Assenagon Asset Management S.A. Acquires 90,508 Shares of Conagra Brands $CAG

Key Points

• Assenagon Asset Management increased its Conagra Brands stake by 565.5%, acquiring 90,508 additional shares to hold 106,514 shares valued at approximately $1.43 million. Institutional investors collectively own 83.75% of the company.
• Conagra reported quarterly earnings of $0.47 per share, slightly exceeding estimates, while revenue rose 3.6% year over year to $2.88 billion. Shares opened at $15.63, near the midpoint of their 52-week range.
• The company declared a quarterly dividend of $0.175, representing an annualized payout of $0.70 and a 4.5% yield. Analyst sentiment remains cautious, with an average “Reduce” rating and an average price target of $14.07.

Assenagon Asset Management S.A. lifted its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 565.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 106,514 shares of the company's stock after buying an additional 90,508 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Conagra Brands were worth $1,434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. NewEdge Advisors LLC boosted its holdings in Conagra Brands by 4.2% in the first quarter. NewEdge Advisors LLC now owns 23,541 shares of the company's stock worth $628,000 after acquiring an additional 954 shares in the last quarter. United Services Automobile Association bought a new position in shares of Conagra Brands in the 1st quarter worth $225,000. Empowered Funds LLC grew its position in Conagra Brands by 5.9% in the 1st quarter. Empowered Funds LLC now owns 36,356 shares of the company's stock valued at $970,000 after purchasing an additional 2,038 shares during the period. Woodline Partners LP lifted its stake in shares of Conagra Brands by 40.7% in the first quarter. Woodline Partners LP now owns 40,326 shares of the company's stock valued at $1,075,000 after buying an additional 11,664 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its stake in shares of Conagra Brands by 3.9% in the second quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company's stock valued at $1,033,000 after buying an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Stock Up 1.6%

Shares of NYSE:CAG opened at $15.63 on Friday. The firm has a fifty day moving average price of $14.24 and a two-hundred day moving average price of $15.42. The company has a market cap of $7.48 billion, a price-to-earnings ratio of -3.91 and a beta of -0.03. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. Conagra Brands has a one year low of $12.53 and a one year high of $20.32.

Conagra Brands (NYSE:CAG - Get Free Report) last released 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. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The firm had revenue of $2.88 billion for the quarter, compared to analysts' expectations of $2.89 billion. During the same quarter in the prior year, the firm posted $0.56 earnings per share. The business's quarterly revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Analysts anticipate that Conagra Brands will post 1.45 EPS for the current fiscal year.

Conagra Brands Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands's dividend payout ratio (DPR) is currently -17.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Evercore decreased their target price on shares of Conagra Brands from $18.00 to $13.00 in a research report on Wednesday, June 10th. Zacks Research cut shares of Conagra Brands from a "hold" rating to a "strong sell" rating in a research report on Monday, May 11th. Sanford C. Bernstein reiterated an "underperform" rating and set a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research note on Wednesday, June 3rd. Weiss Ratings downgraded Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, June 25th. Finally, UBS Group raised their target price on Conagra Brands from $13.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $14.07.

Conagra Brands 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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