Deutsche Bank AG Trims Position in Conagra Brands (NYSE:CAG)

Key Points

• Deutsche Bank AG reduced its stake in Conagra Brands by 1.9%, owning approximately 5.56 million shares valued at $148 million as of the latest SEC filing.
• Conagra Brands reported a quarterly earnings miss with $0.56 EPS, falling short of the expected $0.61, and a revenue drop of 4.3% year-over-year, totaling $2.78 billion.
• The company declared a quarterly dividend of $0.35, reflecting an annualized yield of 7.3%, set to be paid on August 28th for shareholders of record by July 30th.

Deutsche Bank AG lowered its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,558,462 shares of the company's stock after selling 105,831 shares during the quarter. Deutsche Bank AG owned 1.16% of Conagra Brands worth $148,244,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CAG. Ameriprise Financial Inc. raised its position in Conagra Brands by 104.1% in the 4th quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock worth $49,776,000 after purchasing an additional 914,820 shares during the period. Victory Capital Management Inc. increased its position in shares of Conagra Brands by 11.9% during the first quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock valued at $22,459,000 after buying an additional 89,445 shares during the period. Impact Partnership Wealth LLC purchased a new position in shares of Conagra Brands during the first quarter valued at about $396,000. OneDigital Investment Advisors LLC increased its position in shares of Conagra Brands by 42.1% during the first quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock valued at $289,000 after buying an additional 3,207 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Conagra Brands by 6.8% during the first 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 in the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Analysts Set New Price Targets

CAG has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Friday, July 11th. UBS Group decreased their price objective on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Evercore ISI reduced their target price on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating for the company in a report on Friday, July 11th. Stifel Nicolaus reduced their target price on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a report on Friday, July 11th. Finally, Royal Bank Of Canada reduced their price objective on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating for the company in a research note on Friday, July 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $22.58.

Conagra Brands Price Performance

Shares of NYSE:CAG traded up $0.13 during midday trading on Wednesday, reaching $19.63. 3,193,435 shares of the company were exchanged, compared to its average volume of 7,671,888. Conagra Brands has a one year low of $18.18 and a one year high of $33.24. The company has a current ratio of 0.71, a quick ratio of 0.24 and a debt-to-equity ratio of 0.70. The business's fifty day moving average is $20.29 and its two-hundred day moving average is $23.31. The stock has a market cap of $9.39 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 1.84 and a beta of 0.08.

Conagra Brands (NYSE:CAG - Get Free Report) last released its quarterly earnings data on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The business had revenue of $2,781,800 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the business earned $0.61 EPS. Conagra Brands's revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, analysts predict 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 will be paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Wednesday, July 30th. 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.