Conagra Brands (NYSE:CAG) Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd significantly reduced its stake in Conagra Brands by 86.5%, now holding just 32,646 shares valued at $867,000.
• Several other institutional investors increased their positions, with notable growth from Invesco Ltd. (+18.5%) and Geode Capital Management (+2.0%), indicating mixed investor sentiment.
• Conagra Brands reported a missed earnings estimate for the last quarter with an EPS of $0.56, down 4.3% in revenue year-over-year, and declared a quarterly dividend of $0.35.

Mediolanum International Funds Ltd reduced its stake in Conagra Brands (NYSE:CAG - Free Report) by 86.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,646 shares of the company's stock after selling 209,317 shares during the quarter. Mediolanum International Funds Ltd's holdings in Conagra Brands were worth $867,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Alpine Bank Wealth Management purchased a new position in shares of Conagra Brands during the 1st quarter worth $26,000. Capital Advisors Ltd. LLC grew its position in shares of Conagra Brands by 82.3% in the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after purchasing an additional 452 shares during the period. Golden State Wealth Management LLC increased its stake in Conagra Brands by 235.2% in the first quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock valued at $28,000 after purchasing an additional 741 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Conagra Brands during the first quarter worth about $34,000. Finally, AdvisorNet Financial Inc lifted its position in Conagra Brands by 86.1% during the first quarter. AdvisorNet Financial Inc now owns 1,491 shares of the company's stock worth $40,000 after buying an additional 690 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Analysts Set New Price Targets

CAG has been the subject of several recent analyst reports. UBS Group lowered their price target 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 cut shares of Conagra Brands from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $27.00 to $20.00 in a research report on Thursday, June 12th. Barclays lowered their target price on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Royal Bank Of Canada cut their price target on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research note on Friday, July 11th. Finally, The Goldman Sachs Group lowered shares of Conagra Brands from a "neutral" rating to a "sell" rating and decreased their price target for the company from $26.00 to $21.00 in a report on Monday, June 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Conagra Brands currently has a consensus rating of "Hold" and an average target price of $22.58.

Conagra Brands Stock Up 1.0%

Shares of CAG stock traded up $0.18 on Friday, hitting $18.44. The stock had a trading volume of 4,611,558 shares, compared to its average volume of 7,486,728. The stock's 50 day moving average is $20.87 and its 200-day moving average is $23.69. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 7.72, a P/E/G ratio of 1.77 and a beta of 0.11. Conagra Brands has a 52-week low of $18.18 and a 52-week high of $33.24. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71.

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

Conagra Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders 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 7.6%. Conagra Brands's payout ratio is currently 58.58%.

Conagra Brands Profile

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.