Conagra Brands (NYSE:CAG) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Conagra Brands by 6.8%, owning 259,697 shares valued at approximately $6.9 million as of the latest SEC filing.
• Conagra Brands reported earnings per share of $0.56 for the last quarter, missing analyst expectations of $0.61, with year-over-year revenue down 4.3% to $2.78 billion.
• The company declared a quarterly dividend of $0.35 per share, yielding about 7.55%, with payment scheduled for August 28th to investors of record on July 30th.

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Conagra Brands (NYSE:CAG - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 259,697 shares of the company's stock after buying an additional 16,546 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Conagra Brands worth $6,926,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Bessemer Group Inc. raised its position in Conagra Brands by 0.6% during the 4th quarter. Bessemer Group Inc. now owns 78,038 shares of the company's stock worth $2,166,000 after buying an additional 429 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its position in Conagra Brands by 3.2% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 14,548 shares of the company's stock worth $388,000 after buying an additional 450 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in 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 during the last quarter. Summit Financial Wealth Advisors LLC raised its position in Conagra Brands by 1.3% during the 4th quarter. Summit Financial Wealth Advisors LLC now owns 40,455 shares of the company's stock worth $1,030,000 after buying an additional 500 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its position in Conagra Brands by 33.6% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,009 shares of the company's stock worth $54,000 after buying an additional 505 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group cut their price objective on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Wells Fargo & Company cut their price target on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Wednesday, July 9th. Sanford C. Bernstein set a $21.00 price target on shares of Conagra Brands and gave the company a "market perform" rating in a report on Friday, July 11th. Bank of America downgraded shares of Conagra Brands from a "neutral" rating to an "underperform" rating and cut their price target for the company from $27.00 to $20.00 in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $22.58.

Conagra Brands Price Performance

NYSE:CAG traded up $0.26 during mid-day trading on Friday, hitting $18.52. 11,513,183 shares of the company's stock traded hands, compared to its average volume of 12,705,398. 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 firm's 50 day simple moving average is $20.79 and its 200 day simple moving average is $23.64. Conagra Brands has a 1 year low of $18.18 and a 1 year high of $33.24. The company has a market cap of $8.84 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 1.75 and a beta of 0.08.

Conagra Brands (NYSE:CAG - Get Free Report) last released its quarterly earnings results on Thursday, July 10th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate 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 $2,781,800 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the business earned $0.61 earnings per share. Conagra Brands's revenue for the quarter was down 4.3% on a year-over-year basis. Sell-side analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend is Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is currently 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.