Fifth Third Bancorp Buys 130,602 Shares of Conagra Brands $CAG

Fifth Third Bancorp grew its stake in shares of Conagra Brands (NYSE:CAG) by 315.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 172,005 shares of the company’s stock after acquiring an additional 130,602 shares during the period. Fifth Third Bancorp’s holdings in Conagra Brands were worth $2,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CAG. CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands during the 2nd quarter worth approximately $26,000. MUFG Securities EMEA plc bought a new position in Conagra Brands during the 2nd quarter worth $29,000. Harbour Investments Inc. increased 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 worth $27,000 after buying an additional 701 shares during the period. Bell Investment Advisors Inc lifted its holdings in shares of Conagra Brands by 156.9% during the first quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock worth $26,000 after buying an additional 1,029 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Conagra Brands in the third quarter valued at about $33,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $14.66 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02. The company has a market cap of $7.02 billion, a PE ratio of -3.67 and a beta of -0.02. The company has a 50 day moving average of $13.62 and a 200-day moving average of $15.68. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $20.32.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the previous year, the business earned $0.56 earnings per share. The company’s revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. As a group, equities 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 given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Thursday, July 30th. Conagra Brands’s dividend payout ratio is currently -35.00%.

Wall Street Analyst Weigh In

CAG has been the topic of a number of recent research reports. Stifel Nicolaus lowered their price target on shares of Conagra Brands from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group decreased their target price on shares of Conagra Brands from $17.00 to $15.00 and set a “sell” rating on the stock in a research report on Thursday, April 2nd. Evercore dropped their price target on shares of Conagra Brands from $18.00 to $13.00 in a research report on Wednesday, June 10th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research note on Wednesday, June 3rd. Finally, BTIG Research assumed coverage on Conagra Brands in a research note on Monday, April 13th. They set a “neutral” rating on the stock. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Conagra Brands currently has a consensus 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.