Conagra Brands $CAG Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its holdings in Conagra Brands by 21.3%, owning 114,212 shares after selling 30,953 shares in the 1st quarter.
• Conagra Brands reported a net income of $0.56 earnings per share, missing the consensus estimate and showing a 4.3% decline in revenue year-over-year.
• The company recently announced a quarterly dividend of $0.35 per share, translating to an annualized yield of 7.3%.

Comerica Bank decreased its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 21.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 114,212 shares of the company's stock after selling 30,953 shares during the period. Comerica Bank's holdings in Conagra Brands were worth $3,046,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CAG. Alpine Bank Wealth Management purchased a new position in shares of Conagra Brands in the 1st quarter worth approximately $26,000. Capital Advisors Ltd. LLC grew its position in shares of Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after buying an additional 452 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Conagra Brands in the 1st quarter worth approximately $27,000. Golden State Wealth Management LLC grew its position in shares of Conagra Brands by 235.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock worth $28,000 after buying an additional 741 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Conagra Brands in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Stock Performance

NYSE CAG traded down $0.17 on Thursday, hitting $19.04. 4,857,309 shares of the company's stock traded hands, compared to its average volume of 8,081,990. 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 has a market capitalization of $9.11 billion, a PE ratio of 7.96, a P/E/G ratio of 1.83 and a beta of 0.07. The firm's 50-day moving average price is $19.44 and its two-hundred day moving average price is $22.65. Conagra Brands has a 1-year low of $18.18 and a 1-year high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.05). The firm had revenue of $2.78 billion for the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. Conagra Brands's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.61 earnings per share. As a group, analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.4%. The ex-dividend date of this dividend was Wednesday, July 30th. Conagra Brands's payout ratio is 58.58%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group downgraded shares of Conagra Brands from a "neutral" rating to a "sell" rating and cut their price objective for the stock from $26.00 to $21.00 in a research report on Monday, June 9th. JPMorgan Chase & Co. started coverage on shares of Conagra Brands in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $20.00 target price for the company. Bank of America cut shares of Conagra Brands from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $27.00 to $20.00 in a research note on Thursday, June 12th. Barclays lowered their target price on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. Finally, Evercore ISI lowered their target price on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating for the company in a research note on Friday, July 11th. One investment 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, Conagra Brands presently has a consensus rating of "Hold" and a consensus price target of $22.17.

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.