The company has a market capitalization of $7.07 billion, a P/E ratio of -3.69 and a beta of -0.02. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02. Conagra Brands has a 12 month low of $12.53 and a 12 month high of $20.32. The firm has a fifty day simple moving average of $13.69 and a 200-day simple moving average of $15.61.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, equities research analysts anticipate that Conagra Brands will post 1.45 earnings per share for the current year.

Conagra Brands Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be given a $0.175 dividend. The ex-dividend date is Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a yield of 4.7%. Conagra Brands’s dividend payout ratio is currently -35.00%.

Analysts Set New Price Targets

Several research firms have issued reports on CAG. Zacks Research cut shares of Conagra Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Morgan Stanley decreased their price target on shares of Conagra Brands from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, June 5th. BTIG Research started coverage on Conagra Brands in a report on Monday, April 13th. They issued a “neutral” rating for the company. Evercore dropped their price objective on Conagra Brands from $18.00 to $13.00 in a research note on Wednesday, June 10th. Finally, Barclays raised their price objective on Conagra Brands from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, Conagra Brands currently has an average rating of “Reduce” and an average target price of $14.07.

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.