Meyer Handelman Co. Decreases Stake in Conagra Brands, Inc. (NYSE:CAG)

Meyer Handelman Co. cut its holdings in Conagra Brands, Inc. (NYSE:CAG - Free Report) by 18.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 271,856 shares of the company's stock after selling 60,620 shares during the period. Meyer Handelman Co. owned 0.06% of Conagra Brands worth $7,250,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Conagra Brands by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company's stock worth $1,631,671,000 after acquiring an additional 1,132,839 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Conagra Brands by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,745,629 shares of the company's stock worth $325,096,000 after acquiring an additional 231,477 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Conagra Brands by 18.5% during the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company's stock worth $309,728,000 after acquiring an additional 1,745,319 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Conagra Brands by 33.9% during the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock worth $225,746,000 after acquiring an additional 2,058,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Conagra Brands during the 4th quarter worth approximately $168,877,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Stock Down 0.6%

Shares of CAG traded down $0.15 during midday trading on Monday, reaching $22.75. 5,621,086 shares of the stock were exchanged, compared to its average volume of 5,433,879. Conagra Brands, Inc. has a 52 week low of $21.98 and a 52 week high of $33.24. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The company's 50 day moving average is $24.44 and its two-hundred day moving average is $25.71. The company has a market capitalization of $10.86 billion, a P/E ratio of 22.30, a PEG ratio of 1.76 and a beta of 0.18.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the previous year, the company posted $0.69 EPS. Conagra Brands's quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Conagra Brands, Inc. will post 2.35 earnings per share for the current year.

Conagra Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, April 28th were paid a $0.35 dividend. The ex-dividend date was Monday, April 28th. This represents a $1.40 annualized dividend and a yield of 6.16%. Conagra Brands's dividend payout ratio (DPR) is presently 205.88%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Barclays decreased their price objective on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. Wells Fargo & Company decreased their price target on Conagra Brands from $27.00 to $23.00 and set an "equal weight" rating on the stock in a report on Monday. The Goldman Sachs Group lowered Conagra Brands from a "buy" rating to a "neutral" rating and decreased their price target for the company from $33.00 to $26.00 in a report on Monday, February 24th. Stifel Nicolaus reduced their target price on Conagra Brands from $28.00 to $26.00 and set a "hold" rating on the stock in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. reduced their target price on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $27.10.

Conagra Brands Company 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.