Cary Street Partners Financial LLC Sells 108,410 Shares of Conagra Brands $CAG

Key Points

• Cary Street Partners Financial cut its Conagra Brands stake by 55.6% in the fourth quarter, selling 108,410 shares and leaving it with 86,412 shares valued at about $1.5 million.
• Conagra reported quarterly EPS of $0.39, slightly below estimates, while revenue of $2.79 billion came in above expectations; revenue was still down 1.9% year over year.
• The company declared a quarterly dividend of $0.35 per share, equal to an annualized yield of about 10.5%, even as analyst sentiment remains cautious with a consensus rating of “Reduce”.

Cary Street Partners Financial LLC reduced its position in shares of Conagra Brands (NYSE:CAG - Free Report) by 55.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,412 shares of the company's stock after selling 108,410 shares during the quarter. Cary Street Partners Financial LLC's holdings in Conagra Brands were worth $1,496,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CAG. Harbour Investments Inc. increased its position in Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock valued at $27,000 after purchasing an additional 701 shares during the period. Summitry LLC increased its position in Conagra Brands by 24.8% during the 4th quarter. Summitry LLC now owns 22,635 shares of the company's stock valued at $392,000 after purchasing an additional 4,492 shares during the period. Hantz Financial Services Inc. increased its position in Conagra Brands by 12.7% during the 4th quarter. Hantz Financial Services Inc. now owns 7,047 shares of the company's stock valued at $122,000 after purchasing an additional 794 shares during the period. Systematic Financial Management LP increased its position in Conagra Brands by 80.8% during the 4th quarter. Systematic Financial Management LP now owns 43,930 shares of the company's stock valued at $760,000 after purchasing an additional 19,635 shares during the period. Finally, Coldstream Capital Management Inc. increased its position in Conagra Brands by 8.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 36,041 shares of the company's stock valued at $624,000 after purchasing an additional 2,874 shares during the period. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Stock Performance

Shares of NYSE CAG opened at $13.39 on Friday. The firm's 50-day moving average price is $14.57 and its 200-day moving average price is $16.67. 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 company has a market cap of $6.40 billion and a PE ratio of -133.84. Conagra Brands has a 52-week low of $13.14 and a 52-week high of $22.98.

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

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, April 30th. This represents a $1.40 dividend on an annualized basis and a yield of 10.5%. Conagra Brands's dividend payout ratio (DPR) is presently -1,400.00%.

Wall Street Analysts Forecast Growth

CAG has been the topic of a number of research analyst reports. Jefferies Financial Group reduced their price objective on shares of Conagra Brands from $15.00 to $13.00 and set a "hold" rating on the stock in a research report on Wednesday. Barclays reduced their price objective on shares of Conagra Brands from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. Morgan Stanley reduced their price objective on shares of Conagra Brands from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 23rd. TD Cowen reduced their price objective on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research report on Wednesday, March 25th. Finally, BTIG Research initiated coverage on shares of Conagra Brands in a research report on Monday, April 13th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Conagra Brands has an average rating of "Reduce" and a consensus price target of $15.47.

Insider Buying and Selling

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