Miller Howard Investments Inc. NY Has $19.04 Million Holdings in Conagra Brands $CAG

Key Points

• Miller Howard Investments Inc. NY reduced its stake in Conagra Brands by 15.5%, holding approximately $19.04 million worth of the company's stock after selling 170,046 shares.
• Conagra Brands reported quarterly earnings per share of $0.56, missing estimates by $0.05, with revenue down 4.3% year-over-year.
• The company announced a quarterly dividend of $0.35 per share, representing an annualized yield of 7.6%, reflecting a dividend payout ratio of 58.58%.

Miller Howard Investments Inc. NY decreased its position in Conagra Brands (NYSE:CAG - Free Report) by 15.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 930,027 shares of the company's stock after selling 170,046 shares during the quarter. Miller Howard Investments Inc. NY owned approximately 0.19% of Conagra Brands worth $19,038,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CAG. Alpine Bank Wealth Management bought a new stake in shares of Conagra Brands during the first quarter valued at approximately $26,000. Capital Advisors Ltd. LLC lifted its holdings in 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 acquiring an additional 452 shares during the period. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Conagra Brands during the 1st quarter valued at about $27,000. Golden State Wealth Management LLC raised its position 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 worth $28,000 after acquiring an additional 741 shares during the period. Finally, Wayfinding Financial LLC purchased a new position in Conagra Brands during the first quarter valued at $34,000. 83.75% of the stock is owned by institutional investors.

Conagra Brands Price Performance

Shares of CAG traded down $0.22 during mid-day trading on Friday, reaching $18.53. 20,475,347 shares of the company's stock were exchanged, compared to its average volume of 11,132,047. Conagra Brands has a 52-week low of $18.18 and a 52-week high of $32.90. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 1.77 and a beta of 0.07. The company has a 50-day simple moving average of $19.10 and a two-hundred day simple moving average of $22.11. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings results on Thursday, July 10th. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.61 by ($0.05). Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The business had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the business posted $0.61 earnings per share. The firm's quarterly revenue was down 4.3% on a year-over-year basis. On average, sell-side analysts predict that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Wednesday, July 30th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $1.40 dividend on an annualized basis and a yield of 7.6%. Conagra Brands's dividend payout ratio (DPR) is currently 58.58%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Stifel Nicolaus decreased their price objective on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating on the stock in a research report on Friday, July 11th. JPMorgan Chase & Co. started coverage on Conagra Brands in a report on Wednesday, August 20th. They issued a "neutral" rating and a $20.00 target price on the stock. Evercore ISI reduced their price objective on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research note on Friday, July 11th. Wells Fargo & Company decreased their price objective on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 9th. Finally, Morgan Stanley decreased their target price on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $22.17.

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.