Conagra Brands (NYSE:CAG) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its stake in Conagra Brands (NYSE:CAG) by 3.6% during the first quarter, Holdings Channel.com reports. The fund owned 923,991 shares of the company’s stock after purchasing an additional 32,478 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Conagra Brands were worth $24,643,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Conagra Brands in the 4th quarter valued at about $168,877,000. Massachusetts Financial Services Co. MA purchased a new stake in Conagra Brands in the 4th quarter valued at about $110,704,000. Two Sigma Advisers LP grew its position in Conagra Brands by 33.9% in the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company’s stock valued at $225,746,000 after acquiring an additional 2,058,000 shares in the last quarter. Deutsche Bank AG grew its position in Conagra Brands by 51.6% in the 4th quarter. Deutsche Bank AG now owns 5,664,293 shares of the company’s stock valued at $157,184,000 after acquiring an additional 1,928,883 shares in the last quarter. Finally, Invesco Ltd. grew its position in Conagra Brands by 18.5% in the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock valued at $309,728,000 after acquiring an additional 1,745,319 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CAG shares. Royal Bank Of Canada dropped their target price on Conagra Brands from $25.00 to $22.00 and set a “sector perform” rating for the company in a research report on Friday, July 11th. Bank of America downgraded Conagra Brands from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $27.00 to $20.00 in a research report on Thursday, June 12th. Sanford C. Bernstein set a $21.00 price objective on Conagra Brands and gave the stock a “market perform” rating in a research report on Friday. Wells Fargo & Company lowered their price objective on Conagra Brands from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 9th. Finally, Evercore ISI lowered their price objective on Conagra Brands from $26.00 to $24.00 and set an “in-line” rating for the company in a research report on Friday, July 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $22.58.

Conagra Brands Stock Down 1.9%

Conagra Brands stock opened at $19.01 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 7.95, a price-to-earnings-growth ratio of 1.85 and a beta of 0.11. Conagra Brands has a fifty-two week low of $18.82 and a fifty-two week high of $33.24. The stock’s fifty day moving average is $21.79 and its two-hundred day moving average is $24.33.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.05). The company had revenue of $2,781,800 billion for the quarter, compared to analyst estimates of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm’s revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.61 EPS. Analysts predict that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.37%. The ex-dividend date of this dividend is Wednesday, July 30th. Conagra Brands’s payout ratio is 58.58%.

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.