DAVENPORT & Co LLC Has $2.04 Million Stake in Conagra Brands (NYSE:CAG)

DAVENPORT & Co LLC trimmed its position in Conagra Brands (NYSE:CAG - Free Report) by 36.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,432 shares of the company's stock after selling 43,271 shares during the quarter. DAVENPORT & Co LLC's holdings in Conagra Brands were worth $2,038,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CAG. Norges Bank acquired a new position in shares of Conagra Brands in the fourth quarter valued at $168,877,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Conagra Brands in the fourth quarter valued at $110,704,000. Two Sigma Advisers LP raised 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 valued at $225,746,000 after purchasing an additional 2,058,000 shares in the last quarter. Deutsche Bank AG raised 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 valued at $157,184,000 after purchasing an additional 1,928,883 shares in the last quarter. Finally, Invesco Ltd. raised 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 valued at $309,728,000 after purchasing an additional 1,745,319 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CAG shares. Barclays dropped their price objective on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. Wells Fargo & Company dropped their price objective on Conagra Brands from $27.00 to $23.00 and set an "equal weight" rating for the company in a research note on Monday, June 2nd. JPMorgan Chase & Co. dropped their price objective on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. UBS Group dropped their price objective on Conagra Brands from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group lowered Conagra Brands from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $26.00 to $21.00 in a research note on Monday, June 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $24.82.

Conagra Brands Stock Performance

Shares of NYSE:CAG opened at $21.00 on Friday. Conagra Brands has a twelve month low of $20.26 and a twelve month high of $33.24. The firm has a market cap of $10.02 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 1.59 and a beta of 0.11. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.23 and a current ratio of 0.69. The business has a fifty day moving average of $22.37 and a 200-day moving average of $24.72.

Conagra Brands (NYSE:CAG - Get Free Report) last announced 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). Conagra Brands had a net margin of 2.80% and a return on equity of 12.94%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter last year, the business posted $0.69 earnings per share. The business's quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts predict that Conagra Brands will post 2.35 EPS for the current fiscal year.

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.

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