Swedbank AB Lowers Stock Position in Conagra Brands $CAG

Key Points

• Swedbank AB cut its Conagra Brands stake by 63.6% in the fourth quarter, leaving it with 73,300 shares valued at about $1.27 million.
• Several analysts have turned cautious on CAG, with recent price-target cuts from TD Cowen, Goldman Sachs, and Deutsche Bank; the stock now carries a consensus rating of "Reduce" and an average target of $15.80.
• Conagra reported quarterly EPS of $0.39, slightly below estimates, while revenue of $2.79 billion beat expectations; the company also declared a $0.35 quarterly dividend, implying a 9.9% yield.

Swedbank AB lessened its holdings in Conagra Brands (NYSE:CAG - Free Report) by 63.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,300 shares of the company's stock after selling 128,168 shares during the quarter. Swedbank AB's holdings in Conagra Brands were worth $1,269,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC purchased a new stake in Conagra Brands in the 2nd quarter valued at approximately $26,000. MUFG Securities EMEA plc purchased a new stake in Conagra Brands in the 2nd quarter valued at approximately $29,000. Spire Wealth Management boosted its holdings in Conagra Brands by 249.0% in the 3rd quarter. Spire Wealth Management now owns 1,724 shares of the company's stock valued at $32,000 after purchasing an additional 1,230 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Conagra Brands in the 3rd quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Conagra Brands by 100.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,000 shares of the company's stock valued at $35,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CAG shares. TD Cowen lowered their price objective on Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a report on Wednesday, March 25th. The Goldman Sachs Group reduced their price target on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a research report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research report on Monday, March 30th. BTIG Research initiated coverage on shares of Conagra Brands in a research report on Monday, April 13th. They set a "neutral" rating for the company. Finally, Wall Street Zen upgraded shares of Conagra Brands from a "sell" rating to a "hold" rating in a research report on Saturday, February 21st. One research analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $15.80.

Conagra Brands Trading Down 0.0%

Shares of Conagra Brands stock opened at $14.13 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. Conagra Brands has a 1 year low of $13.60 and a 1 year high of $23.47. The company has a market capitalization of $6.76 billion and a P/E ratio of -141.25. The business has a 50 day moving average price of $15.87 and a 200 day moving average price of $17.10.

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

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Thursday, April 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 9.9%. The ex-dividend date is Thursday, April 30th. Conagra Brands's payout ratio is currently -1,400.00%.

Insider Activity at Conagra Brands

In related news, Director Richard H. Lenny acquired 25,000 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was purchased at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the transaction, the director directly owned 229,340 shares of the company's stock, valued at approximately $3,288,735.60. This trade represents a 12.23% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John J. Mulligan acquired 17,500 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The shares were bought at an average price of $14.31 per share, with a total value of $250,425.00. Following the completion of the transaction, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.57% of the company's stock.

About Conagra Brands

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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