Goldman Sachs Group Inc. Acquires 1,554,725 Shares of Conagra Brands $CAG

Key Points

• Goldman Sachs boosted its stake in Conagra Brands by 23.7% in the fourth quarter, buying 1.55 million additional shares and ending with about 8.13 million shares valued at roughly $140.7 million.
• Analyst sentiment on CAG has turned cautious, with multiple firms cutting price targets; MarketBeat says the stock now carries an average rating of "Reduce" and an average target price of $14.67.
• Conagra recently reported quarterly earnings of $0.39 per share, slightly missing estimates, while revenue came in at $2.79 billion. The company also pays a quarterly dividend of $0.35 per share, implying an annualized yield of about 10.7%.

Goldman Sachs Group Inc. increased its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 23.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,125,901 shares of the company's stock after acquiring an additional 1,554,725 shares during the period. Goldman Sachs Group Inc. owned approximately 1.70% of Conagra Brands worth $140,659,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. WealthPlan Investment Management LLC boosted its stake in Conagra Brands by 5.3% during the fourth quarter. WealthPlan Investment Management LLC now owns 10,920 shares of the company's stock worth $189,000 after acquiring an additional 548 shares in the last quarter. International Private Wealth Advisors LLC boosted its stake in Conagra Brands by 4.9% during the fourth quarter. International Private Wealth Advisors LLC now owns 13,153 shares of the company's stock worth $228,000 after acquiring an additional 609 shares in the last quarter. Blair William & Co. IL boosted its stake in Conagra Brands by 0.5% during the third quarter. Blair William & Co. IL now owns 136,235 shares of the company's stock worth $2,494,000 after acquiring an additional 633 shares in the last quarter. Jackson Hole Capital Partners LLC lifted its stake in shares of Conagra Brands by 4.1% in the fourth quarter. Jackson Hole Capital Partners LLC now owns 17,960 shares of the company's stock worth $311,000 after buying an additional 701 shares in the last quarter. Finally, Harbour Investments Inc. lifted its stake in shares of Conagra Brands by 80.4% in the fourth quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after buying an additional 701 shares in the last quarter. Institutional investors own 83.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CAG shares. Stifel Nicolaus dropped their target price on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating on the stock in a research note on Tuesday, April 21st. Royal Bank Of Canada dropped their target price on shares of Conagra Brands from $20.00 to $17.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 2nd. Sanford C. Bernstein reiterated an "underperform" rating and issued a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research note on Wednesday. BNP Paribas Exane dropped their target price on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Thursday, May 21st. Finally, Jefferies Financial Group dropped their target price on shares of Conagra Brands from $15.00 to $13.00 and set a "hold" rating on the stock in a research note on Wednesday, May 27th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, Conagra Brands has an average rating of "Reduce" and an average price target of $14.67.

Conagra Brands News Summary

Here are the key news stories impacting Conagra Brands this week:

• Positive Sentiment: JPMorgan cut its price target on Conagra Brands to $14 from $17, but that still implies modest upside from the current share price, suggesting some analysts see room for a rebound. Conagra Brands (CAG) Valuation Check After Guidance Cut And Analyst Downgrades
• Positive Sentiment: Articles highlighting high-dividend consumer staples names may support interest in Conagra as an income stock, which can help limit downside in a defensive market. Wall Street's most accurate analysts give their take on 3 consumer staples stocks delivering high-dividend yields
• Neutral Sentiment: Some recent commentary notes that analyst sentiment on Conagra is mixed, with conflicting views rather than a clear consensus on the stock. Analysts Have Conflicting Sentiments on These Consumer Goods Companies: Conagra Brands (CAG) and Stride (LRN)
• Negative Sentiment: Sanford C. Bernstein reiterated an underperform rating and cut its price target to $12 from $16, signaling concern about Conagra’s outlook after recent guidance pressure. Conagra Brands (CAG) Faces Mounting Challenges as Bernstein Cuts Rating and Price Target
• Negative Sentiment: Morgan Stanley also lowered its target to $13 from $15 and maintained an equal weight rating, adding to the wave of cautious analyst revisions. Morgan Stanley Adjusts Conagra Brands Price Target to 13 From 15

Insider Buying and Selling

In related news, Director John J. Mulligan acquired 17,500 shares of the stock in a transaction that occurred on Tuesday, April 14th. The shares were bought at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the transaction, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. This trade represents a 542.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Lenny acquired 25,000 shares of the stock in a transaction that occurred on Tuesday, April 14th. The shares were bought at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the transaction, the director owned 229,340 shares of the company's stock, valued at $3,288,735.60. This trade represents a 12.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is owned by corporate insiders.

Conagra Brands Stock Up 0.1%

Shares of Conagra Brands stock opened at $13.03 on Monday. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -130.24 and a beta of -0.02. The company's 50 day moving average is $14.27 and its 200 day moving average is $16.48. Conagra Brands has a twelve month low of $12.53 and a twelve month high of $22.58. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The firm's revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS. Research analysts anticipate that Conagra Brands will post 1.7 EPS for the current year.

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, April 30th. This represents a $1.40 dividend on an annualized basis and a yield of 10.7%. Conagra Brands's dividend payout ratio is -1,400.00%.

Conagra Brands Company Profile

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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