Citigroup Inc. Increases Position in Conagra Brands (NYSE:CAG)

Citigroup Inc. boosted its position in Conagra Brands (NYSE:CAG) by 41.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 529,404 shares of the company’s stock after buying an additional 154,585 shares during the period. Citigroup Inc.’s holdings in Conagra Brands were worth $14,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in Conagra Brands during the first quarter worth about $26,000. Capital Advisors Ltd. LLC lifted its stake in Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company’s stock valued at $27,000 after buying an additional 452 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Conagra Brands during the 1st quarter valued at $27,000. Golden State Wealth Management LLC grew its holdings in Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company’s stock valued at $28,000 after buying an additional 741 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in Conagra Brands during the first quarter worth $34,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CAG. Royal Bank Of Canada reduced their price objective on Conagra Brands from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Friday, July 11th. Barclays lowered their price objective on Conagra Brands from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. Evercore ISI dropped their target price on Conagra Brands from $26.00 to $24.00 and set an “in-line” rating for the company in a research note on Friday, July 11th. Stifel Nicolaus decreased their price target on Conagra Brands from $26.00 to $21.00 and set a “hold” rating on the stock in a research note on Friday, July 11th. Finally, The Goldman Sachs Group cut Conagra Brands from a “neutral” rating to a “sell” rating and lowered their price target for the company from $26.00 to $21.00 in a report on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Conagra Brands presently has an average rating of “Hold” and a consensus target price of $22.58.

Conagra Brands Stock Performance

NYSE CAG opened at $19.46 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.71 and a quick ratio of 0.24. Conagra Brands has a 1-year low of $18.18 and a 1-year high of $33.24. The firm has a market capitalization of $9.32 billion, a P/E ratio of 8.14, a P/E/G ratio of 1.87 and a beta of 0.08. The business’s 50-day simple moving average is $20.17 and its 200-day simple moving average is $23.24.

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

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a $1.40 annualized dividend and a yield of 7.2%. Conagra Brands’s dividend payout ratio (DPR) is 58.58%.

Conagra Brands Profile

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.