Ethic Inc. Raises Stock Holdings in Conagra Brands $CAG

Key Points

• Ethic Inc. increased its stake in Conagra Brands by 14.3% during the 1st quarter, growing to a total of 223,991 shares worth approximately $5.96 million.
• Conagra Brands' stock was downgraded by multiple analysts, with targets reduced to as low as $20, while the consensus rating remains a "Hold" with a price target of $22.58.
• The company reported $0.56 earnings per share for the most recent quarter, missing expectations and showing a 4.3% revenue decline compared to the previous year.

Ethic Inc. boosted its stake in Conagra Brands (NYSE:CAG - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 223,991 shares of the company's stock after acquiring an additional 28,080 shares during the period. Ethic Inc.'s holdings in Conagra Brands were worth $5,958,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of CAG. Beacon Investment Advisory Services Inc. lifted its holdings in Conagra Brands by 3.2% during the first quarter. Beacon Investment Advisory Services Inc. now owns 14,548 shares of the company's stock valued at $388,000 after purchasing an additional 450 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in Conagra Brands by 82.3% in the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after purchasing an additional 452 shares during the last quarter. Hexagon Capital Partners LLC increased its position in Conagra Brands by 33.6% in the first quarter. Hexagon Capital Partners LLC now owns 2,009 shares of the company's stock worth $54,000 after purchasing an additional 505 shares during the last quarter. Capstone Triton Financial Group LLC increased its position in Conagra Brands by 1.5% during the fourth quarter. Capstone Triton Financial Group LLC now owns 35,860 shares of the company's stock valued at $995,000 after acquiring an additional 535 shares during the last quarter. Finally, Equitable Trust Co. increased its position in Conagra Brands by 1.8% during the first quarter. Equitable Trust Co. now owns 29,927 shares of the company's stock valued at $798,000 after acquiring an additional 536 shares during the last quarter. Institutional investors own 83.75% of the company's stock.

Conagra Brands Stock Down 0.2%

CAG stock traded down $0.0390 during trading on Wednesday, hitting $19.2310. 4,978,466 shares of the company's stock were exchanged, compared to its average volume of 7,698,117. The business has a 50-day moving average price of $19.98 and a two-hundred day moving average price of $23.08. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.82 and a beta of 0.08. Conagra Brands has a 52-week low of $18.18 and a 52-week 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.

Conagra Brands (NYSE:CAG - Get Free Report) last released its quarterly earnings results on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). The firm had revenue of $2,781,800 billion for the quarter, compared to analyst estimates of $2.88 billion. Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The company's quarterly revenue was down 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.61 EPS. As a group, equities research analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 7.3%. The ex-dividend date is Wednesday, July 30th. Conagra Brands's payout ratio is presently 58.58%.

Wall Street Analyst Weigh In

CAG has been the subject of several recent research reports. Stifel Nicolaus reduced their price target 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. Morgan Stanley cut 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 report on Friday, July 11th. Barclays cut their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. JPMorgan Chase & Co. started coverage on Conagra Brands in a research report on Wednesday. They set a "neutral" rating and a $20.00 target price on the stock. Finally, UBS Group decreased their price objective on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $22.17.

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.