Leonteq Securities AG Sells 101,143 Shares of Conagra Brands $CAG

Key Points

• Leonteq Securities AG sharply cut its Conagra Brands stake by 72.5% in the first quarter, selling 101,143 shares and leaving it with 38,397 shares worth about $604,000.
• Several Conagra directors bought shares in mid-April, including John J. Mulligan and Richard H. Lenny, signaling insider confidence despite the stock’s weak performance.
• Wall Street remains cautious on CAG: analysts now have a consensus “Reduce” rating with an average target price of $14.13, while the stock traded around $14.34 and recently reported earnings that slightly missed estimates.

Leonteq Securities AG reduced its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 72.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,397 shares of the company's stock after selling 101,143 shares during the period. Leonteq Securities AG's holdings in Conagra Brands were worth $604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CAG. NewEdge Advisors LLC increased its holdings in shares of Conagra Brands by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company's stock valued at $628,000 after acquiring an additional 954 shares during the last quarter. United Services Automobile Association acquired a new stake in Conagra Brands in the 1st quarter worth approximately $225,000. Empowered Funds LLC boosted its position in Conagra Brands by 5.9% during the first quarter. Empowered Funds LLC now owns 36,356 shares of the company's stock worth $970,000 after purchasing an additional 2,038 shares during the period. Woodline Partners LP boosted its position in Conagra Brands by 40.7% during the first quarter. Woodline Partners LP now owns 40,326 shares of the company's stock worth $1,075,000 after purchasing an additional 11,664 shares during the period. Finally, Gamco Investors INC. ET AL grew its holdings in Conagra Brands by 3.9% during the second quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company's stock valued at $1,033,000 after purchasing an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company's stock.

Insider Buying and Selling at Conagra Brands

In other Conagra Brands news, Director John J. Mulligan bought 17,500 shares of the stock in a transaction dated 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 purchase, the director owned 20,728 shares in the company, valued at $296,617.68. This represents a 542.13% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Lenny purchased 25,000 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was acquired at an average cost of $14.34 per share, with a total value of $358,500.00. Following the completion of the acquisition, the director directly owned 229,340 shares of the company's stock, valued at $3,288,735.60. The trade was a 12.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. BTIG Research assumed coverage on shares of Conagra Brands in a report on Monday, April 13th. They set a "neutral" rating for the company. Royal Bank Of Canada dropped their target price on shares of Conagra Brands from $17.00 to $16.00 and set a "sector perform" rating on the stock in a report on Thursday, June 25th. Zacks Research lowered shares of Conagra Brands from a "hold" rating to a "strong sell" rating in a research report on Monday, May 11th. BNP Paribas Exane decreased their price target on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Thursday, May 21st. Finally, Barclays lowered their price target on Conagra Brands from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $14.13.

Conagra Brands Stock Down 0.0%

Shares of NYSE:CAG opened at $14.34 on Friday. The company's fifty day moving average is $13.64 and its 200-day moving average is $15.95. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.30 and a current ratio of 0.90. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $21.27. The company has a market capitalization of $6.86 billion, a PE ratio of -143.34 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the firm earned $0.51 earnings per share. The firm's revenue was down 1.9% compared to the same quarter last year. Equities research analysts predict that Conagra Brands will post 1.7 earnings per share for the current fiscal year.

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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