Meyer Handelman Co. Reduces Holdings in Conagra Brands $CAG

Key Points

• Meyer Handelman Co. reduced its holdings in Conagra Brands by 10.3%, selling nearly 28,000 shares and now owning approximately $4.99 million worth of stock.
• Conagra Brands reported earnings of $0.56 per share, missing analysts' expectations of $0.61, with quarterly revenue of $2.78 billion, down 4.3% year-over-year.
• The company announced a quarterly dividend of $0.35, which translates to an annualized yield of 7.7%.

Meyer Handelman Co. lessened its position in shares of Conagra Brands (NYSE:CAG - Free Report) by 10.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 243,890 shares of the company's stock after selling 27,966 shares during the period. Meyer Handelman Co. owned 0.05% of Conagra Brands worth $4,992,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CAG. Ameriprise Financial Inc. lifted its position in shares of Conagra Brands by 233.7% during the 1st quarter. Ameriprise Financial Inc. now owns 5,985,256 shares of the company's stock valued at $159,625,000 after buying an additional 4,191,555 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Conagra Brands by 49.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,162,251 shares of the company's stock valued at $217,686,000 after buying an additional 2,702,407 shares during the last quarter. KBC Group NV lifted its position in shares of Conagra Brands by 560.1% during the 1st quarter. KBC Group NV now owns 2,042,766 shares of the company's stock valued at $54,480,000 after buying an additional 1,733,297 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Conagra Brands by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 60,403,845 shares of the company's stock valued at $1,610,971,000 after buying an additional 1,604,893 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Conagra Brands by 5,102.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,216,421 shares of the company's stock valued at $32,442,000 after buying an additional 1,193,041 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $18.09 on Friday. The firm has a market capitalization of $8.66 billion, a P/E ratio of 7.57, a P/E/G ratio of 1.78 and a beta of 0.07. 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's 50-day simple moving average is $19.04 and its two-hundred day simple moving average is $21.90. Conagra Brands has a twelve month low of $18.07 and a twelve month high of $32.90.

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

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date was Wednesday, July 30th. Conagra Brands's dividend payout ratio is currently 58.58%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CAG shares. Wells Fargo & Company dropped their price target on Conagra Brands from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Thursday. UBS Group dropped their price objective on Conagra Brands from $20.00 to $19.00 and set a "neutral" rating on the stock in a report on Wednesday. Sanford C. Bernstein set a $21.00 price objective on Conagra Brands and gave the stock a "market perform" rating in a report on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on Conagra Brands in a report on Wednesday, August 20th. They set a "neutral" rating and a $20.00 price objective on the stock. Finally, Bank of America cut Conagra Brands from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $27.00 to $20.00 in a report on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Conagra Brands has a consensus rating of "Hold" and a consensus target price of $21.83.

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.

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