Advisors Asset Management Inc. Grows Stock Holdings in Conagra Brands $CAG

Key Points

• Advisors Asset Management Inc. increased its stake in Conagra Brands by 38.2% in the first quarter, owning approximately 292,648 shares valued at $7.8 million.
• Conagra Brands recently reported earnings per share of $0.56, missing estimates, with revenues of $2.78 billion, down 4.3% year-over-year.
• The company declared a quarterly dividend of $0.35 per share, resulting in an annualized yield of 7.3% with a payout ratio of 58.58%.

Advisors Asset Management Inc. raised its position in shares of Conagra Brands (NYSE:CAG - Free Report) by 38.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 292,648 shares of the company's stock after buying an additional 80,912 shares during the quarter. Advisors Asset Management Inc. owned about 0.06% of Conagra Brands worth $7,805,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. American Trust Investment Advisors LLC lifted its position in shares of Conagra Brands by 1.1% during the first quarter. American Trust Investment Advisors LLC now owns 196,180 shares of the company's stock valued at $5,232,000 after buying an additional 2,190 shares during the last quarter. Amundi lifted its position in shares of Conagra Brands by 6.8% during the first quarter. Amundi now owns 3,901,597 shares of the company's stock valued at $104,392,000 after buying an additional 248,081 shares during the last quarter. Chiron Capital Management LLC lifted its position in shares of Conagra Brands by 66.0% during the first quarter. Chiron Capital Management LLC now owns 25,900 shares of the company's stock valued at $691,000 after buying an additional 10,300 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Conagra Brands during the first quarter valued at about $213,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Conagra Brands by 2.5% during the first quarter. Panagora Asset Management Inc. now owns 106,082 shares of the company's stock valued at $2,829,000 after buying an additional 2,616 shares during the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Trading Up 2.3%

Shares of CAG stock opened at $19.20 on Thursday. The stock's fifty day moving average is $19.44 and its two-hundred day moving average is $22.65. 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 $9.19 billion, a P/E ratio of 8.03, a PEG ratio of 1.83 and a beta of 0.07. Conagra Brands has a fifty-two week low of $18.18 and a fifty-two week high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $2.78 billion during the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The company's revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.61 EPS. Research analysts expect that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were issued a $0.35 dividend. The ex-dividend date was Wednesday, July 30th. This represents a $1.40 dividend on an annualized basis and a yield of 7.3%. Conagra Brands's dividend payout ratio (DPR) is presently 58.58%.

Analyst Ratings Changes

Several analysts have commented on CAG shares. The Goldman Sachs Group lowered shares of Conagra Brands from a "neutral" rating to a "sell" rating and decreased their price target for the company from $26.00 to $21.00 in a research report on Monday, June 9th. Barclays decreased their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. UBS Group decreased their price objective on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Royal Bank Of Canada decreased their price objective on shares of 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. Finally, Stifel Nicolaus decreased their price objective on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $22.17.

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.

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