Conagra Brands (NYSE:CAG) Stock Position Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in Conagra Brands (NYSE:CAG) by 28.2% during the first quarter, Holdings Channel reports. The institutional investor owned 327,775 shares of the company’s stock after selling 128,490 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Conagra Brands were worth $8,719,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Conagra Brands by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company’s stock worth $1,631,671,000 after buying an additional 1,132,839 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Conagra Brands by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 11,745,629 shares of the company’s stock worth $325,096,000 after buying an additional 231,477 shares in the last quarter. Invesco Ltd. raised its stake in shares of Conagra Brands by 18.5% in the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock worth $309,728,000 after buying an additional 1,745,319 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Conagra Brands by 33.9% in the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company’s stock worth $225,746,000 after buying an additional 2,058,000 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Conagra Brands in the 4th quarter worth $168,877,000. Institutional investors own 83.75% of the company’s stock.

Conagra Brands Stock Performance

Shares of CAG stock opened at $21.00 on Friday. Conagra Brands has a 1-year low of $20.26 and a 1-year high of $33.24. The company has a current ratio of 0.69, a quick ratio of 0.23 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $10.02 billion, a price-to-earnings ratio of 30.88, a P/E/G ratio of 1.59 and a beta of 0.11. The stock’s fifty day simple moving average is $22.37 and its 200-day simple moving average is $24.72.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). Conagra Brands had a net margin of 2.80% and a return on equity of 12.94%. The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the prior year, the firm posted $0.69 EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts predict that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CAG. Wells Fargo & Company dropped their price objective on Conagra Brands from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Monday, June 2nd. JPMorgan Chase & Co. decreased their target price on Conagra Brands from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. Bank of America cut Conagra Brands from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $27.00 to $20.00 in a report on Thursday, June 12th. Barclays decreased their target price on Conagra Brands from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 12th. Finally, UBS Group decreased their target price on Conagra Brands from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Conagra Brands has a consensus rating of “Hold” and a consensus price target of $24.82.

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.