Capricorn Fund Managers Ltd Takes $1.21 Million Position in Conagra Brands $CAG

Key Points

• Capricorn Fund Managers opened a new position in Conagra Brands, buying 76,628 shares valued at about $1.21 million in the first quarter.
• Institutional interest in Conagra remains high, with several hedge funds significantly increasing holdings and 83.75% of the stock now owned by institutions and hedge funds.
• Wall Street sentiment is cautious: analysts’ consensus rating is “Reduce” with an average price target of $14.13, while the stock recently traded around $13.45 after disappointing earnings that missed EPS estimates.

Capricorn Fund Managers Ltd bought a new stake in shares of Conagra Brands (NYSE:CAG - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 76,628 shares of the company's stock, valued at approximately $1,205,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CAG. Norges Bank acquired a new stake in Conagra Brands during the 4th quarter valued at $145,656,000. Two Sigma Investments LP lifted its holdings in Conagra Brands by 239.6% in the 3rd quarter. Two Sigma Investments LP now owns 8,347,163 shares of the company's stock worth $152,837,000 after buying an additional 5,889,542 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Conagra Brands by 245.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,734,061 shares of the company's stock valued at $141,611,000 after buying an additional 5,495,503 shares during the last quarter. AQR Capital Management LLC boosted its position in Conagra Brands by 216.2% in the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company's stock valued at $135,318,000 after buying an additional 5,100,424 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Conagra Brands by 241.9% during the third quarter. Qube Research & Technologies Ltd now owns 5,915,490 shares of the company's stock valued at $108,313,000 after acquiring an additional 4,185,486 shares in the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CAG. BTIG Research started coverage on Conagra Brands in a research report on Monday, April 13th. They set a "neutral" rating on the stock. TD Cowen lowered their price objective on Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research note on Wednesday, March 25th. Zacks Research downgraded Conagra Brands from a "hold" rating to a "strong sell" rating in a report on Monday, May 11th. Sanford C. Bernstein reaffirmed 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. Finally, Weiss Ratings cut Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $14.13.

Insider Activity

In other Conagra Brands news, Director Richard H. Lenny acquired 25,000 shares of the stock in a transaction that occurred on Tuesday, April 14th. The stock was acquired at an average price of $14.34 per share, with a total value of $358,500.00. Following the transaction, the director directly owned 229,340 shares in the company, valued at approximately $3,288,735.60. This represents a 12.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Mulligan purchased 17,500 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was bought at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the acquisition, the director owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.57% of the company's stock.

Conagra Brands Trading Down 3.8%

Shares of NYSE CAG opened at $13.45 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. The stock's 50 day moving average price is $13.66 and its two-hundred day moving average price is $16.00. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $21.37. The stock has a market capitalization of $6.44 billion, a P/E ratio of -134.49 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its 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 firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the business posted $0.51 EPS. Conagra Brands's revenue was down 1.9% compared to the same quarter last year. On average, analysts anticipate that Conagra Brands will post 1.7 earnings per share for the current fiscal year.

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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