Bank of New York Mellon Corp Lowers Position in Conagra Brands (NYSE:CAG)

Bank of New York Mellon Corp trimmed its holdings in Conagra Brands (NYSE:CAG - Free Report) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,119,234 shares of the company's stock after selling 343,180 shares during the period. Bank of New York Mellon Corp owned 1.07% of Conagra Brands worth $136,530,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAG. Alpine Bank Wealth Management bought a new position in Conagra Brands in the first quarter valued at approximately $26,000. Capital Advisors Ltd. LLC increased its stake in Conagra Brands by 82.3% in the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after acquiring an additional 452 shares during the last quarter. Golden State Wealth Management LLC increased its stake in Conagra Brands by 235.2% in the first quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after acquiring an additional 741 shares during the last quarter. Wayfinding Financial LLC bought a new position in Conagra Brands in the first quarter valued at approximately $34,000. Finally, SBI Securities Co. Ltd. bought a new position in Conagra Brands in the fourth quarter valued at approximately $41,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CAG has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday. UBS Group decreased their target price on shares of Conagra Brands from $22.00 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 1st. Bank of America cut shares of Conagra Brands from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $27.00 to $20.00 in a research note on Thursday, June 12th. JPMorgan Chase & Co. decreased their target price on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Finally, Barclays decreased their target price on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $24.73.

Conagra Brands Stock Down 4.4%

CAG traded down $0.90 during midday trading on Thursday, reaching $19.48. 29,498,839 shares of the company were exchanged, compared to its average volume of 5,937,154. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.23 and a current ratio of 0.69. The company's fifty day moving average price is $22.04 and its 200 day moving average price is $24.53. The company has a market cap of $9.30 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.55 and a beta of 0.11. Conagra Brands has a one year low of $18.39 and a one year high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings data on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a net margin of 2.80% and a return on equity of 12.94%. The firm had revenue of $2,781,800 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same quarter in the previous year, the company posted $0.61 EPS. Conagra Brands's revenue for the quarter was down 4.3% on a year-over-year basis. As a group, analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, July 30th. This represents a $1.40 annualized dividend and a dividend yield of 7.19%. Conagra Brands's dividend payout ratio is currently 205.88%.

About Conagra Brands

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.