Bank of New York Mellon Corp Takes $47.81 Million Position in Conagra Brands $CAG

Bank of New York Mellon Corp acquired a new position in shares of Conagra Brands (NYSE:CAG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,552,399 shares of the company's stock, valued at approximately $47,815,000. Bank of New York Mellon Corp owned approximately 0.74% of Conagra Brands at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. State Street Corp grew its position in shares of Conagra Brands by 2.3% during the second quarter. State Street Corp now owns 26,202,392 shares of the company's stock worth $536,363,000 after acquiring an additional 588,435 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Conagra Brands by 9.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,323,789 shares of the company's stock worth $303,771,000 after purchasing an additional 1,701,624 shares during the last quarter. Invesco Ltd. grew its position in Conagra Brands by 13.3% in the fourth quarter. Invesco Ltd. now owns 17,667,780 shares of the company's stock worth $305,829,000 after buying an additional 2,079,903 shares during the last quarter. Morgan Stanley raised its position in shares of Conagra Brands by 18.5% during the fourth quarter. Morgan Stanley now owns 15,229,557 shares of the company's stock worth $263,624,000 after purchasing an additional 2,376,823 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in Conagra Brands by 19.6% during the third quarter. Ameriprise Financial Inc. now owns 12,130,671 shares of the company's stock valued at $222,113,000 after buying an additional 1,984,873 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein reiterated an "underperform" rating and issued a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Barclays boosted their price objective on shares of Conagra Brands from $16.00 to $17.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Wells Fargo & Company cut their price target on Conagra Brands from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Monday, May 18th. Zacks Research downgraded Conagra Brands from a "hold" rating to a "strong sell" rating in a research report on Monday, May 11th. Finally, Evercore dropped their price objective on shares of Conagra Brands from $18.00 to $13.00 in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, Conagra Brands has an average rating of "Reduce" and an average price target of $14.07.

Conagra Brands Stock Down 1.2%

CAG stock opened at $16.00 on Friday. Conagra Brands has a fifty-two week low of $12.53 and a fifty-two week high of $20.32. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The business has a 50-day moving average of $14.73 and a 200-day moving average of $15.24. The stock has a market capitalization of $7.66 billion, a P/E ratio of -4.00 and a beta of -0.03.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The business 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%. Conagra Brands's revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.56 EPS. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, sell-side analysts anticipate that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $0.70 annualized dividend and a yield of 4.4%. Conagra Brands's dividend payout ratio (DPR) is -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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