Conagra Brands $CAG Shares Purchased by Bell Bank

Key Points

• Bell Bank increased its stake in Conagra Brands by 9.4% during Q2, holding 340,176 shares now valued at approximately $6.96 million.
• Conagra Brands announced a quarterly dividend of $0.35 per share, equating to a 7.6% annualized dividend yield, with a payout ratio of 58.58%.
• Several analysts have lowered their price targets for Conagra Brands, with the consensus rating remaining at "Hold" and a target price of $22.17.

Bell Bank lifted its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 9.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 340,176 shares of the company's stock after purchasing an additional 29,345 shares during the period. Bell Bank owned about 0.07% of Conagra Brands worth $6,963,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. increased its stake in shares of Conagra Brands by 11.9% during the first quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock worth $22,459,000 after purchasing an additional 89,445 shares in the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Conagra Brands during the first quarter worth about $396,000. OneDigital Investment Advisors LLC increased its stake in shares of Conagra Brands by 42.1% during the first quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock worth $289,000 after purchasing an additional 3,207 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Conagra Brands by 6.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after purchasing an additional 16,546 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Conagra Brands by 269.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 207,417 shares of the company's stock valued at $5,532,000 after acquiring an additional 151,209 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America downgraded shares of Conagra Brands from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $27.00 to $20.00 in a report on Thursday, June 12th. JPMorgan Chase & Co. assumed coverage on shares of Conagra Brands in a report on Wednesday, August 20th. They issued a "neutral" rating and a $20.00 price objective for the company. Sanford C. Bernstein set a $21.00 price objective on shares of Conagra Brands and gave the company a "market perform" rating in a report on Friday, July 11th. Morgan Stanley cut their price objective on shares of Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Friday, July 11th. Finally, UBS Group cut their price objective on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $22.17.

Conagra Brands Stock Down 1.2%

Conagra Brands stock traded down $0.22 during mid-day trading on Friday, reaching $18.53. 20,475,347 shares of the company's stock were exchanged, compared to its average volume of 11,132,047. The company has a market cap of $8.87 billion, a P/E ratio of 7.75, a P/E/G ratio of 1.77 and a beta of 0.07. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $32.90. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average of $19.10 and a 200-day moving average of $22.11.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the business posted $0.61 earnings per share. Conagra Brands's revenue for the quarter was down 4.3% compared to the same quarter last year. Sell-side analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.6%. The ex-dividend date was Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is presently 58.58%.

Conagra Brands Company 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.