Conagra Brands $CAG Shares Sold by Twin Tree Management LP

Key Points

• Twin Tree Management cut its Conagra Brands stake by 55.7% in the second quarter, selling 100,259 shares and retaining 79,643 shares valued at approximately $1.07 million. Other major institutions, including BlackRock, State Street, Dimensional Fund Advisors, Invesco and Morgan Stanley, increased or initiated positions; institutional investors own 83.75% of the stock.
• Conagra reported quarterly EPS of $0.47, slightly above the $0.46 consensus estimate, while revenue of $2.88 billion narrowly missed expectations. Shares opened at $16.45, above their 50-day moving average, but remain below the 52-week high of $20.32.
• The company declared a quarterly dividend of $0.175, equivalent to a 4.3% annualized yield. Analysts have broadly downgraded their outlook, with a consensus “Reduce” rating and an average price target of $14.07.

Twin Tree Management LP reduced its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 55.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 79,643 shares of the company's stock after selling 100,259 shares during the period. Twin Tree Management LP's holdings in Conagra Brands were worth $1,072,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Conagra Brands during the second quarter worth about $1,071,275,000. State Street Corp lifted its position in shares of Conagra Brands by 2.3% during the 2nd quarter. State Street Corp now owns 26,202,392 shares of the company's stock valued at $536,363,000 after acquiring an additional 588,435 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Conagra Brands by 9.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,323,789 shares of the company's stock worth $303,771,000 after acquiring an additional 1,701,624 shares during the period. Invesco Ltd. raised its holdings in Conagra Brands by 13.3% during the fourth quarter. Invesco Ltd. now owns 17,667,780 shares of the company's stock worth $305,829,000 after purchasing an additional 2,079,903 shares during the last quarter. Finally, Morgan Stanley grew its stake in Conagra Brands by 18.5% in the 4th quarter. Morgan Stanley now owns 15,229,557 shares of the company's stock valued at $263,624,000 after acquiring an additional 2,376,823 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Stock Up 1.1%

Shares of NYSE CAG opened at $16.45 on Friday. The stock has a market capitalization of $7.87 billion, a PE ratio of -4.11 and a beta of -0.03. 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 firm has a fifty day moving average of $14.50 and a 200-day moving average of $15.35. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $20.32.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same period last year, the company posted $0.56 EPS. The business's quarterly revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, analysts anticipate that Conagra Brands will post 1.45 EPS for the current year.

Conagra Brands Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be issued a $0.175 dividend. The ex-dividend date is Thursday, July 30th. This represents a $0.70 annualized dividend and a yield of 4.3%. Conagra Brands's dividend payout ratio (DPR) is presently -17.50%.

Analyst Ratings Changes

Several research firms have recently commented on CAG. Evercore lowered their price target on shares of Conagra Brands from $18.00 to $13.00 in a research report on Wednesday, June 10th. Morgan Stanley decreased their price objective on Conagra Brands from $15.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Friday, June 5th. Weiss Ratings lowered shares of Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, June 25th. Royal Bank Of Canada cut their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a "sector perform" rating for the company in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Conagra Brands from $14.00 to $12.00 and set a "hold" rating for the company in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $14.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source