PNC Financial Services Group Inc. Sells 13,470 Shares of Conagra Brands (NYSE:CAG)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Conagra Brands by 8.1%, selling 13,470 shares, and now holds 153,008 shares valued at approximately $4.08 million.
• Conagra Brands experienced a 4.3% year-over-year revenue decline in the latest quarter, reporting an EPS of $0.56, below the consensus estimate of $0.61.
• The company declared a quarterly dividend of $0.35 per share, translating to a 7.3% dividend yield, with the payout ratio currently at 58.58%.

PNC Financial Services Group Inc. lessened its holdings in shares of Conagra Brands (NYSE:CAG - Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 153,008 shares of the company's stock after selling 13,470 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Conagra Brands were worth $4,081,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its stake in Conagra Brands by 104.1% during the fourth quarter. Ameriprise Financial Inc. now owns 1,793,701 shares of the company's stock valued at $49,776,000 after buying an additional 914,820 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Conagra Brands by 11.9% during the 1st quarter. Victory Capital Management Inc. now owns 842,094 shares of the company's stock worth $22,459,000 after acquiring an additional 89,445 shares in the last quarter. Impact Partnership Wealth LLC bought a new position in shares of Conagra Brands during the 1st quarter valued at approximately $396,000. OneDigital Investment Advisors LLC grew its holdings in shares of Conagra Brands by 42.1% in the first quarter. OneDigital Investment Advisors LLC now owns 10,821 shares of the company's stock valued at $289,000 after purchasing an additional 3,207 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Conagra Brands by 6.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 259,697 shares of the company's stock worth $6,926,000 after purchasing an additional 16,546 shares during the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Price Performance

CAG opened at $19.24 on Friday. The business has a fifty day moving average of $20.49 and a 200 day moving average of $23.45. The stock has a market cap of $9.18 billion, a P/E ratio of 8.05, a PEG ratio of 1.81 and a beta of 0.08. 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 has a 52-week low of $18.18 and a 52-week high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its 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). The company had revenue of $2,781,800 billion for the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.61 earnings per share. As a group, sell-side analysts anticipate that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.3%. The ex-dividend date of this dividend is Wednesday, July 30th. Conagra Brands's payout ratio is currently 58.58%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lowered their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Evercore ISI lowered their price target on shares of Conagra Brands from $26.00 to $24.00 and set an "in-line" rating for the company in a report on Friday, July 11th. The Goldman Sachs Group cut Conagra Brands from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $26.00 to $21.00 in a research note on Monday, June 9th. UBS Group lowered their price objective on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Finally, Wells Fargo & Company dropped their target price on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Conagra Brands currently has a consensus rating of "Hold" and a consensus target price of $22.58.

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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