Conagra Brands $CAG Shares Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Conagra Brands stake by 24.8% in the fourth quarter, and several other institutional investors also added to or initiated positions. Institutional ownership remains high at 83.75% of the stock.
• Analyst sentiment remains cautious, with several firms cutting price targets on CAG. MarketBeat shows an average rating of “Reduce” and an average price target of $15.80.
• Insiders were buying shares: Directors John J. Mulligan and Richard H. Lenny both purchased stock in mid-April, while Conagra also reported a quarterly dividend of $0.35 per share, implying a 9.9% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Conagra Brands (NYSE:CAG - Free Report) by 24.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 661,029 shares of the company's stock after purchasing an additional 131,287 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.14% of Conagra Brands worth $11,442,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of CAG. NewEdge Advisors LLC lifted its holdings in Conagra Brands by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company's stock valued at $628,000 after acquiring an additional 954 shares during the last quarter. United Services Automobile Association acquired a new position in Conagra Brands in the first quarter worth approximately $225,000. Empowered Funds LLC increased its holdings in Conagra Brands by 5.9% in the first quarter. Empowered Funds LLC now owns 36,356 shares of the company's stock worth $970,000 after buying an additional 2,038 shares during the last quarter. Woodline Partners LP increased its holdings in Conagra Brands by 40.7% in the first quarter. Woodline Partners LP now owns 40,326 shares of the company's stock worth $1,075,000 after buying an additional 11,664 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its position in Conagra Brands by 3.9% during the second quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company's stock worth $1,033,000 after purchasing an additional 1,900 shares during the period. 83.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CAG. Evercore decreased their target price on Conagra Brands from $19.00 to $18.00 in a research report on Thursday, April 2nd. Stifel Nicolaus reduced their target price on Conagra Brands from $17.00 to $15.00 and set a "hold" rating for the company in a research report on Tuesday, April 21st. UBS Group reduced their target price on Conagra Brands from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Barclays dropped their price objective on Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Buy rating, twelve have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, Conagra Brands presently has an average rating of "Reduce" and an average price target of $15.80.

Insider Activity

In other Conagra Brands news, Director John J. Mulligan acquired 17,500 shares of the business's stock in a transaction dated Tuesday, April 14th. The shares were acquired at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the acquisition, the director directly owned 20,728 shares of the company's stock, valued at approximately $296,617.68. This trade represents a 542.13% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Lenny bought 25,000 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The stock was purchased at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the transaction, the director owned 229,340 shares in the company, valued at $3,288,735.60. The trade was a 12.23% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.57% of the company's stock.

Conagra Brands Price Performance

Conagra Brands stock opened at $14.10 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. Conagra Brands has a 12-month low of $13.60 and a 12-month high of $23.37. The stock has a market cap of $6.74 billion and a price-to-earnings ratio of -140.95. The business's 50-day simple moving average is $15.47 and its 200 day simple moving average is $16.97.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the business posted $0.51 EPS. Conagra Brands's quarterly revenue was down 1.9% on a year-over-year basis. As a group, research analysts anticipate that Conagra Brands will post 1.7 earnings per share for the current year.

Conagra Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 9.9%. The ex-dividend date is Thursday, April 30th. Conagra Brands's 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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