First Trust Advisors LP Sells 508,412 Shares of Conagra Brands $CAG

First Trust Advisors LP lessened its position in Conagra Brands (NYSE:CAG) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,516,430 shares of the company’s stock after selling 508,412 shares during the quarter. First Trust Advisors LP’s holdings in Conagra Brands were worth $70,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. CYBER HORNET ETFs LLC purchased a new stake in shares of Conagra Brands in the 2nd quarter worth about $26,000. MUFG Securities EMEA plc bought a new position in shares of Conagra Brands in the 2nd quarter worth about $29,000. Harbour Investments Inc. lifted its position in Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock valued at $27,000 after acquiring an additional 701 shares during the period. Bell Investment Advisors Inc lifted its position in Conagra Brands by 156.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock valued at $26,000 after acquiring an additional 1,029 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Conagra Brands during the third quarter worth about $33,000. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Stock Performance

CAG stock opened at $14.76 on Friday. The stock’s 50 day simple moving average is $13.69 and its 200 day simple moving average is $15.61. 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 stock has a market capitalization of $7.07 billion, a PE ratio of -3.69 and a beta of -0.02.

Conagra Brands (NYSE:CAG) last posted its 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. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The business had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter last year, the company earned $0.56 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. As a group, research analysts forecast that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 4.7%. The ex-dividend date is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -35.00%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CAG shares. Morgan Stanley cut their price objective on shares of Conagra Brands from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, June 5th. JPMorgan Chase & Co. lifted their target price on shares of Conagra Brands from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Sanford C. Bernstein reissued an “underperform” rating and issued a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Wells Fargo & Company dropped their price target on Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Monday, May 18th. Finally, Jefferies Financial Group cut their price target on Conagra Brands from $15.00 to $13.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Conagra Brands has an average rating of “Reduce” and an average target price of $14.07.

Conagra Brands Profile

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.