Ameriprise Financial Inc. Buys 4,191,555 Shares of Conagra Brands $CAG

Key Points

• Ameriprise Financial Inc. increased its stake in Conagra Brands by 233.7% during the first quarter, owning nearly 6 million shares worth around $159.6 million.
• Analysts have issued mixed ratings on Conagra Brands, with a consensus rating of “Hold” and an average price target of $22.17.
• Conagra Brands' quarterly earnings missed expectations, reporting $0.56 EPS compared to the consensus estimate of $0.61, and its revenue decreased by 4.3% year-over-year.

Ameriprise Financial Inc. boosted its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 233.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,985,256 shares of the company's stock after purchasing an additional 4,191,555 shares during the period. Ameriprise Financial Inc. owned approximately 1.25% of Conagra Brands worth $159,625,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Alpine Bank Wealth Management acquired a new stake in Conagra Brands during the 1st quarter valued at $26,000. Capital Advisors Ltd. LLC raised its position in shares of Conagra Brands by 82.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after buying an additional 452 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Conagra Brands during the 1st quarter worth about $27,000. Golden State Wealth Management LLC raised its position in shares of Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock worth $28,000 after buying an additional 741 shares in the last quarter. Finally, Wayfinding Financial LLC acquired a new position in shares of Conagra Brands in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CAG. Evercore ISI dropped their target price on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a report on Friday, July 11th. The Goldman Sachs Group downgraded shares of Conagra Brands from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $26.00 to $21.00 in a report on Monday, June 9th. Stifel Nicolaus cut their price target on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating on the stock in a report on Friday, July 11th. UBS Group cut their price target on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Finally, Wells Fargo & Company cut their price target on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Stock Up 1.1%

CAG stock traded up $0.22 during trading hours on Friday, hitting $19.01. The company's stock had a trading volume of 3,239,498 shares, compared to its average volume of 8,047,888. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $9.10 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 1.83 and a beta of 0.08. Conagra Brands has a 12 month low of $18.18 and a 12 month high of $33.24. The stock has a 50 day moving average price of $19.62 and a two-hundred day moving average price of $22.81.

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 analysts' consensus estimates of $0.61 by ($0.05). Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the firm posted $0.61 earnings per share. Conagra Brands's quarterly revenue was down 4.3% compared to the same quarter last year. On average, equities research analysts expect that Conagra Brands will post 2.35 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Wednesday, July 30th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, July 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.4%. Conagra Brands's dividend payout ratio (DPR) is 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.