Summit Global Investments Reduces Position in Conagra Brands, Inc. (NYSE:CAG)

Summit Global Investments decreased its holdings in Conagra Brands, Inc. (NYSE:CAG - Free Report) by 88.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,895 shares of the company's stock after selling 213,011 shares during the quarter. Summit Global Investments' holdings in Conagra Brands were worth $771,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CAG. Norges Bank bought a new stake in shares of Conagra Brands in the fourth quarter worth $168,877,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Conagra Brands in the fourth quarter worth $110,704,000. Two Sigma Advisers LP grew its stake in shares of Conagra Brands by 33.9% in the fourth quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock worth $225,746,000 after purchasing an additional 2,058,000 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Conagra Brands by 51.6% in the fourth quarter. Deutsche Bank AG now owns 5,664,293 shares of the company's stock worth $157,184,000 after purchasing an additional 1,928,883 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Conagra Brands by 18.5% in the fourth quarter. Invesco Ltd. now owns 11,161,355 shares of the company's stock worth $309,728,000 after purchasing an additional 1,745,319 shares during the last quarter. Institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CAG. Barclays cut their price target on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. cut their price target on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley assumed coverage on shares of Conagra Brands in a research report on Monday, March 24th. They set an "equal weight" rating and a $27.00 price target on the stock. Stifel Nicolaus dropped their price objective on shares of Conagra Brands from $28.00 to $26.00 and set a "hold" rating on the stock in a report on Wednesday, February 19th. Finally, Wells Fargo & Company dropped their price objective on shares of Conagra Brands from $27.00 to $23.00 and set an "equal weight" rating on the stock in a report on Monday. Nine analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Conagra Brands presently has a consensus rating of "Hold" and a consensus price target of $27.10.

Conagra Brands Stock Down 0.3%

Shares of CAG traded down $0.06 on Wednesday, reaching $22.62. The company's stock had a trading volume of 1,359,925 shares, compared to its average volume of 5,425,198. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. Conagra Brands, Inc. has a twelve month low of $21.98 and a twelve month high of $33.24. The stock has a market capitalization of $10.80 billion, a PE ratio of 22.18, a PEG ratio of 1.76 and a beta of 0.18. The firm has a fifty day moving average of $24.30 and a 200-day moving average of $25.66.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.92 billion. Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The company's revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. Equities analysts predict that Conagra Brands, Inc. will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, April 28th were paid a $0.35 dividend. The ex-dividend date was Monday, April 28th. This represents a $1.40 annualized dividend and a yield of 6.19%. Conagra Brands's dividend payout ratio (DPR) is 205.88%.

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.