First Citizens Bank & Trust Co. Acquires Shares of 482,840 Conagra Brands $CAG

Key Points

• First Citizens Bank & Trust Co. disclosed a new position in Conagra Brands, buying 482,840 shares worth about $7.59 million and ending the quarter with 0.10% ownership.
• Analyst sentiment on Conagra remains weak overall: the stock has a consensus “Reduce” rating with an average price target of $14.07, though Barclays recently raised its target and rating.
• Conagra reported Q4 earnings of $0.47 per share, slightly ahead of estimates, while revenue came in just below expectations. The company also announced a quarterly dividend of $0.175 per share, yielding about 4.7% annually.

First Citizens Bank & Trust Co. acquired a new position in shares of Conagra Brands (NYSE:CAG - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 482,840 shares of the company's stock, valued at approximately $7,590,000. First Citizens Bank & Trust Co. owned 0.10% of Conagra Brands at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bell Investment Advisors Inc raised its stake in shares of Conagra Brands by 156.9% during the first quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company's stock worth $26,000 after purchasing an additional 1,029 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in Conagra Brands in the 2nd quarter valued at $26,000. Harbour Investments Inc. raised 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 buying an additional 701 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Conagra Brands in the 2nd quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Conagra Brands in the third quarter valued at about $33,000. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAG has been the subject of a number of recent analyst reports. Stifel Nicolaus reduced their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating for the company in a research report on Tuesday, April 21st. The Goldman Sachs Group reduced their price target on Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a report on Thursday, April 2nd. TD Cowen decreased their price target on Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research note on Wednesday, March 25th. Barclays upped their price objective on Conagra Brands from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Finally, 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 report on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $14.07.

Conagra Brands Stock Performance

NYSE CAG opened at $14.85 on Wednesday. The business has a 50 day moving average price of $13.64 and a 200 day moving average price of $15.66. The company has a market capitalization of $7.11 billion, a P/E ratio of -3.71 and a beta of -0.02. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $20.32. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31.

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

Conagra Brands Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands's dividend payout ratio is presently -35.00%.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra's product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender's and Banquet in the frozen foods category, as well as Hunt's sauces, Orville Redenbacher's popcorn, Slim Jim meat snacks and Reddi-wip toppings.

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