Conagra Brands $CAG Shares Sold by Korea Investment CORP

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 holdings in shares of 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 fund 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 quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its stake in Conagra Brands by 104.1% during the fourth quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock worth $49,776,000 after acquiring an additional 914,820 shares during the last quarter. Victory Capital Management Inc. increased its stake in Conagra Brands by 11.9% during the first quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock worth $22,459,000 after acquiring an additional 89,445 shares during the last quarter. Impact Partnership Wealth LLC acquired a new stake in Conagra Brands during the first quarter worth $396,000. OneDigital Investment Advisors LLC increased its stake in Conagra Brands by 42.1% during the first quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock worth $289,000 after acquiring an additional 3,207 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Conagra Brands by 6.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after purchasing an additional 16,546 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company's stock.

Analyst Ratings Changes

CAG has been the topic of a number of research reports. The Goldman Sachs Group cut Conagra Brands from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $26.00 to $21.00 in a research note on Monday, June 9th. Barclays decreased their price target on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Morgan Stanley decreased their price target on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Friday, July 11th. Royal Bank Of Canada decreased their price target on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. initiated coverage on Conagra Brands in a research note on Wednesday. They set a "neutral" rating and a $20.00 price target on the stock. One research 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Stock Down 0.1%

Shares of NYSE CAG opened at $19.2450 on Thursday. The stock has a market cap of $9.21 billion, a P/E ratio of 8.05, a PEG ratio of 1.85 and a beta of 0.08. The company has a current ratio of 0.71, a quick ratio of 0.24 and a debt-to-equity ratio of 0.70. Conagra Brands has a 12-month low of $18.18 and a 12-month high of $33.24. The business's fifty day simple moving average is $19.92 and its 200-day simple moving average is $23.05.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $2,781,800 billion during 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 revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.61 earnings per share. As a group, equities analysts predict that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

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

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.

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