Federated Hermes Inc. Decreases Stake in Conagra Brands (NYSE:CAG)

Key Points

• Federated Hermes Inc. reduced its stake in Conagra Brands by 67.8%, holding 21,408 shares worth $571,000 as of its latest SEC filing.
• Conagra Brands' quarterly earnings fell short of expectations, reporting $0.56 EPS and a revenue of $2.78 billion, which was 4.3% lower than the previous year.
• The company announced a quarterly dividend of $0.35 per share, giving an annualized dividend yield of 7.3% for shareholders.

Federated Hermes Inc. decreased its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 67.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,408 shares of the company's stock after selling 45,027 shares during the quarter. Federated Hermes Inc.'s holdings in Conagra Brands were worth $571,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CAG. Alpine Bank Wealth Management bought a new stake in shares of Conagra Brands in the 1st quarter valued at about $26,000. Capital Advisors Ltd. LLC grew 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 purchasing an additional 452 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Conagra Brands in the 1st quarter valued at $27,000. Golden State Wealth Management LLC boosted its holdings in shares of Conagra Brands by 235.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after acquiring an additional 741 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Conagra Brands in the 1st quarter valued at $34,000. Institutional investors own 83.75% of the company's stock.

Conagra Brands Stock Performance

Shares of CAG traded up $0.02 during mid-day trading on Monday, reaching $19.27. 9,724,432 shares of the company's stock were exchanged, compared to its average volume of 7,670,365. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.71 and a quick ratio of 0.24. The business's fifty day simple moving average is $20.42 and its 200-day simple moving average is $23.38. Conagra Brands has a 52-week low of $18.18 and a 52-week high of $33.24. The stock has a market capitalization of $9.22 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 1.84 and a beta of 0.08.

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

Conagra Brands Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on CAG shares. Royal Bank Of Canada decreased their target price 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. Sanford C. Bernstein set a $21.00 price target on shares of Conagra Brands and gave the company a "market perform" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. decreased their price target on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Bank of America lowered shares of Conagra Brands from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $27.00 to $20.00 in a report on Thursday, June 12th. Finally, Stifel Nicolaus dropped 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $22.58.

Conagra Brands 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.