Amundi Increases Holdings in Conagra Brands $CAG

Key Points

• Amundi has increased its stake in Conagra Brands by 6.8%, now owning approximately 3.9 million shares valued at $104.4 million.
• Conagra Brands announced a $0.35 quarterly dividend with a yield of 7.2%, reflecting a payout ratio of 58.58%.
• The company's recent earnings report revealed a miss in EPS estimates at $0.56, with revenues also falling short of projections at $2.78 billion.

Amundi increased its stake in Conagra Brands (NYSE:CAG - Free Report) by 6.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,901,597 shares of the company's stock after acquiring an additional 248,081 shares during the quarter. Amundi owned about 0.82% of Conagra Brands worth $104,392,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in Conagra Brands during the 1st quarter valued at approximately $26,000. Capital Advisors Ltd. LLC boosted its stake in shares of 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 purchasing an additional 452 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Conagra Brands during the first quarter worth $27,000. Golden State Wealth Management LLC increased its position in shares of Conagra Brands by 235.2% during the first quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock worth $28,000 after buying an additional 741 shares during the period. Finally, Wayfinding Financial LLC bought a new position in Conagra Brands during the first quarter worth $34,000. 83.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on CAG. UBS Group cut their price target on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. The Goldman Sachs Group downgraded Conagra Brands from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $26.00 to $21.00 in a research note on Monday, June 9th. Sanford C. Bernstein set a $21.00 target price on Conagra Brands and gave the company a "market perform" rating in a research report on Friday, July 11th. Morgan Stanley lowered their target price on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Friday, July 11th. Finally, Wells Fargo & Company dropped their price target on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Conagra Brands currently has an average rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Stock Up 0.5%

Shares of NYSE CAG traded up $0.10 during midday trading on Thursday, hitting $19.46. 8,055,580 shares of the stock traded hands, compared to its average volume of 10,910,798. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71. Conagra Brands has a one year low of $18.18 and a one year high of $33.04. The business has a 50 day moving average price of $19.27 and a two-hundred day moving average price of $22.41. The company has a market cap of $9.32 billion, a PE ratio of 8.14, a P/E/G ratio of 1.85 and a beta of 0.07.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate 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 $2.78 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the business posted $0.61 EPS. Conagra Brands's revenue was down 4.3% compared to the same quarter last year. On average, equities analysts predict that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $1.40 annualized dividend and a dividend yield of 7.2%. Conagra Brands's dividend payout ratio is currently 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.