Bank of America Corp DE Sells 243,950 Shares of Conagra Brands $CAG

Bank of America Corp DE lessened its position in Conagra Brands (NYSE:CAG - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,279,939 shares of the company's stock after selling 243,950 shares during the period. Bank of America Corp DE owned 0.48% of Conagra Brands worth $35,841,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in Conagra Brands by 24.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company's stock valued at $11,442,000 after buying an additional 131,287 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Conagra Brands by 23.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company's stock valued at $140,659,000 after acquiring an additional 1,554,725 shares in the last quarter. Leonteq Securities AG bought a new position in Conagra Brands in the 4th quarter valued at approximately $2,415,000. Marathon Trading Investment Management LLC purchased a new stake in Conagra Brands during the 4th quarter valued at $1,367,000. Finally, Hsbc Holdings PLC boosted its stake in Conagra Brands by 25.0% during the 4th quarter. Hsbc Holdings PLC now owns 785,989 shares of the company's stock valued at $13,634,000 after purchasing an additional 157,423 shares during the last quarter. 83.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on CAG. Deutsche Bank Aktiengesellschaft decreased their price target on Conagra Brands from $14.00 to $12.00 and set a "hold" rating for the company in a research note on Thursday, June 18th. Weiss Ratings cut shares of Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, June 25th. BNP Paribas Exane dropped their price target on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Thursday, May 21st. 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 report on Wednesday, May 27th. Finally, Morgan Stanley dropped their price target on Conagra Brands from $15.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $14.07.

Conagra Brands Price Performance

CAG stock opened at $15.63 on Friday. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $20.32. The firm has a market capitalization of $7.48 billion, a P/E ratio of -3.91 and a beta of -0.03. The company has a fifty day simple moving average of $14.24 and a two-hundred day simple moving average of $15.42. The company has a quick ratio of 0.31, a current ratio of 0.90 and a debt-to-equity ratio of 1.02.

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

Conagra Brands Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th will be paid a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands's payout ratio is presently -17.50%.

About Conagra Brands

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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