Hsbc Holdings PLC Sells 826,502 Shares of Conagra Brands $CAG

Key Points

• Hsbc Holdings PLC reduced its Conagra Brands stake by 79.7% in the second quarter, selling 826,502 shares and retaining 209,865 shares valued at approximately $2.83 million.
• Analyst sentiment remains negative, with a consensus “Reduce” rating, an average price target of $14.07, and multiple firms lowering their targets. Conagra’s shares recently opened at $16.08.
• Conagra reported quarterly EPS of $0.47, slightly above estimates, while revenue rose 3.6% year over year to $2.88 billion. The company declared a quarterly dividend of $0.175 per share, representing a 4.4% annualized yield.

Hsbc Holdings PLC cut its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 79.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 209,865 shares of the company's stock after selling 826,502 shares during the quarter. Hsbc Holdings PLC's holdings in Conagra Brands were worth $2,825,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Bell Investment Advisors Inc increased its position in 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 acquiring an additional 1,029 shares during the period. CYBER HORNET ETFs LLC bought a new stake in Conagra Brands in the 2nd quarter valued at $26,000. Harbour Investments Inc. grew its position in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after purchasing an additional 701 shares during the last quarter. MUFG Securities EMEA plc bought a new position in shares of Conagra Brands during the 2nd quarter worth about $29,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Conagra Brands by 339.7% during the 2nd quarter. Rakuten Securities Inc. now owns 2,273 shares of the company's stock worth $31,000 after purchasing an additional 1,756 shares during the period. 83.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. 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, June 3rd. Weiss Ratings lowered Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, June 25th. Wells Fargo & Company cut their price target on Conagra Brands from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Monday, May 18th. Royal Bank Of Canada reduced their price objective on Conagra Brands from $16.00 to $14.00 and set a "sector perform" rating for the company in a research report on Thursday, July 16th. Finally, Jefferies Financial Group decreased their price objective on Conagra Brands from $15.00 to $13.00 and set a "hold" rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $14.07.

Conagra Brands Price Performance

Shares of CAG stock opened at $16.08 on Friday. The stock's fifty day simple moving average is $14.79 and its 200 day simple moving average is $15.24. Conagra Brands has a one year low of $12.53 and a one year high of $20.32. The firm has a market cap of $7.70 billion, a price-to-earnings ratio of -4.02 and a beta of -0.03. 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 released its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the company posted $0.56 earnings per share. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, analysts expect that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands's dividend payout ratio (DPR) is currently -17.50%.

Conagra Brands 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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