Norges Bank Takes Position in Conagra Brands $CAG

Key Points

• Norges Bank initiated a new position in Conagra Brands, buying 8.41 million shares worth about $145.7 million and ending with a 1.76% stake.
• Conagra shares were down 2.2% and recently traded near their 52-week low of $12.55, reflecting continued pressure on the stock price.
• The company reported mixed quarterly results: earnings of $0.39 per share missed estimates by a penny, while revenue of $2.79 billion topped forecasts. Conagra also pays a quarterly dividend of $0.35, implying a high annualized yield of about 11.1%.

Norges Bank purchased a new position in shares of Conagra Brands (NYSE:CAG - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,414,552 shares of the company's stock, valued at approximately $145,656,000. Norges Bank owned 1.76% of Conagra Brands at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Moors & Cabot Inc. acquired a new stake in Conagra Brands during the 4th quarter worth $275,000. Bleakley Financial Group LLC boosted its stake in Conagra Brands by 116.0% during the 4th quarter. Bleakley Financial Group LLC now owns 48,592 shares of the company's stock worth $841,000 after purchasing an additional 26,100 shares during the period. Harbour Investments Inc. boosted its stake in Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after purchasing an additional 701 shares during the period. Summitry LLC boosted its stake in Conagra Brands by 24.8% during the 4th quarter. Summitry LLC now owns 22,635 shares of the company's stock worth $392,000 after purchasing an additional 4,492 shares during the period. Finally, Hantz Financial Services Inc. boosted its stake in Conagra Brands by 12.7% during the 4th quarter. Hantz Financial Services Inc. now owns 7,047 shares of the company's stock worth $122,000 after purchasing an additional 794 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Stock Down 2.2%

Shares of Conagra Brands stock opened at $12.58 on Thursday. The company has a market cap of $6.02 billion, a P/E ratio of -125.74 and a beta of -0.02. 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 one year low of $12.55 and a one year high of $22.81. The firm has a fifty day moving average of $14.38 and a two-hundred day moving average of $16.55.

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

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 11.1%. The ex-dividend date was Thursday, April 30th. Conagra Brands's dividend payout ratio (DPR) is currently -1,400.00%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stifel Nicolaus decreased their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating for the company in a research note on Tuesday, April 21st. Weiss Ratings cut shares of Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, May 20th. Barclays decreased their price target on shares of Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research note on Monday, March 30th. Finally, Evercore cut their price objective on shares of Conagra Brands from $19.00 to $18.00 in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $15.00.

Insider Transactions at Conagra Brands

In related news, Director Richard H. Lenny purchased 25,000 shares of the business's stock in a transaction dated Tuesday, April 14th. The stock was acquired at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the acquisition, the director directly owned 229,340 shares of the company's stock, valued at $3,288,735.60. This trade represents a 12.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John J. Mulligan purchased 17,500 shares of the business's stock in a transaction dated Tuesday, April 14th. The stock was bought at an average price of $14.31 per share, with a total value of $250,425.00. Following the acquisition, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. This represents a 542.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.57% of the company's stock.

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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