Assenagon Asset Management S.A. Sells 71,196 Shares of Conagra Brands $CAG

Key Points

• Assenagon Asset Management trimmed its Conagra stake by 8.6%, selling 71,196 shares in the quarter and now holds 753,114 shares (about 0.16% of the company) valued at roughly $13.04 million.
• Analysts have lowered price targets and the stock carries a consensus rating of "Reduce" with a consensus target of $18.57; CAG trades around $15.62 (up 2.7%), has a negative P/E (-70.98) and a 52‑week range of $15.03–$27.68.

Assenagon Asset Management S.A. reduced its stake in Conagra Brands (NYSE:CAG - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 753,114 shares of the company's stock after selling 71,196 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.16% of Conagra Brands worth $13,036,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CAG. Sutton Place Investors LLC raised its holdings in Conagra Brands by 1.9% during the third quarter. Sutton Place Investors LLC now owns 31,196 shares of the company's stock worth $571,000 after purchasing an additional 585 shares in the last quarter. Blair William & Co. IL grew its position in shares of Conagra Brands by 0.5% in the 3rd quarter. Blair William & Co. IL now owns 136,235 shares of the company's stock valued at $2,494,000 after buying an additional 633 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Conagra Brands by 5.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 12,036 shares of the company's stock valued at $220,000 after buying an additional 661 shares during the last quarter. Disciplined Equity Management Inc. raised its stake in Conagra Brands by 0.9% during the 3rd quarter. Disciplined Equity Management Inc. now owns 82,410 shares of the company's stock worth $1,509,000 after acquiring an additional 700 shares in the last quarter. Finally, Probity Advisors Inc. raised its stake in Conagra Brands by 2.5% during the 3rd quarter. Probity Advisors Inc. now owns 29,231 shares of the company's stock worth $535,000 after acquiring an additional 718 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Trading Up 2.7%

NYSE CAG opened at $15.62 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.89 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $7.47 billion, a P/E ratio of -70.98 and a beta of -0.02. Conagra Brands has a 52-week low of $15.03 and a 52-week high of $27.68. The firm has a 50-day moving average price of $17.93 and a 200 day moving average price of $17.84.

Analyst Ratings Changes

Several research firms have issued reports on CAG. Evercore decreased their price objective on shares of Conagra Brands from $22.00 to $19.00 in a research note on Friday, January 9th. Royal Bank Of Canada reduced their target price on Conagra Brands from $22.00 to $20.00 and set a "sector perform" rating for the company in a report on Monday, December 22nd. Jefferies Financial Group decreased their target price on Conagra Brands from $19.00 to $18.00 and set a "hold" rating for the company in a research report on Thursday, December 11th. Wall Street Zen upgraded Conagra Brands from a "sell" rating to a "hold" rating in a research note on Saturday, February 21st. Finally, Sanford C. Bernstein cut their price target on Conagra Brands from $21.00 to $18.00 and set a "market perform" rating on the stock in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $18.57.

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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