Conagra Brands $CAG Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Conagra Brands stake by 68.5% in the second quarter, selling 340,435 shares and retaining 156,563 shares worth approximately $2.1 million. Institutional investors and hedge funds collectively own 83.75% of CAG.
• Conagra reported quarterly EPS of $0.47, slightly exceeding estimates, while revenue reached $2.88 billion, up 3.6% year over year but narrowly below expectations. The company’s FY 2027 EPS guidance is $1.40–$1.50.
• CAG shares opened at $14.59, near the analyst consensus price target of $14.07. Analysts maintain a consensus “Reduce” rating, while the company pays a quarterly dividend of $0.175 per share, representing a 4.8% annualized yield.

The Manufacturers Life Insurance Company trimmed its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 68.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 156,563 shares of the company's stock after selling 340,435 shares during the period. The Manufacturers Life Insurance Company's holdings in Conagra Brands were worth $2,107,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CAG. Goldman Sachs Group Inc. lifted its stake in shares of Conagra Brands by 23.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company's stock valued at $140,659,000 after purchasing an additional 1,554,725 shares during the period. Leonteq Securities AG purchased a new stake in Conagra Brands during the fourth quarter worth about $2,415,000. Marathon Trading Investment Management LLC acquired a new position in Conagra Brands during the fourth quarter worth about $1,367,000. Hsbc Holdings PLC grew its position in Conagra Brands by 25.0% during the fourth quarter. Hsbc Holdings PLC now owns 785,989 shares of the company's stock worth $13,634,000 after buying an additional 157,423 shares during the period. Finally, AIA Group Ltd increased its holdings in Conagra Brands by 319.5% in the first quarter. AIA Group Ltd now owns 411,099 shares of the company's stock valued at $6,462,000 after buying an additional 313,106 shares in the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Conagra Brands Stock Down 0.1%

Shares of NYSE:CAG opened at $14.59 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.90 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $6.98 billion, a P/E ratio of -3.65 and a beta of -0.01. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $20.32. The stock's fifty day simple moving average is $15.12 and its 200-day simple moving average is $14.95.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.01. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The firm had revenue of $2.88 billion during the quarter, compared to analysts' expectations of $2.89 billion. During the same quarter last year, the business posted $0.56 EPS. The firm's quarterly revenue was up 3.6% compared to the same quarter last year. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. As a group, equities research analysts forecast that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Thursday, July 30th were issued a dividend of $0.175 per share. The ex-dividend date was Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.8%. Conagra Brands's payout ratio is -17.50%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CAG. Barclays lifted their price target on shares of Conagra Brands from $16.00 to $17.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Jefferies Financial Group dropped their price objective on Conagra Brands from $15.00 to $13.00 and set a "hold" rating for the company in a research note on Wednesday, May 27th. Wells Fargo & Company reduced their price objective on Conagra Brands from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Monday, May 18th. Royal Bank Of Canada decreased their target price on Conagra Brands from $16.00 to $14.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Conagra Brands from $14.00 to $12.00 and set a "hold" rating on the stock in a report on Thursday, June 18th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $14.07.

About Conagra Brands

Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender's, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt's and PAM.

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