Conagra Brands $CAG Shares Acquired by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Conagra Brands by 4.8%, owning over 4 million shares valued at approximately $109.5 million.
• Conagra Brands reported a missed earnings outcome with $0.56 EPS for the quarter, falling short of estimates by $0.05, alongside a 4.3% revenue decline year-over-year.
• The company announced a quarterly dividend of $0.35 per share, reflecting an annual yield of 7.3% and a payout ratio of 58.58%.

Goldman Sachs Group Inc. raised its position in shares of Conagra Brands (NYSE:CAG - Free Report) by 4.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,105,516 shares of the company's stock after purchasing an additional 189,308 shares during the period. Goldman Sachs Group Inc. owned about 0.86% of Conagra Brands worth $109,494,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Alpine Bank Wealth Management bought a new stake in Conagra Brands during the 1st quarter valued at $26,000. Capital Advisors Ltd. LLC raised its position in Conagra Brands by 82.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after purchasing an additional 452 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in Conagra Brands during the 1st quarter valued at $27,000. Golden State Wealth Management LLC raised its position in Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after purchasing an additional 741 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new stake in Conagra Brands during the 1st quarter valued at $34,000. 83.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CAG shares. Stifel Nicolaus decreased their target price on Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a research report on Friday, July 11th. The Goldman Sachs Group downgraded Conagra Brands from a "neutral" rating to a "sell" rating and cut their price target for the company from $26.00 to $21.00 in a report on Monday, June 9th. UBS Group cut their price target on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Royal Bank Of Canada cut their price target on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a report on Friday, July 11th. Finally, Evercore ISI cut their price target on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Conagra Brands presently has an average rating of "Hold" and a consensus target price of $22.17.

Conagra Brands Stock Down 0.8%

NYSE:CAG traded down $0.14 during mid-day trading on Thursday, hitting $18.75. 11,557,400 shares of the company's stock traded hands, compared to its average volume of 10,927,544. The company has a fifty day moving average of $19.12 and a 200 day moving average of $22.18. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $32.90. The company has a market capitalization of $8.97 billion, a P/E ratio of 7.84, a P/E/G ratio of 1.80 and a beta of 0.07. 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 announced its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the company earned $0.61 earnings per share. The company's quarterly revenue was down 4.3% on a year-over-year basis. On average, analysts forecast that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Wednesday, July 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend was Wednesday, July 30th. Conagra Brands's dividend payout ratio is currently 58.58%.

Conagra Brands 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.