Gulf International Bank UK Ltd Has $579,000 Holdings in Conagra Brands $CAG

Key Points

• Gulf International Bank UK Ltd reduced its stake in Conagra Brands by 42.1% during the first quarter, now holding 21,730 shares valued at approximately $579,000.
• Conagra Brands reported a Q2 EPS of $0.56, missing estimates and reflecting a 4.3% revenue decrease year-over-year, with analysts expecting an EPS of 2.35 for the current year.
• The company announced a quarterly dividend of $0.35, representing a 7.3% yield and a dividend payout ratio of 58.58%.

Gulf International Bank UK Ltd trimmed its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 42.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,730 shares of the company's stock after selling 15,800 shares during the period. Gulf International Bank UK Ltd's holdings in Conagra Brands were worth $579,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ameriprise Financial Inc. raised its holdings in Conagra Brands by 104.1% during the 4th quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock worth $49,776,000 after buying an additional 914,820 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Conagra Brands by 11.9% during the first quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock valued at $22,459,000 after acquiring an additional 89,445 shares during the period. Impact Partnership Wealth LLC purchased a new stake in shares of Conagra Brands in the 1st quarter valued at approximately $396,000. OneDigital Investment Advisors LLC lifted its position in shares of Conagra Brands by 42.1% in the 1st quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock valued at $289,000 after acquiring an additional 3,207 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Conagra Brands by 6.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after purchasing an additional 16,546 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CAG. The Goldman Sachs Group downgraded Conagra Brands from a "neutral" rating to a "sell" rating and dropped their target price for the company from $26.00 to $21.00 in a report on Monday, June 9th. Bank of America downgraded Conagra Brands from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $27.00 to $20.00 in a research report on Thursday, June 12th. Stifel Nicolaus cut their target price on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a research note on Friday, July 11th. Wells Fargo & Company decreased their target price on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 9th. Finally, Sanford C. Bernstein set a $21.00 price target on Conagra Brands and gave the company a "market perform" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $22.17.

Conagra Brands Price Performance

NYSE CAG traded up $0.2740 on Friday, reaching $19.5740. The company's stock had a trading volume of 3,194,247 shares, compared to its average volume of 7,681,327. 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. The firm has a market cap of $9.37 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 1.84 and a beta of 0.08. The business has a 50-day moving average price of $19.86 and a 200 day moving average price of $23.01.

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

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Wednesday, July 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a $1.40 annualized dividend and a yield of 7.2%. Conagra Brands's payout ratio is currently 58.58%.

About Conagra Brands

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.