Kornitzer Capital Management Inc. KS Has $11.16 Million Stock Holdings in Conagra Brands $CAG

Key Points

• Kornitzer Capital Management trimmed its Conagra stake by 13.2%, selling 98,040 shares and leaving it with 644,968 shares worth about $11.16 million (roughly 0.13% ownership).
• Analysts have been lowering forecasts—multiple firms cut price targets and the stock carries a consensus rating of "Reduce" with a $15.80 average target (1 Buy, 13 Hold, 4 Sell).
• Despite institutional trimming, two directors bought shares on April 14: Richard H. Lenny acquired 25,000 shares at $14.34 and John J. Mulligan bought 17,500 shares at $14.31, increasing their positions.

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 13.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 644,968 shares of the company's stock after selling 98,040 shares during the period. Kornitzer Capital Management Inc. KS owned 0.13% of Conagra Brands worth $11,164,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of CAG. CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands during the 2nd quarter worth $26,000. MUFG Securities EMEA plc acquired a new stake in Conagra Brands during the 2nd quarter worth $29,000. True Wealth Design LLC grew its holdings in Conagra Brands by 844.4% during the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company's stock worth $29,000 after acquiring an additional 1,427 shares during the period. Spire Wealth Management grew its holdings in Conagra Brands by 249.0% during the 3rd quarter. Spire Wealth Management now owns 1,724 shares of the company's stock worth $32,000 after acquiring an additional 1,230 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Conagra Brands during the 3rd quarter worth $33,000. Institutional investors and hedge funds own 83.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CAG. The Goldman Sachs Group reduced their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating on the stock in a research report on Thursday, April 2nd. TD Cowen reduced their price target on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research report on Wednesday, March 25th. BTIG Research began coverage on shares of Conagra Brands in a research report on Monday, April 13th. They set a "neutral" rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research report on Monday, March 30th. Finally, Morgan Stanley reduced their price target on shares of Conagra Brands from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 23rd. One investment analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $15.80.

Insider Buying and Selling at Conagra Brands

In related news, Director Richard H. Lenny acquired 25,000 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The shares were acquired at an average cost of $14.34 per share, with a total value of $358,500.00. Following the transaction, the director owned 229,340 shares of the company's stock, valued at $3,288,735.60. The trade was a 12.23% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John J. Mulligan acquired 17,500 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was bought at an average cost 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 $296,617.68. This represents a 542.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.57% of the company's stock.

Conagra Brands Trading Down 2.0%

Shares of NYSE CAG opened at $14.07 on Friday. The company's fifty day moving average is $16.15 and its 200-day moving average is $17.20. The stock has a market cap of $6.73 billion and a price-to-earnings ratio of -140.64. Conagra Brands has a twelve month low of $13.86 and a twelve month high of $24.30. 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 posted its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). The company had revenue of $2.79 billion during 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 company's revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 earnings per share. Equities research analysts predict that Conagra Brands will post 1.7 EPS for the current year.

Conagra Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 10.0%. The ex-dividend date of this dividend is Thursday, April 30th. Conagra Brands's payout ratio is currently -1,400.00%.

About Conagra Brands

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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