HighTower Advisors LLC Has $4.08 Million Stock Position in Conagra Brands $CAG

Key Points

• HighTower Advisors LLC increased its stake in Conagra Brands by 44.3% in the first quarter, holding 153,056 shares worth approximately $4.08 million.
• Multiple institutional investors, including Deutsche Bank AG and Vanguard Group Inc., made significant increases to their positions in Conagra Brands, with 83.75% of the stock now owned by institutional investors and hedge funds.
• Conagra Brands reported a miss on earnings with $0.56 per share against an expected $0.61, and its revenue for the quarter was down 4.3% compared to last year.

HighTower Advisors LLC boosted its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 44.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 153,056 shares of the company's stock after purchasing an additional 46,979 shares during the quarter. HighTower Advisors LLC's holdings in Conagra Brands were worth $4,082,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Two Sigma Advisers LP raised its holdings in 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 acquiring an additional 2,058,000 shares during the period. Deutsche Bank AG grew its holdings in Conagra Brands by 51.6% in the 4th quarter. Deutsche Bank AG now owns 5,664,293 shares of the company's stock valued at $157,184,000 after buying an additional 1,928,883 shares during the last quarter. KBC Group NV grew its holdings in Conagra Brands by 560.1% in the 1st quarter. KBC Group NV now owns 2,042,766 shares of the company's stock valued at $54,480,000 after buying an additional 1,733,297 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Conagra Brands by 2.7% in the first quarter. Vanguard Group Inc. now owns 60,403,845 shares of the company's stock valued at $1,610,971,000 after acquiring an additional 1,604,893 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Conagra Brands by 5,102.8% during the first quarter. Assenagon Asset Management S.A. now owns 1,216,421 shares of the company's stock worth $32,442,000 after acquiring an additional 1,193,041 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Price Performance

NYSE:CAG traded up $0.3730 during trading hours on Friday, reaching $19.6730. The company had a trading volume of 12,181,329 shares, compared to its average volume of 10,600,031. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average of $19.82 and a two-hundred day moving average of $22.96. Conagra Brands has a one year low of $18.18 and a one year high of $33.24. The firm has a market capitalization of $9.42 billion, a PE ratio of 8.23, a PEG ratio of 1.88 and a beta of 0.08.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its earnings results on Thursday, July 10th. The company reported $0.56 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 firm had revenue of $2,781,800 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the firm posted $0.61 EPS. The firm's revenue for the quarter was down 4.3% on a year-over-year basis. Analysts forecast 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 will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend is Wednesday, July 30th. Conagra Brands's dividend payout ratio is currently 58.58%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Morgan Stanley reduced their price target on shares of Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Friday, July 11th. Wells Fargo & Company lowered their price target on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. Royal Bank Of Canada reduced their price objective on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating for the company in a research report on Friday, July 11th. Evercore ISI lowered their price objective on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research report on Friday, July 11th. Finally, The Goldman Sachs Group lowered Conagra Brands from a "neutral" rating to a "sell" rating and cut their target price for the company from $26.00 to $21.00 in a research note on Monday, June 9th. One equities research 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 given a Sell rating to the company's stock. According to MarketBeat, the stock 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.