CCM Investment Group LLC Invests $854,000 in Conagra Brands (NYSE:CAG)

Key Points

• CCM Investment Group LLC has invested $854,000 in Conagra Brands, acquiring 32,169 shares during the first quarter.
• Conagra Brands reported earnings of $0.56 per share, missing analyst expectations of $0.61, with revenue down 4.3% year-over-year.
• The company announced a quarterly dividend of $0.35 per share, representing a 7.3% dividend yield based on an annualized payout of $1.40.

CCM Investment Group LLC bought a new position in shares of Conagra Brands (NYSE:CAG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,169 shares of the company's stock, valued at approximately $854,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in Conagra Brands during the first quarter valued at $26,000. Capital Advisors Ltd. LLC lifted its position in Conagra Brands by 82.3% during the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after purchasing an additional 452 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Conagra Brands in the first quarter valued at $27,000. Golden State Wealth Management LLC raised its stake in shares of Conagra Brands by 235.2% in the first quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after acquiring an additional 741 shares during the period. Finally, Wayfinding Financial LLC purchased a new stake in shares of Conagra Brands in the first quarter valued at $34,000. Institutional investors own 83.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CAG shares. Bank of America downgraded shares of Conagra Brands from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $27.00 to $20.00 in a research note on Thursday, June 12th. Barclays cut their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Morgan Stanley cut their target price 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. JPMorgan Chase & Co. dropped their target price on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada lowered their price target on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Friday, July 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $22.58.

Conagra Brands Stock Up 0.2%

Conagra Brands stock traded up $0.03 during mid-day trading on Wednesday, hitting $19.53. The company had a trading volume of 8,180,528 shares, compared to its average volume of 11,724,946. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 1.86 and a beta of 0.08. Conagra Brands has a 1 year low of $18.18 and a 1 year high of $33.24. 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 business has a fifty day moving average of $20.23 and a 200 day moving average of $23.28.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.61 by ($0.05). The business had revenue of $2,781,800 billion for the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%. The business's revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.61 earnings per share. On average, sell-side analysts expect that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Wednesday, July 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date is Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is 58.58%.

Conagra Brands 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.