Conagra Brands $CAG Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its holdings in Conagra Brands by 11.0%, selling 65,595 shares to end the first quarter with approximately 532,128 shares valued at $14.2 million.
• Several analysts have recently adjusted their price targets for Conagra Brands, with estimates ranging from $20.00 to $22.17, and the consensus rating stands at "Hold.".
• Conagra Brands reported disappointing earnings for the quarter, with an EPS of $0.56 that missed estimates by $0.05 and a revenue decline of 4.3% compared to the same quarter last year.

Raymond James Financial Inc. reduced its stake in shares of Conagra Brands (NYSE:CAG - Free Report) by 11.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 532,128 shares of the company's stock after selling 65,595 shares during the quarter. Raymond James Financial Inc. owned approximately 0.11% of Conagra Brands worth $14,192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAG. Dimensional Fund Advisors LP boosted its stake in Conagra Brands by 49.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,162,251 shares of the company's stock worth $217,686,000 after purchasing an additional 2,702,407 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Conagra Brands by 33.9% in the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company's stock worth $225,746,000 after purchasing an additional 2,058,000 shares during the period. Deutsche Bank AG increased its holdings in Conagra Brands by 51.6% in the 4th quarter. Deutsche Bank AG now owns 5,664,293 shares of the company's stock worth $157,184,000 after acquiring an additional 1,928,883 shares in the last quarter. KBC Group NV increased its holdings in Conagra Brands by 560.1% in the 1st quarter. KBC Group NV now owns 2,042,766 shares of the company's stock worth $54,480,000 after acquiring an additional 1,733,297 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Conagra Brands by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 60,403,845 shares of the company's stock worth $1,610,971,000 after acquiring an additional 1,604,893 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Stock Down 1.4%

Shares of CAG traded down $0.26 during mid-day trading on Tuesday, reaching $18.87. The company's stock had a trading volume of 3,878,074 shares, compared to its average volume of 8,051,851. The company's 50 day moving average is $19.52 and its 200 day moving average is $22.70. The stock has a market cap of $9.03 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 1.83 and a beta of 0.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.71 and a quick ratio of 0.24. Conagra Brands has a 12-month low of $18.18 and a 12-month high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last released 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). The firm had revenue of $2.78 billion for the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The company's quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.61 EPS. Equities analysts anticipate that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend was Wednesday, July 30th. Conagra Brands's dividend payout ratio (DPR) is presently 58.58%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lowered shares of Conagra Brands from a "neutral" rating to a "sell" rating and cut their target price for the company from $26.00 to $21.00 in a report on Monday, June 9th. Wells Fargo & Company cut their target price on Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. Sanford C. Bernstein set a $21.00 target price on Conagra Brands and gave the stock a "market perform" rating in a report on Friday, July 11th. Royal Bank Of Canada decreased their price target on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating for the company in a report on Friday, July 11th. Finally, Evercore ISI reduced their target price on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating for the company in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Conagra Brands presently has an average rating of "Hold" and a consensus target price of $22.17.

About Conagra Brands

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.