Conagra Brands $CAG Shares Sold by Kestra Investment Management LLC

Key Points

• Kestra Investment Management LLC significantly reduced its stake in Conagra Brands by 80.8% in the first quarter, leaving it with approximately 4,995 shares valued at $133,000.
• Conagra Brands recently reported earnings of $0.56 per share, falling short of the analysts' expectations of $0.61, alongside a 4.3% decline in quarterly revenue compared to the previous year.
• The company has announced a quarterly dividend of $0.35 per share, offering a yield of 7.2% based on an annualized basis.

Kestra Investment Management LLC trimmed its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 80.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,995 shares of the company's stock after selling 21,070 shares during the period. Kestra Investment Management LLC's holdings in Conagra Brands were worth $133,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CAG. Ameriprise Financial Inc. lifted its position in shares of Conagra Brands by 233.7% during the 1st quarter. Ameriprise Financial Inc. now owns 5,985,256 shares of the company's stock valued at $159,625,000 after acquiring an additional 4,191,555 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Conagra Brands by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,162,251 shares of the company's stock worth $217,686,000 after buying an additional 2,702,407 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Conagra Brands by 33.9% in the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock worth $225,746,000 after buying an additional 2,058,000 shares in the last quarter. KBC Group NV boosted its position in shares of Conagra Brands by 560.1% in the 1st quarter. KBC Group NV now owns 2,042,766 shares of the company's stock worth $54,480,000 after buying an additional 1,733,297 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Conagra Brands by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 60,403,845 shares of the company's stock worth $1,610,971,000 after buying an additional 1,604,893 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Conagra Brands Trading Down 1.3%

CAG traded down $0.26 on Friday, reaching $19.18. 5,349,645 shares of the company's stock were exchanged, compared to its average volume of 11,004,667. The company's 50 day moving average is $19.23 and its 200-day moving average is $22.36. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 1.86 and a beta of 0.07. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $33.04. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71.

Conagra Brands (NYSE:CAG - Get Free Report) last posted 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 $2.78 billion for the quarter, compared to analyst estimates of $2.88 billion. Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.61 EPS. Equities analysts predict that Conagra Brands will post 2.35 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $1.40 annualized dividend and a yield of 7.3%. Conagra Brands's dividend payout ratio (DPR) is 58.58%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CAG. Sanford C. Bernstein set a $21.00 price objective on shares of Conagra Brands and gave the stock a "market perform" rating in a research report on Friday, July 11th. 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 research note on Friday, July 11th. UBS Group lowered their target price on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. JPMorgan Chase & Co. assumed 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. Finally, Royal Bank Of Canada lowered their target price on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" 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 assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price 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.