Wellington Management Group LLP Increases Stake in Conagra Brands $CAG

Key Points

• Wellington Management Group LLP increased its stake in Conagra Brands by 173.1%, owning 196,589 shares valued at approximately $5.24 million.
• Several analysts have recently lowered their price targets for Conagra Brands, with current ratings ranging from "Strong Buy" to "Sell" and an average price target of $22.17.
• Conagra Brands reported lower than expected earnings of $0.56 per share, missing estimates and showing a 4.3% decline in quarterly revenue year-over-year.

Wellington Management Group LLP increased its holdings in Conagra Brands (NYSE:CAG - Free Report) by 173.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,589 shares of the company's stock after buying an additional 124,595 shares during the period. Wellington Management Group LLP's holdings in Conagra Brands were worth $5,243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Northern Trust Corp raised its position in shares of Conagra Brands by 15.5% in the 4th quarter. Northern Trust Corp now owns 5,149,100 shares of the company's stock worth $142,888,000 after acquiring an additional 692,282 shares in the last quarter. AQR Capital Management LLC grew its stake in Conagra Brands by 1.0% in the fourth quarter. AQR Capital Management LLC now owns 735,656 shares of the company's stock valued at $20,363,000 after purchasing an additional 7,270 shares during the last quarter. Triumph Capital Management raised its holdings in Conagra Brands by 169.8% in the fourth quarter. Triumph Capital Management now owns 32,882 shares of the company's stock worth $912,000 after purchasing an additional 20,693 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Conagra Brands during the fourth quarter valued at about $22,277,000. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Conagra Brands in the 4th quarter valued at about $11,494,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CAG shares. Sanford C. Bernstein set a $21.00 price objective on shares of Conagra Brands and gave the stock a "market perform" rating in a research report on Friday, July 11th. The Goldman Sachs Group lowered shares of Conagra Brands from a "neutral" rating to a "sell" rating and cut their price target for the stock from $26.00 to $21.00 in a report on Monday, June 9th. Barclays decreased their price objective on Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, May 12th. UBS Group lowered their price objective on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Finally, Royal Bank Of Canada reduced their target price on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Stock Performance

Shares of Conagra Brands stock traded down $0.26 on Thursday, reaching $18.95. 9,507,030 shares of the stock were exchanged, compared to its average volume of 11,394,670. The business has a 50 day moving average price of $19.41 and a two-hundred day moving average price of $22.60. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 7.93, a PEG ratio of 1.83 and a beta of 0.07. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $33.24. The company has a quick ratio of 0.24, a current ratio of 0.71 and a debt-to-equity ratio of 0.70.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a return on equity of 12.52% and a net margin of 9.92%.The business had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the company posted $0.61 EPS. Conagra Brands's quarterly revenue was down 4.3% compared to the same quarter last year. Analysts anticipate that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Wednesday, July 30th. Conagra Brands's dividend payout ratio is presently 58.58%.

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.