SVB Wealth LLC Takes $1.68 Million Position in Conagra Brands $CAG

Key Points

• SVB Wealth LLC initiated a new position in Conagra Brands during the first quarter, buying 107,089 shares worth about $1.68 million.
• Several insiders also bought shares: Director Richard H. Lenny purchased 25,000 shares, and Director John J. Mulligan bought 17,500 shares, signaling insider confidence.
• Conagra reported mixed results, with EPS of $0.39 missing estimates by a penny while revenue came in slightly above expectations; analysts now have an average "Reduce" rating and a target price of $14.20.

SVB Wealth LLC bought a new position in shares of Conagra Brands (NYSE:CAG - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 107,089 shares of the company's stock, valued at approximately $1,683,000.

A number of other large investors also recently modified their holdings of the company. Bell Investment Advisors Inc increased its stake in Conagra Brands by 156.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company's stock valued at $26,000 after purchasing an additional 1,029 shares in the last quarter. Atlas Brown Inc. acquired a new position in shares of Conagra Brands during the first quarter valued at about $199,000. Brookstone Capital Management grew its holdings in shares of Conagra Brands by 36.1% during the first quarter. Brookstone Capital Management now owns 17,072 shares of the company's stock valued at $268,000 after buying an additional 4,531 shares during the last quarter. Uhlmann Price Securities LLC bought a new stake in shares of Conagra Brands during the first quarter worth about $172,000. Finally, Hsbc Holdings PLC increased its position in shares of Conagra Brands by 25.0% during the fourth quarter. Hsbc Holdings PLC now owns 785,989 shares of the company's stock worth $13,634,000 after acquiring an additional 157,423 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Conagra Brands

In other Conagra Brands news, Director Richard H. Lenny bought 25,000 shares of the firm's stock in a transaction dated Tuesday, April 14th. The stock was purchased at an average cost of $14.34 per share, with a total value of $358,500.00. Following the transaction, the director directly owned 229,340 shares in the company, valued at $3,288,735.60. This trade represents a 12.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John J. Mulligan bought 17,500 shares of the stock in a transaction dated Tuesday, April 14th. The shares were acquired 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 approximately $296,617.68. This trade represents a 542.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.57% of the stock is currently owned by insiders.

Conagra Brands Trading Up 4.6%

Shares of CAG stock opened at $13.44 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.30 and a current ratio of 0.90. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of -134.39, a PEG ratio of -0.80 and a beta of -0.02. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $21.64. The company has a 50-day simple moving average of $13.73 and a two-hundred day simple moving average of $16.12.

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

Conagra Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $1.40 annualized dividend and a yield of 10.4%. Conagra Brands's payout ratio is currently -1,400.00%.

Analyst Ratings Changes

Several brokerages recently weighed in on CAG. Stifel Nicolaus dropped their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "hold" rating on the stock in a research report on Tuesday, April 21st. Zacks Research lowered Conagra Brands from a "hold" rating to a "strong sell" rating in a report on Monday, May 11th. JPMorgan Chase & Co. lowered their price objective on Conagra Brands from $17.00 to $14.00 and set a "neutral" rating for the company in a research note on Friday, June 5th. UBS Group dropped their target price on Conagra Brands from $16.00 to $13.00 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Finally, Barclays decreased their price target on Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, Conagra Brands has an average rating of "Reduce" and an average target price of $14.20.

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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