Rhumbline Advisers Acquires 121,882 Shares of Conagra Brands, Inc. (NYSE:CAG)

Rhumbline Advisers raised its holdings in shares of Conagra Brands, Inc. (NYSE:CAG - Free Report) by 14.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 967,696 shares of the company's stock after purchasing an additional 121,882 shares during the quarter. Rhumbline Advisers owned 0.20% of Conagra Brands worth $25,808,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Conagra Brands by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company's stock worth $1,631,671,000 after acquiring an additional 1,132,839 shares in the last quarter. Geode Capital Management LLC increased its holdings in Conagra Brands by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,745,629 shares of the company's stock worth $325,096,000 after purchasing an additional 231,477 shares in the last quarter. Invesco Ltd. increased its holdings in Conagra Brands by 18.5% during the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company's stock worth $309,728,000 after purchasing an additional 1,745,319 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Conagra Brands by 33.9% during 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 in the last quarter. Finally, Norges Bank bought a new stake in Conagra Brands during the 4th quarter worth approximately $168,877,000. Institutional investors own 83.75% of the company's stock.

Conagra Brands Price Performance

CAG opened at $22.24 on Friday. Conagra Brands, Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $33.24. The firm has a 50-day moving average of $24.13 and a 200 day moving average of $25.61. The firm has a market cap of $10.62 billion, a P/E ratio of 21.80, a PEG ratio of 1.76 and a beta of 0.18. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.22 and a current ratio of 0.70.

Conagra Brands (NYSE:CAG - Get Free Report) last released its earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the prior year, the company earned $0.69 earnings per share. The firm's revenue was down 6.3% on a year-over-year basis. On average, research analysts expect that Conagra Brands, Inc. will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, April 28th were paid a dividend of $0.35 per share. The ex-dividend date was Monday, April 28th. This represents a $1.40 annualized dividend and a dividend yield of 6.29%. Conagra Brands's payout ratio is 205.88%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company reduced their target price on shares of Conagra Brands from $27.00 to $23.00 and set an "equal weight" rating for the company in a research note on Monday. Stifel Nicolaus reduced their target price on shares of Conagra Brands from $28.00 to $26.00 and set a "hold" rating for the company in a research note on Wednesday, February 19th. Morgan Stanley initiated coverage on shares of Conagra Brands in a research note on Monday, March 24th. They issued an "equal weight" rating and a $27.00 target price for the company. Finally, The Goldman Sachs Group downgraded shares of Conagra Brands from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $33.00 to $26.00 in a research report on Monday, February 24th. Nine investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $27.10.

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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