OLD National Bancorp IN Has $6.11 Million Position in Conagra Brands $CAG

Key Points

• OLD National Bancorp IN boosted its stake in Conagra by 32.3%, adding 86,135 shares to hold 352,769 shares worth about $6.11 million (≈0.07% of the company).
• Conagra announced a quarterly dividend of $0.35 (annualized $1.40), implying a high 9.7% yield
• Directors Richard H. Lenny and John J. Mulligan purchased 25,000 and 17,500 shares respectively (around $14.31–$14.34 each), even as Conagra slightly missed EPS expectations and analysts have trimmed price targets, leaving a MarketBeat consensus rating of Reduce with a $15.80 target.

OLD National Bancorp IN boosted its holdings in Conagra Brands (NYSE:CAG - Free Report) by 32.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 352,769 shares of the company's stock after buying an additional 86,135 shares during the period. OLD National Bancorp IN owned approximately 0.07% of Conagra Brands worth $6,106,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CYBER HORNET ETFs LLC acquired a new position in Conagra Brands in the second quarter valued at approximately $26,000. MUFG Securities EMEA plc acquired a new position in Conagra Brands in the second quarter valued at approximately $29,000. True Wealth Design LLC lifted its holdings in Conagra Brands by 844.4% in the third quarter. True Wealth Design LLC now owns 1,596 shares of the company's stock valued at $29,000 after buying an additional 1,427 shares during the period. Spire Wealth Management lifted its holdings in Conagra Brands by 249.0% in the third quarter. Spire Wealth Management now owns 1,724 shares of the company's stock valued at $32,000 after buying an additional 1,230 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Conagra Brands in the third quarter valued at approximately $33,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Conagra Brands

In related news, Director Richard H. Lenny acquired 25,000 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The shares were acquired at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the completion of the acquisition, the director directly owned 229,340 shares in the company, valued at approximately $3,288,735.60. The trade was a 12.23% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John J. Mulligan acquired 17,500 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The shares were bought at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the acquisition, the director owned 20,728 shares of the company's stock, valued at $296,617.68. This trade represents a 542.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is owned by corporate insiders.

Conagra Brands Stock Down 0.9%

Shares of NYSE CAG opened at $14.40 on Friday. The stock has a market cap of $6.89 billion, a P/E ratio of -144.03 and a beta of 0.04. The firm has a 50 day moving average price of $16.64 and a 200 day moving average price of $17.36. 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 52-week low of $14.04 and a 52-week high of $25.27.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share (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 analyst estimates of $2.76 billion. Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The firm's revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. Analysts expect that Conagra Brands will post 1.7 EPS for the current year.

Conagra Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $1.40 annualized dividend and a dividend yield of 9.7%. Conagra Brands's dividend payout ratio is currently -1,400.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CAG shares. Royal Bank Of Canada cut their price objective on shares of Conagra Brands from $20.00 to $17.00 and set a "sector perform" rating on the stock in a report on Thursday, April 2nd. Evercore cut their price objective on shares of Conagra Brands from $19.00 to $18.00 in a report on Thursday, April 2nd. BTIG Research started coverage on shares of Conagra Brands in a report on Monday, April 13th. They set a "neutral" rating for the company. Stifel Nicolaus decreased their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating for the company in a report on Tuesday. Finally, Zacks Research upgraded shares of Conagra Brands from a "strong sell" rating to a "hold" rating in a report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Conagra Brands has a consensus rating of "Reduce" and a consensus price target of $15.80.

Conagra Brands Profile

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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