Conagra Brands $CAG Stock Holdings Trimmed by QSM Asset Management Ltd

Key Points

• QSM Asset Management Ltd reduced its stake in Conagra Brands by 5.2%, now holding approximately 307,256 shares worth $6.29 million, which makes it the 9th largest position in their portfolio.
• Conagra Brands has recently faced market challenges, missing its quarterly earnings estimates with $0.56 EPS compared to the consensus of $0.61, and reporting a 4.3% year-over-year revenue decline.
• The company announced a $0.35 quarterly dividend with an annual yield of 7.6%, indicating a solid return for shareholders despite recent performance issues.

QSM Asset Management Ltd trimmed its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 5.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 307,256 shares of the company's stock after selling 16,973 shares during the quarter. Conagra Brands accounts for about 5.8% of QSM Asset Management Ltd's portfolio, making the stock its 9th largest position. QSM Asset Management Ltd owned approximately 0.06% of Conagra Brands worth $6,290,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in Conagra Brands by 11.9% during the 1st 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 period. Impact Partnership Wealth LLC acquired a new stake in Conagra Brands during the 1st quarter worth about $396,000. OneDigital Investment Advisors LLC lifted its position in Conagra Brands by 42.1% during the 1st 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 period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Conagra Brands by 6.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after acquiring an additional 16,546 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Conagra Brands by 269.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 207,417 shares of the company's stock worth $5,532,000 after acquiring an additional 151,209 shares during the period. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAG has been the subject of a number of research reports. Sanford C. Bernstein set a $21.00 price target on Conagra Brands and gave the stock a "market perform" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on Conagra Brands in a research report on Wednesday, August 20th. They set a "neutral" rating and a $20.00 price target for the company. Wells Fargo & Company lowered their price target on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 9th. Stifel Nicolaus decreased their price objective on Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a report on Friday, July 11th. Finally, UBS Group decreased their price objective on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, July 11th. One equities 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. Based on data from MarketBeat, Conagra Brands presently has an average rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Trading Down 1.1%

Shares of Conagra Brands stock opened at $18.34 on Tuesday. The firm has a market capitalization of $8.78 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 1.77 and a beta of 0.07. Conagra Brands has a fifty-two week low of $18.18 and a fifty-two week high of $32.90. 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 has a 50 day moving average of $19.08 and a 200 day moving average of $22.02.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data 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 $2.78 billion during the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The company's revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.61 earnings per share. As a group, research analysts predict that Conagra Brands will post 2.35 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date was Wednesday, July 30th. Conagra Brands's dividend payout ratio is 58.58%.

About Conagra Brands

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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