Bank of America Corp DE Lowers Position in Conagra Brands, Inc. (NYSE:CAG)

Bank of America Corp DE lowered its stake in shares of Conagra Brands, Inc. (NYSE:CAG - Free Report) by 33.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,148,334 shares of the company's stock after selling 1,598,735 shares during the quarter. Bank of America Corp DE owned 0.66% of Conagra Brands worth $87,366,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Conagra Brands in the fourth quarter worth $28,000. Riverview Trust Co purchased a new position in Conagra Brands in the fourth quarter worth $29,000. Grove Bank & Trust boosted its position in Conagra Brands by 65.4% in the fourth quarter. Grove Bank & Trust now owns 1,131 shares of the company's stock worth $31,000 after purchasing an additional 447 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Conagra Brands in the fourth quarter worth $41,000. Finally, Stonebridge Financial Group LLC purchased a new position in Conagra Brands in the fourth quarter worth $44,000. Institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CAG. JPMorgan Chase & Co. cut their price objective on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. The Goldman Sachs Group cut Conagra Brands from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $33.00 to $26.00 in a research report on Monday, February 24th. Barclays cut their price target on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday. Morgan Stanley initiated coverage on Conagra Brands in a research note on Monday, March 24th. They set an "equal weight" rating and a $27.00 price target for the company. Finally, Wells Fargo & Company cut their price target on Conagra Brands from $28.00 to $27.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 18th. Nine investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Conagra Brands currently has a consensus rating of "Hold" and a consensus price target of $27.50.

Conagra Brands Price Performance

CAG traded up $0.29 during trading on Thursday, reaching $22.74. 5,095,367 shares of the company were exchanged, compared to its average volume of 5,277,692. The company's 50-day moving average is $25.24 and its two-hundred day moving average is $26.24. The company has a market cap of $10.86 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 1.76 and a beta of 0.18. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. Conagra Brands, Inc. has a 12-month low of $22.38 and a 12-month high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The company had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $2.92 billion. During the same period last year, the company posted $0.69 EPS. The business's revenue for the quarter was down 6.3% on a year-over-year basis. Research analysts forecast that Conagra Brands, Inc. will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, April 28th will be issued a $0.35 dividend. The ex-dividend date is Monday, April 28th. This represents a $1.40 annualized dividend and a dividend yield of 6.16%. Conagra Brands's payout ratio is currently 205.88%.

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.