Rooted Wealth Advisors Inc. Buys New Position in Conagra Brands $CAG

Key Points

• Rooted Wealth Advisors Inc. invested $333,000 in Conagra Brands by acquiring 17,178 shares during the 2nd quarter.
• Conagra Brands reported earnings per share of $0.56 for the last quarter, missing expectations by $0.05 and showing a 4.3% year-over-year revenue decline.
• The company announced a quarterly dividend of $0.35 per share, representing an annualized yield of 7.6% with a payout ratio of 58.58%.

Rooted Wealth Advisors Inc. acquired a new position in shares of Conagra Brands (NYSE:CAG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 17,178 shares of the company's stock, valued at approximately $333,000.

A number of other hedge funds also recently added to or reduced their stakes in CAG. Sowell Financial Services LLC increased its holdings in Conagra Brands by 65.2% in the 2nd quarter. Sowell Financial Services LLC now owns 39,237 shares of the company's stock worth $803,000 after buying an additional 15,487 shares during the period. Farther Finance Advisors LLC lifted its position in Conagra Brands by 13.7% during the second quarter. Farther Finance Advisors LLC now owns 11,375 shares of the company's stock worth $233,000 after buying an additional 1,372 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of Conagra Brands by 21.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 198,864 shares of the company's stock worth $4,071,000 after purchasing an additional 34,577 shares during the last quarter. Wright Investors Service Inc. acquired a new position in Conagra Brands in the 2nd quarter valued at about $419,000. Finally, Assenagon Asset Management S.A. grew its holdings in Conagra Brands by 3.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,262,215 shares of the company's stock worth $25,838,000 after acquiring an additional 45,794 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CAG shares. Sanford C. Bernstein set a $21.00 price target on Conagra Brands and gave the stock a "market perform" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on Conagra Brands in a report on Wednesday, August 20th. They set a "neutral" rating and a $20.00 price target on the stock. Royal Bank Of Canada dropped their target price on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a report on Friday, July 11th. Wells Fargo & Company cut their target price on shares of Conagra Brands from $23.00 to $22.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 9th. Finally, Morgan Stanley reduced their price objective on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Friday, July 11th. One 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $22.17.

Conagra Brands Trading Down 1.1%

CAG traded down $0.20 during trading on Monday, hitting $18.34. 9,702,013 shares of the stock traded hands, compared to its average volume of 11,546,780. The firm has a 50-day moving average of $19.08 and a 200 day moving average of $22.02. The firm has a market capitalization of $8.78 billion, a P/E ratio of 7.67, a price-to-earnings-growth ratio of 1.77 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 $32.90.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings data on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. The firm's revenue for the quarter was down 4.3% on a year-over-year basis. Equities research analysts anticipate that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend was Wednesday, July 30th. Conagra Brands's dividend payout ratio is currently 58.58%.

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.