Invesco Ltd. Has $316.31 Million Stock Position in Conagra Brands (NYSE:CAG)

Key Points

• Invesco Ltd. increased its stake in Conagra Brands by 6.3% during the first quarter, now owning approximately $316.31 million worth of shares.
• Conagra Brands reported earnings per share of $0.56, missing estimates by $0.05, and experienced a 4.3% decline in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.35 per share, resulting in an annualized yield of 7.3%.

Invesco Ltd. increased its stake in Conagra Brands (NYSE:CAG - Free Report) by 6.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,859,985 shares of the company's stock after acquiring an additional 698,630 shares during the quarter. Invesco Ltd. owned about 2.48% of Conagra Brands worth $316,306,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its stake in shares of Conagra Brands by 104.1% in the fourth quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock worth $49,776,000 after acquiring an additional 914,820 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Conagra Brands by 11.9% in the first quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock worth $22,459,000 after acquiring an additional 89,445 shares during the period. Impact Partnership Wealth LLC acquired a new position in shares of Conagra Brands in the first quarter worth approximately $396,000. OneDigital Investment Advisors LLC lifted its stake in shares of Conagra Brands by 42.1% in the first quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock worth $289,000 after acquiring an additional 3,207 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Conagra Brands by 6.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after acquiring an additional 16,546 shares during the period. 83.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CAG. Wells Fargo & Company cut their price objective on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. Barclays lowered their target price on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, May 12th. UBS Group lowered their target price on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Bank of America downgraded Conagra Brands from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $27.00 to $20.00 in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. lowered their target price on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Conagra Brands presently has an average rating of "Hold" and an average price target of $22.58.

Conagra Brands Stock Performance

NYSE CAG opened at $19.27 on Tuesday. The company has a fifty day simple moving average of $20.35 and a 200 day simple moving average of $23.34. Conagra Brands has a 12-month low of $18.18 and a 12-month 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 company has a market cap of $9.22 billion, a P/E ratio of 8.06, a PEG ratio of 1.84 and a beta of 0.08.

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

Conagra Brands Dividend Announcement

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 issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, July 30th. This represents a $1.40 annualized dividend and a yield of 7.3%. Conagra Brands's dividend payout ratio is 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.

Want to see what other hedge funds are holding CAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Conagra Brands (NYSE:CAG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.