73,905 Shares in Conagra Brands $CAG Acquired by Itau Unibanco Holding S.A.

Key Points

• Itau Unibanco Holding S.A. purchased a new stake in Conagra Brands, acquiring 73,905 shares valued at approximately $1,971,000 in the first quarter.
• Conagra Brands reported a quarterly earnings per share (EPS) of $0.56, missing analysts' consensus estimates of $0.61, with revenues down 4.3% year-over-year.
• The company declared a quarterly dividend of $0.35 per share, translating to an annual yield of 7.3%, with a dividend payout ratio of 58.58%.

Itau Unibanco Holding S.A. acquired a new stake in shares of Conagra Brands (NYSE:CAG - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 73,905 shares of the company's stock, valued at approximately $1,971,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAG. OneDigital Investment Advisors LLC raised its stake in shares of Conagra Brands by 10.5% during the 4th quarter. OneDigital Investment Advisors LLC now owns 7,614 shares of the company's stock valued at $211,000 after purchasing an additional 722 shares during the period. Coldstream Capital Management Inc. raised its stake in shares of Conagra Brands by 10.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 19,531 shares of the company's stock valued at $542,000 after purchasing an additional 1,824 shares during the period. Northern Trust Corp raised its stake in shares of Conagra Brands by 15.5% during the 4th quarter. Northern Trust Corp now owns 5,149,100 shares of the company's stock valued at $142,888,000 after purchasing an additional 692,282 shares during the period. AQR Capital Management LLC raised its stake in shares of Conagra Brands by 1.0% during the 4th quarter. AQR Capital Management LLC now owns 735,656 shares of the company's stock valued at $20,363,000 after purchasing an additional 7,270 shares during the period. Finally, Triumph Capital Management raised its stake in shares of Conagra Brands by 169.8% during the 4th quarter. Triumph Capital Management now owns 32,882 shares of the company's stock valued at $912,000 after purchasing an additional 20,693 shares during the period. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Price Performance

Shares of Conagra Brands stock traded down $0.24 during trading on Tuesday, hitting $18.90. 3,323,926 shares of the stock traded hands, compared to its average volume of 8,047,852. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 1.83 and a beta of 0.07. The firm's fifty day moving average is $19.52 and its 200-day moving average is $22.70. Conagra Brands has a 52 week low of $18.18 and a 52 week high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. Conagra Brands's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.61 earnings per share. Research analysts expect that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Wednesday, July 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 7.4%. The ex-dividend date was Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is presently 58.58%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. The Goldman Sachs Group lowered Conagra Brands from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $26.00 to $21.00 in a research note on Monday, June 9th. JPMorgan Chase & Co. assumed coverage on Conagra Brands in a research report on Wednesday, August 20th. They set a "neutral" rating and a $20.00 target price for the company. Morgan Stanley reduced their target price on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Friday, July 11th. Bank of America cut Conagra Brands from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $27.00 to $20.00 in a research report on Thursday, June 12th. Finally, Stifel Nicolaus reduced their target price on Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Conagra Brands has a consensus rating of "Hold" and a consensus price target of $22.17.

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.