Conagra Brands $CAG is Landscape Capital Management L.L.C.'s 6th Largest Position

Key Points

• Landscape Capital Management boosted its Conagra Brands stake by 534.6% in the fourth quarter, making CAG its 6th-largest holding. The fund now owns 1,003,849 shares worth about $17.4 million.
• Two Conagra directors also bought shares in mid-April, signaling insider confidence: Richard H. Lenny purchased 25,000 shares and John J. Mulligan bought 17,500 shares. Corporate insiders now own 0.57% of the stock.
• Analysts remain cautious on Conagra Brands, with a consensus rating of “Reduce” and an average target price of $14.33. The company recently missed earnings estimates by one cent, though revenue came in slightly above expectations.

Landscape Capital Management L.L.C. raised its position in shares of Conagra Brands (NYSE:CAG - Free Report) by 534.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,003,849 shares of the company's stock after buying an additional 845,659 shares during the quarter. Conagra Brands comprises about 1.2% of Landscape Capital Management L.L.C.'s investment portfolio, making the stock its 6th largest holding. Landscape Capital Management L.L.C. owned approximately 0.21% of Conagra Brands worth $17,377,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CAG. CYBER HORNET ETFs LLC purchased a new stake in shares of Conagra Brands during the second quarter valued at about $26,000. Harbour Investments Inc. increased its holdings in shares of Conagra Brands by 80.4% during the fourth quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock valued at $27,000 after acquiring an additional 701 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Conagra Brands during the second quarter valued at about $29,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Conagra Brands during the third quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Conagra Brands by 100.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,000 shares of the company's stock valued at $35,000 after acquiring an additional 1,000 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CAG shares. Stifel Nicolaus cut their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating on the stock in a report on Tuesday, April 21st. Barclays cut their price objective on shares of Conagra Brands from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, April 2nd. Wall Street Zen upgraded shares of Conagra Brands from a "sell" rating to a "hold" rating in a report on Saturday, February 21st. Weiss Ratings upgraded shares of Conagra Brands from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday. Finally, The Goldman Sachs Group cut their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating on the stock in a report on Thursday, April 2nd. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Conagra Brands has a consensus rating of "Reduce" and a consensus target price of $14.33.

Insider Activity at Conagra Brands

In other Conagra Brands news, Director Richard H. Lenny purchased 25,000 shares of the business's stock in a transaction that occurred on 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 acquisition, the director owned 229,340 shares in the company, valued at $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 SEC, which is accessible through the SEC website. 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 acquired at an average price 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 $296,617.68. This trade represents a 542.13% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by corporate insiders.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $13.73 on Friday. Conagra Brands has a twelve month low of $12.53 and a twelve month high of $22.49. The company's 50 day moving average is $14.05 and its 200 day moving average is $16.35. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. The company has a market cap of $6.57 billion, a PE ratio of -137.31 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share 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 business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter last year, the company posted $0.51 EPS. Conagra Brands's quarterly revenue was down 1.9% compared to the same quarter last year. On average, sell-side analysts forecast that Conagra Brands will post 1.7 EPS for the current year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 10.2%. The ex-dividend date was Thursday, April 30th. Conagra Brands's dividend payout ratio is -1,400.00%.

Conagra Brands Company 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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