Korea Investment CORP Has $21.14 Million Holdings in Conagra Brands $CAG

Key Points

• Korea Investment CORP has reduced its stake in Conagra Brands by 3.1%, holding approximately 792,538 shares worth about $21 million.
• Analysts have generally issued a consensus rating of "Hold" for Conagra Brands, with a price target averaging around $22.17, amid recent adjustments from several institutions.
• Conagra Brands reported a decline in revenue of 4.3% year-over-year and missed earnings estimates, posting $0.56 EPS against a consensus of $0.61.

Korea Investment CORP decreased its position in Conagra Brands (NYSE:CAG - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 792,538 shares of the company's stock after selling 25,406 shares during the quarter. Korea Investment CORP owned about 0.17% of Conagra Brands worth $21,137,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Alpine Bank Wealth Management acquired a new stake in shares of Conagra Brands in the first quarter valued at $26,000. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Conagra Brands in the first quarter valued at $27,000. Capital Advisors Ltd. LLC lifted its holdings in shares of Conagra Brands by 82.3% in the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after buying an additional 452 shares during the period. Golden State Wealth Management LLC lifted its holdings in shares of Conagra Brands by 235.2% in the first quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after buying an additional 741 shares during the period. Finally, Wayfinding Financial LLC acquired a new stake in shares of Conagra Brands in the first quarter valued at $34,000. Institutional investors and hedge funds own 83.75% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on CAG shares. Barclays cut their price objective on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Bank of America downgraded Conagra Brands from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $27.00 to $20.00 in a report on Thursday, June 12th. Evercore ISI reduced their target price on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating for the company in a report on Friday, July 11th. UBS Group reduced their target price on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Finally, The Goldman Sachs Group downgraded Conagra Brands from a "neutral" rating to a "sell" rating and reduced their target price for the company from $26.00 to $21.00 in a report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $22.17.

Conagra Brands Stock Down 1.9%

NYSE:CAG traded down $0.37 during trading hours on Tuesday, hitting $18.79. 55,004,022 shares of the company's stock traded hands, compared to its average volume of 10,670,493. The firm has a market cap of $8.99 billion, a P/E ratio of 7.86, a P/E/G ratio of 1.83 and a beta of 0.08. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $33.24. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71. The stock's fifty day moving average price is $19.72 and its two-hundred day moving average price is $22.87.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.05). The business had revenue of $2,781,800 billion for the quarter, compared to analyst estimates of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm's quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.61 earnings per share. On average, research analysts expect that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Wednesday, July 30th will be 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 is Wednesday, July 30th. Conagra Brands's payout ratio is presently 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.