PFG Investments LLC Buys 88,740 Shares of Conagra Brands $CAG

Key Points

• PFG Investments LLC increased its stake in Conagra Brands by 534.3% in the first quarter, buying 88,740 additional shares to bring its total holdings to 105,348 shares worth about $1.66 million.
• Several other hedge funds also added to or established positions, and 83.75% of Conagra’s stock is now owned by hedge funds and other institutional investors.
• Analysts have turned more cautious on the stock: multiple firms cut price targets, and Conagra now carries an average rating of “Reduce” with an average price target of $14.13.

PFG Investments LLC boosted its stake in Conagra Brands (NYSE:CAG - Free Report) by 534.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 105,348 shares of the company's stock after buying an additional 88,740 shares during the quarter. PFG Investments LLC's holdings in Conagra Brands were worth $1,656,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. World Investment Advisors boosted its stake in shares of Conagra Brands by 9.2% in the 1st quarter. World Investment Advisors now owns 11,170 shares of the company's stock worth $176,000 after buying an additional 944 shares during the last quarter. F&V Capital Management LLC grew its holdings in shares of Conagra Brands by 1.4% in the first quarter. F&V Capital Management LLC now owns 892,579 shares of the company's stock valued at $14,031,000 after acquiring an additional 11,935 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Conagra Brands by 34.7% during the first quarter. Private Advisor Group LLC now owns 50,361 shares of the company's stock valued at $792,000 after acquiring an additional 12,975 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Conagra Brands during the first quarter valued at approximately $1,639,000. Finally, Platform Technology Partners bought a new stake in Conagra Brands during the first quarter worth $174,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of brokerages have issued reports on CAG. Evercore reduced their price objective on Conagra Brands from $18.00 to $13.00 in a research note on Wednesday, June 10th. TD Cowen lowered their target price on Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research note on Wednesday, March 25th. BNP Paribas Exane cut their price target on shares of Conagra Brands from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Thursday, May 21st. The Goldman Sachs Group reduced their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a research report on Thursday, April 2nd. Finally, Royal Bank Of Canada decreased their price objective on shares of Conagra Brands from $17.00 to $16.00 and set a "sector perform" rating for the company in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have issued a Sell rating to the company's stock. According to data from MarketBeat, Conagra Brands currently has an average rating of "Reduce" and an average price target of $14.13.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $14.34 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. The stock has a fifty day simple moving average of $13.64 and a two-hundred day simple moving average of $15.95. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $21.27. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of -143.34 and a beta of -0.02.

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

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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