Conagra Brands (NYSE:CAG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 6.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 about 1.07% of Conagra Brands worth $136,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in shares of Conagra Brands during the 1st quarter valued at approximately $26,000. Capital Advisors Ltd. LLC raised its holdings in shares of Conagra Brands by 82.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after acquiring an additional 452 shares during the period. Golden State Wealth Management LLC raised its holdings in shares of Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock worth $28,000 after acquiring an additional 741 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Conagra Brands during the 1st quarter worth $34,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Conagra Brands during the 4th quarter worth $41,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Stock Down 1.2%

Shares of CAG traded down $0.24 during midday trading on Wednesday, hitting $20.41. The company had a trading volume of 12,734,287 shares, compared to its average volume of 5,840,475. The company's 50-day simple moving average is $22.22 and its 200-day simple moving average is $24.62. 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 firm has a market capitalization of $9.74 billion, a P/E ratio of 30.01, a P/E/G ratio of 1.55 and a beta of 0.11. Conagra Brands has a 1 year low of $20.23 and a 1 year high of $33.24.

Conagra Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Wednesday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 6.86%. Conagra Brands's payout ratio is 205.88%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays cut their price objective on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. The Goldman Sachs Group downgraded Conagra Brands from a "neutral" rating to a "sell" rating and cut their price objective for the stock from $26.00 to $21.00 in a research report on Monday, June 9th. JPMorgan Chase & Co. cut their price objective on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. UBS Group cut their price objective on Conagra Brands from $22.00 to $21.00 and set a "neutral" rating for the company in a research report on Tuesday, July 1st. Finally, Morgan Stanley set a $22.00 price objective on Conagra Brands in a research report on Monday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $24.73.

Conagra Brands Profile

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.