Black Swift Group LLC Purchases New Position in Conagra Brands $CAG

Key Points

• Black Swift Group LLC opened a new position in Conagra Brands, buying 80,390 shares valued at about $1.39 million in the fourth quarter.
• Analysts remain cautious on CAG, with several firms cutting price targets and the stock carrying a consensus “Reduce” rating and average target of $15.47.
• Conagra reported quarterly earnings of $0.39 per share, slightly below estimates, while revenue came in at $2.79 billion; the company also announced a 10.5% dividend yield based on its $0.35 quarterly payout.

Black Swift Group LLC purchased a new stake in shares of Conagra Brands (NYSE:CAG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 80,390 shares of the company's stock, valued at approximately $1,392,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands in the 2nd quarter valued at about $26,000. Harbour Investments Inc. increased its position in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock valued at $27,000 after acquiring an additional 701 shares in the last quarter. MUFG Securities EMEA plc acquired a new stake in Conagra Brands in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Conagra Brands in the 3rd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Conagra Brands by 100.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,000 shares of the company's stock valued at $35,000 after acquiring an additional 1,000 shares in the last quarter. 83.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CAG shares. Evercore lowered their price objective on shares of Conagra Brands from $19.00 to $18.00 in a research report on Thursday, April 2nd. The Goldman Sachs Group lowered their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a research report on Thursday, April 2nd. BNP Paribas Exane lowered their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Thursday, May 21st. JPMorgan Chase & Co. lowered their price objective on shares of Conagra Brands from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, March 20th. Finally, Wells Fargo & Company lowered their price objective on shares of Conagra Brands from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Monday, May 18th. One investment analyst has rated the stock with a Buy rating, twelve have given a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, Conagra Brands has a consensus rating of "Reduce" and a consensus price target of $15.47.

Conagra Brands Stock Up 0.1%

Shares of NYSE:CAG opened at $13.29 on Monday. Conagra Brands has a one year low of $13.13 and a one year high of $22.98. The company has a 50 day moving average of $14.53 and a 200-day moving average of $16.64. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of -132.86 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The firm's quarterly revenue was down 1.9% compared to the same quarter last year. On average, sell-side analysts forecast that Conagra Brands will post 1.7 earnings per share for the current year.

Conagra Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, April 30th. This represents a $1.40 annualized dividend and a dividend yield of 10.5%. Conagra Brands's payout ratio is currently -1,400.00%.

Insider Activity at Conagra Brands

In other news, Director John J. Mulligan acquired 17,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 14th. The stock was purchased at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the acquisition, the director owned 20,728 shares in the company, valued at $296,617.68. This trade represents a 542.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard H. Lenny acquired 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 14th. The shares were purchased at an average price of $14.34 per share, with a total value of $358,500.00. Following the acquisition, the director owned 229,340 shares of the company's stock, valued at approximately $3,288,735.60. This trade represents a 12.23% increase in their position. The SEC filing for this purchase provides additional information. 0.57% of the stock is owned by insiders.

Conagra Brands Profile

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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