BlackRock Inc. Purchases New Shares in Conagra Brands $CAG

BlackRock Inc. acquired a new position in shares of Conagra Brands (NYSE:CAG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 79,589,548 shares of the company's stock, valued at approximately $1,071,275,000. BlackRock Inc. owned 16.63% of Conagra Brands at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Conagra Brands by 2.3% in the second quarter. State Street Corp now owns 26,202,392 shares of the company's stock valued at $536,363,000 after purchasing an additional 588,435 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 acquiring an additional 1,701,624 shares in the last quarter. Invesco Ltd. lifted its stake in Conagra Brands by 13.3% in the 4th quarter. Invesco Ltd. now owns 17,667,780 shares of the company's stock worth $305,829,000 after acquiring an additional 2,079,903 shares in the last quarter. Morgan Stanley boosted its position in Conagra Brands by 18.5% during the 4th quarter. Morgan Stanley now owns 15,229,557 shares of the company's stock worth $263,624,000 after acquiring an additional 2,376,823 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Conagra Brands by 19.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 12,130,671 shares of the company's stock valued at $222,113,000 after acquiring an additional 1,984,873 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Conagra Brands from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. BNP Paribas Exane dropped their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday, May 21st. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Conagra Brands from $14.00 to $12.00 and set a "hold" rating on the stock in a report on Thursday, June 18th. Sanford C. Bernstein reissued an "underperform" rating and set a $12.00 price objective (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Finally, Jefferies Financial Group dropped their target price on Conagra Brands from $15.00 to $13.00 and set a "hold" rating on the stock in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $14.07.

Conagra Brands Price Performance

NYSE:CAG opened at $16.45 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. Conagra Brands has a one year low of $12.53 and a one year high of $20.32. The company has a fifty day moving average price of $14.50 and a 200 day moving average price of $15.35. The stock has a market cap of $7.87 billion, a P/E ratio of -4.11 and a beta of -0.03.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.01. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The business had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm's revenue for the quarter was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Analysts anticipate that Conagra Brands will post 1.45 earnings per share for the current year.

Conagra Brands Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Thursday, July 30th will be paid a $0.175 dividend. The ex-dividend date is Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.3%. Conagra Brands's dividend payout ratio is currently -17.50%.

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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