Conagra Brands $CAG Shares Sold by Swedbank AB

Key Points

• Swedbank AB cut its Conagra Brands stake by 63.6% in the fourth quarter, selling 128,168 shares and leaving it with 73,300 shares valued at about $1.27 million.
• Conagra reported mixed quarterly results, with EPS of $0.39 missing estimates by $0.01 while revenue of $2.79 billion slightly topped expectations, though revenue still fell 1.9% year over year.
• The company’s dividend remains a major focal point: Conagra declared a quarterly payout of $0.35 per share, implying a very high annualized yield of 10.5%, even as analysts generally remain cautious with a consensus rating of “Reduce.”

Swedbank AB lowered its stake in Conagra Brands (NYSE:CAG - Free Report) by 63.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,300 shares of the company's stock after selling 128,168 shares during the quarter. Swedbank AB's holdings in Conagra Brands were worth $1,269,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands in the second quarter worth about $26,000. MUFG Securities EMEA plc acquired a new stake in Conagra Brands in the second quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Conagra Brands in the third quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Conagra Brands by 100.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,000 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new stake in Conagra Brands in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Price Performance

Shares of Conagra Brands stock opened at $13.32 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. The company's 50-day moving average price is $14.63 and its two-hundred day moving average price is $16.69. Conagra Brands has a 52 week low of $13.14 and a 52 week high of $23.09. The stock has a market cap of $6.37 billion and a PE ratio of -133.14.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.Conagra Brands's revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.51 earnings per share. As a group, sell-side analysts anticipate that Conagra Brands will post 1.7 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders 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 yield of 10.5%. The ex-dividend date is Thursday, April 30th. Conagra Brands's payout ratio is presently -1,400.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CAG shares. Jefferies Financial Group reduced their price objective on shares of Conagra Brands from $15.00 to $13.00 and set a "hold" rating for the company in a report on Wednesday. Barclays reduced their price objective on shares of Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. The Goldman Sachs Group dropped their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating on the stock in a research report on Thursday, April 2nd. Stifel Nicolaus dropped their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating on the stock in a research report on Tuesday, April 21st. Finally, UBS Group dropped their price target on shares of Conagra Brands from $20.00 to $16.00 and set a "neutral" rating on the stock in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Conagra Brands has an average rating of "Reduce" and a consensus target price of $15.47.

Insider Activity

In related news, Director Richard H. Lenny acquired 25,000 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were purchased at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the acquisition, the director owned 229,340 shares in the company, valued at approximately $3,288,735.60. This represents a 12.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John J. Mulligan acquired 17,500 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were bought at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the acquisition, the director owned 20,728 shares in the company, valued at approximately $296,617.68. This trade represents a 542.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.57% of the stock is currently owned by insiders.

Conagra Brands 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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