Conagra Brands $CAG Shares Bought by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in Conagra Brands by 41.2% in Q1, now owning 529,404 shares valued at approximately $14.12 million.
• Multiple hedge funds have also recently invested in Conagra Brands, with Ameriprise Financial Inc. lifting its position by 104.1% during the fourth quarter, owning nearly 1.79 million shares.
• Analysts have downgraded Conagra Brands with revised price targets, with Goldman Sachs lowering its target to $21 and Bank of America to $20, suggesting a bearish outlook.

Citigroup Inc. grew its position in Conagra Brands (NYSE:CAG - Free Report) by 41.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 529,404 shares of the company's stock after acquiring an additional 154,585 shares during the quarter. Citigroup Inc. owned about 0.11% of Conagra Brands worth $14,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CAG. Ameriprise Financial Inc. increased its stake in Conagra Brands by 104.1% in the 4th quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock worth $49,776,000 after buying an additional 914,820 shares during the period. Victory Capital Management Inc. increased its stake in Conagra Brands by 11.9% in the 1st quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock worth $22,459,000 after buying an additional 89,445 shares during the period. Impact Partnership Wealth LLC purchased a new position in Conagra Brands in the 1st quarter worth about $396,000. OneDigital Investment Advisors LLC increased its stake in Conagra Brands by 42.1% in the 1st quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock worth $289,000 after buying an additional 3,207 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Conagra Brands by 6.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after buying an additional 16,546 shares during the period. Hedge funds and other institutional investors own 83.75% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CAG shares. Evercore ISI reduced their price target on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research note on Friday, July 11th. Wells Fargo & Company reduced their price target on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. UBS Group reduced their price target on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Morgan Stanley reduced their price target on shares of Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Conagra Brands currently has a consensus rating of "Hold" and a consensus price target of $22.58.

Conagra Brands Stock Up 1.6%

Shares of NYSE:CAG traded up $0.3050 during trading on Tuesday, reaching $19.2850. The stock had a trading volume of 1,731,796 shares, compared to its average volume of 7,670,725. Conagra Brands has a one year low of $18.18 and a one year high of $33.24. The company has a market capitalization of $9.23 billion, a P/E ratio of 8.06, a PEG ratio of 1.84 and a beta of 0.08. The company has a current ratio of 0.71, a quick ratio of 0.24 and a debt-to-equity ratio of 0.70. The firm's 50-day simple moving average is $20.04 and its 200 day simple moving average is $23.10.

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

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date is Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is currently 58.58%.

Conagra Brands Company 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.