Amundi Sells 812,356 Shares of Conagra Brands $CAG

Key Points

• Amundi cut its Conagra Brands stake by 56.1% in the second quarter, selling 812,356 shares and retaining 636,625 shares worth approximately $8.6 million. Institutional investors collectively own 83.75% of the company.
• Wall Street sentiment remains cautious: analysts’ consensus rating is “Reduce”, with a $14.07 average price target; the stock opened at $14.59 and has traded between $12.53 and $20.32 over the past year.
• Conagra slightly beat quarterly earnings expectations with EPS of $0.47 versus $0.46 forecast, while revenue reached $2.88 billion. The company pays a $0.175 quarterly dividend, equivalent to a 4.8% annualized yield.

Amundi trimmed its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 56.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 636,625 shares of the company's stock after selling 812,356 shares during the period. Amundi owned about 0.13% of Conagra Brands worth $8,569,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. WealthPlan Investment Management LLC grew its position in shares of Conagra Brands by 5.3% in the 4th quarter. WealthPlan Investment Management LLC now owns 10,920 shares of the company's stock worth $189,000 after buying an additional 548 shares during the period. All Terrain Financial Advisors LLC grew its holdings in shares of Conagra Brands by 0.3% in the fourth quarter. All Terrain Financial Advisors LLC now owns 176,971 shares of the company's stock worth $3,063,000 after acquiring an additional 609 shares during the period. Harbour Investments Inc. grew its position in Conagra Brands by 80.4% during the fourth quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock valued at $27,000 after buying an additional 701 shares during the period. Tema ETFs LLC grew its holdings in Conagra Brands by 9.3% during the second quarter. Tema ETFs LLC now owns 8,546 shares of the company's stock valued at $115,000 after purchasing an additional 725 shares during the period. Finally, EP Wealth Advisors LLC boosted its position in shares of Conagra Brands by 3.3% in the second quarter. EP Wealth Advisors LLC now owns 23,984 shares of the company's stock worth $491,000 after purchasing an additional 772 shares during the period. Institutional investors own 83.75% of the company's stock.

Wall Street Analysts Forecast Growth

CAG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Conagra Brands from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Evercore lowered their target price on shares of Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. Morgan Stanley dropped their target price on shares of Conagra Brands from $15.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, June 5th. Jefferies Financial Group cut their target price on shares of Conagra Brands from $15.00 to $13.00 and set a "hold" rating for the company in a research note on Wednesday, May 27th. Finally, Weiss Ratings downgraded shares of Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Conagra Brands presently has an average rating of "Reduce" and a consensus target price of $14.07.

Conagra Brands Stock Down 0.8%

NYSE CAG opened at $14.59 on Friday. The stock has a 50 day moving average price of $15.12 and a 200-day moving average price of $14.98. Conagra Brands has a one year low of $12.53 and a one year high of $20.32. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.31 and a current ratio of 0.90. The company has a market capitalization of $6.98 billion, a P/E ratio of -3.65 and a beta of -0.01.

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

Conagra Brands Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Thursday, July 30th were paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Thursday, July 30th. Conagra Brands's dividend payout ratio (DPR) is presently -17.50%.

About Conagra Brands

Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender's, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt's and PAM.

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