Symons Capital Management Inc. reduced its stake in shares of Conagra Brands Inc (NYSE:CAG) by 10.3% in the third quarter, HoldingsChannel.com reports. The firm owned 186,464 shares of the company’s stock after selling 21,372 shares during the period. Conagra Brands comprises about 2.6% of Symons Capital Management Inc.’s investment portfolio, making the stock its 17th largest holding. Symons Capital Management Inc.’s holdings in Conagra Brands were worth $5,721,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of CAG. Berman Capital Advisors LLC lifted its stake in Conagra Brands by 86.2% in the second quarter. Berman Capital Advisors LLC now owns 959 shares of the company’s stock valued at $25,000 after buying an additional 444 shares during the last quarter. Doyle Wealth Management purchased a new position in Conagra Brands during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC purchased a new position in Conagra Brands during the 3rd quarter valued at about $31,000. Kavar Capital Partners LLC purchased a new position in Conagra Brands during the 2nd quarter valued at about $34,000. Finally, Quest Capital Management Inc. ADV purchased a new position in Conagra Brands during the 3rd quarter valued at about $43,000. 86.26% of the stock is owned by hedge funds and other institutional investors.
In related news, COO Thomas M. Mcgough sold 26,099 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $31.00, for a total value of $809,069.00. Following the completion of the sale, the chief operating officer now directly owns 145,869 shares in the company, valued at approximately $4,521,939. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Colleen Batcheler sold 25,458 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $30.00, for a total value of $763,740.00. Following the completion of the sale, the executive vice president now owns 169,873 shares of the company’s stock, valued at $5,096,190. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by insiders.
Shares of Conagra Brands stock traded down $0.36 during trading on Friday, hitting $27.44. 2,586,227 shares of the stock traded hands, compared to its average volume of 5,833,551. The stock has a market cap of $13.44 billion, a P/E ratio of 13.65, a PEG ratio of 1.86 and a beta of 0.84. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.40 and a current ratio of 1.11. Conagra Brands Inc has a twelve month low of $20.22 and a twelve month high of $35.72. The company has a fifty day moving average price of $28.29 and a two-hundred day moving average price of $28.69.
Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, September 26th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.04. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.48 billion. Conagra Brands had a return on equity of 12.34% and a net margin of 6.68%. The firm’s revenue was up 30.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. On average, equities research analysts expect that Conagra Brands Inc will post 2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 1st will be issued a dividend of $0.2125 per share. The ex-dividend date is Thursday, October 31st. This represents a $0.85 annualized dividend and a dividend yield of 3.10%. Conagra Brands’s dividend payout ratio is 42.29%.
Several research firms have weighed in on CAG. Citigroup lifted their target price on Conagra Brands from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and lowered their target price for the company from $33.00 to $31.00 in a research note on Friday, September 6th. Barclays set a $33.00 target price on Conagra Brands and gave the company a “buy” rating in a research note on Friday, September 27th. Royal Bank of Canada assumed coverage on Conagra Brands in a report on Thursday, October 17th. They set a “sector perform” rating and a $30.00 price target for the company. Finally, Credit Suisse Group reiterated a “hold” rating and set a $29.00 price target on shares of Conagra Brands in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $33.33.
Conagra Brands Company Profile
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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