Wright Investors Service Inc. Invests $419,000 in Conagra Brands $CAG

Key Points

• Wright Investors Service Inc. acquired 20,491 shares of Conagra Brands, investing approximately $419,000 in the 2nd quarter, reflecting growing institutional interest in the company.
• Conagra Brands' recent quarterly earnings report showed an earnings per share (EPS) of $0.56, missing estimates and also a 4.3% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.35, with an annualized yield of 7.6%, illustrating strong shareholder returns despite recent performance challenges.

Wright Investors Service Inc. acquired a new position in Conagra Brands (NYSE:CAG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 20,491 shares of the company's stock, valued at approximately $419,000.

Several other large investors also recently bought and sold shares of the business. Alpine Bank Wealth Management bought a new stake in shares of Conagra Brands during the 1st quarter valued at about $26,000. Capital Advisors Ltd. LLC lifted its holdings in Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after purchasing an additional 452 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new position in Conagra Brands in the 1st quarter worth approximately $27,000. Golden State Wealth Management LLC raised its holdings in shares of Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company's stock worth $28,000 after acquiring an additional 741 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Conagra Brands during the 1st quarter worth approximately $34,000. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Stock Down 1.2%

Shares of CAG stock opened at $18.53 on Friday. The stock has a 50 day moving average of $19.10 and a 200 day moving average of $22.13. The company has a current ratio of 0.71, a quick ratio of 0.24 and a debt-to-equity ratio of 0.70. The stock has a market cap of $8.87 billion, a P/E ratio of 7.75, a P/E/G ratio of 1.79 and a beta of 0.07. Conagra Brands has a twelve month low of $18.18 and a twelve month high of $32.90.

Conagra Brands (NYSE:CAG - Get Free Report) last announced 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). The company had revenue of $2.78 billion for the quarter, compared to analysts' expectations of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The firm's revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.61 earnings per share. As a group, sell-side analysts expect that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on CAG. Sanford C. Bernstein set a $21.00 target price on Conagra Brands and gave the company a "market perform" rating in a research report on Friday, July 11th. Morgan Stanley reduced their target price 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. Evercore ISI dropped their price target on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research report on Friday, July 11th. UBS Group dropped their price objective on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Finally, Wells Fargo & Company decreased their price target on 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $22.17.

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.

Want to see what other hedge funds are holding CAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Conagra Brands (NYSE:CAG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.