Allianz Asset Management GmbH Increases Stake in Conagra Brands $CAG

Key Points

• Allianz Asset Management significantly increased its Conagra Brands stake by 3,170.6% in the second quarter to 456,903 shares, while institutional investors collectively own 83.75% of the company.
• Analysts remain cautious, with one Buy, eleven Hold and six Sell ratings. Conagra has an average “Reduce” rating and a consensus price target of $14.07, below its reported share price of $15.28.
• Conagra narrowly beat quarterly earnings expectations with EPS of $0.47 versus $0.46 expected, while revenue reached $2.88 billion. The company pays a quarterly dividend of $0.175, or $0.70 annually, yielding about 4.6%.

Allianz Asset Management GmbH raised its position in Conagra Brands (NYSE:CAG - Free Report) by 3,170.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 456,903 shares of the company's stock after acquiring an additional 442,933 shares during the period. Allianz Asset Management GmbH owned approximately 0.10% of Conagra Brands worth $6,150,000 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. Corient Private Wealth LP increased its stake in shares of Conagra Brands by 655.5% during the second quarter. Corient Private Wealth LP now owns 1,356,285 shares of the company's stock worth $18,256,000 after acquiring an additional 1,176,752 shares during the period. HighTower Advisors LLC lifted its position in Conagra Brands by 20.3% in the second quarter. HighTower Advisors LLC now owns 134,152 shares of the company's stock valued at $1,806,000 after purchasing an additional 22,603 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Conagra Brands in the second quarter valued at about $427,000. California State Teachers Retirement System lifted its position in Conagra Brands by 1,239.1% in the second quarter. California State Teachers Retirement System now owns 7,462,426 shares of the company's stock valued at $100,444,000 after purchasing an additional 6,905,142 shares during the period. Finally, Wedmont Private Capital purchased a new stake in Conagra Brands in the 2nd quarter valued at approximately $170,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on CAG shares. JPMorgan Chase & Co. boosted their target price on Conagra Brands from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Evercore reduced their price target on Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. UBS Group lifted their price target on Conagra Brands from $13.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Jefferies Financial Group dropped their price objective on Conagra Brands from $15.00 to $13.00 and set a "hold" rating on the stock in a report on Wednesday, May 27th. Finally, Barclays increased their price objective on Conagra Brands from $16.00 to $17.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $14.07.

Conagra Brands Stock Performance

NYSE CAG opened at $15.28 on Wednesday. The business has a 50 day moving average price of $15.09 and a 200 day moving average price of $15.03. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The company has a market capitalization of $7.31 billion, a P/E ratio of -3.82 and a beta of -0.01. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $20.32.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.89 billion. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.Conagra Brands's revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 earnings per share. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Sell-side analysts expect that Conagra Brands will post 1.45 EPS for the current fiscal year.

Conagra Brands Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th were given a dividend of $0.175 per share. The ex-dividend date was Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a yield of 4.6%. Conagra Brands's payout ratio is presently -17.50%.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra's product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender's and Banquet in the frozen foods category, as well as Hunt's sauces, Orville Redenbacher's popcorn, Slim Jim meat snacks and Reddi-wip toppings.

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