Conagra Brands (NYSE:CAG) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama grew its stake in Conagra Brands (NYSE:CAG - Free Report) by 988.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,125,033 shares of the company's stock after buying an additional 1,021,698 shares during the period. Retirement Systems of Alabama owned 0.24% of Conagra Brands worth $30,005,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC raised its position in Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after purchasing an additional 452 shares during the last quarter. Riverview Trust Co purchased a new stake in Conagra Brands in the 4th quarter valued at $29,000. SBI Securities Co. Ltd. purchased a new stake in Conagra Brands in the 4th quarter valued at $41,000. AdvisorNet Financial Inc raised its position in Conagra Brands by 86.1% in the 1st quarter. AdvisorNet Financial Inc now owns 1,491 shares of the company's stock valued at $40,000 after purchasing an additional 690 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in Conagra Brands in the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CAG. JPMorgan Chase & Co. reduced their price target on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company 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 objective for the company. Wells Fargo & Company cut their price objective on shares of Conagra Brands from $27.00 to $23.00 and set an "equal weight" rating for the company in a research report on Monday, June 2nd. Barclays cut their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Finally, Bank of America downgraded shares of Conagra Brands from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $27.00 to $20.00 in a research report on Thursday, June 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $25.36.

Conagra Brands Stock Performance

Shares of CAG opened at $21.50 on Friday. The company has a 50-day simple moving average of $23.25 and a 200-day simple moving average of $25.20. The company has a quick ratio of 0.23, a current ratio of 0.69 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $10.26 billion, a PE ratio of 31.61, a P/E/G ratio of 1.58 and a beta of 0.14. Conagra Brands has a 52-week low of $21.18 and a 52-week high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The company had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.92 billion. Conagra Brands had a net margin of 2.80% and a return on equity of 12.94%. The business's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. Equities research analysts predict that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, April 28th were issued a $0.35 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.51%. Conagra Brands's dividend payout ratio is presently 205.88%.

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.

Want to see what other hedge funds are holding CAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Conagra Brands (NYSE:CAG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.