Engineers Gate Manager LP Invests $2.10 Million in Conagra Brands $CAG

Key Points

• Engineers Gate Manager LP acquired 155,780 Conagra Brands shares worth approximately $2.10 million, while institutional investors collectively own 83.75% of the company.
• Conagra reported quarterly EPS of $0.47, slightly above estimates, while revenue of $2.88 billion was just below consensus; revenue increased 3.6% year over year.
• Analyst sentiment remains cautious, with an average “Reduce” rating and a $14.03 consensus price target versus the stock’s $15.04 price. The company pays a quarterly dividend of $0.175, representing a 4.7% annualized yield.

Engineers Gate Manager LP acquired a new stake in shares of Conagra Brands (NYSE:CAG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 155,780 shares of the company's stock, valued at approximately $2,097,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harbour Investments Inc. grew its position in Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after purchasing an additional 701 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in shares of Conagra Brands by 156.9% in the first quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company's stock worth $26,000 after buying an additional 1,029 shares during the last quarter. Rakuten Securities Inc. raised its holdings in shares of Conagra Brands by 339.7% in the second quarter. Rakuten Securities Inc. now owns 2,273 shares of the company's stock worth $31,000 after buying an additional 1,756 shares during the last quarter. Ascentis Independent Advisors acquired a new stake in shares of Conagra Brands during the first quarter worth $38,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Conagra Brands during the second quarter worth $41,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Stock Up 1.7%

NYSE:CAG opened at $15.04 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The company's fifty day moving average price is $15.16 and its 200-day moving average price is $14.89. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $20.32. The firm has a market capitalization of $7.20 billion, a P/E ratio of -3.76 and a beta of -0.01.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.01. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The company had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the previous year, the firm posted $0.56 earnings per share. The firm's quarterly revenue was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. As a group, equities research analysts anticipate that Conagra Brands will post 1.45 EPS for the current year.

Conagra Brands Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th were paid a dividend of $0.175 per share. The ex-dividend date was Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.7%. Conagra Brands's dividend payout ratio (DPR) is presently -17.50%.

Wall Street Analyst Weigh In

CAG has been the topic of several research reports. Sanford C. Bernstein reissued an "underperform" rating and issued a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Evercore set a $12.50 price target on Conagra Brands in a research report on Monday. JPMorgan Chase & Co. boosted their price target on Conagra Brands from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Barclays increased their price objective on Conagra Brands from $16.00 to $17.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Finally, BNP Paribas Exane reduced their price objective on Conagra Brands from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Thursday, May 21st. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $14.03.

About Conagra Brands

Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender's, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt's and PAM.

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