Conagra Brands Inc (CAG) Stake Held by Cadinha & Co. LLC
Cadinha & Co. LLC held its position in Conagra Brands Inc (NYSE:CAG) during the second quarter, Holdings Channel reports. The fund owned 10,600 shares of the company’s stock at the end of the second quarter. Cadinha & Co. LLC’s holdings in Conagra Brands were worth $379,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Conagra Brands by 2.6% in the first quarter. Vanguard Group Inc. now owns 46,312,610 shares of the company’s stock valued at $1,868,249,000 after buying an additional 1,175,244 shares in the last quarter. BlackRock Inc. raised its position in Conagra Brands by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after buying an additional 26,020,645 shares in the last quarter. Wells Fargo & Company MN raised its position in Conagra Brands by 30.3% in the first quarter. Wells Fargo & Company MN now owns 7,336,632 shares of the company’s stock valued at $295,959,000 after buying an additional 1,706,553 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Conagra Brands by 21.6% in the first quarter. TIAA CREF Investment Management LLC now owns 6,575,883 shares of the company’s stock valued at $265,271,000 after buying an additional 1,169,432 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Conagra Brands by 13.9% in the first quarter. American Century Companies Inc. now owns 6,177,203 shares of the company’s stock valued at $249,188,000 after buying an additional 753,028 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.
Shares of Conagra Brands Inc (NYSE CAG) opened at 34.39 on Thursday. The firm has a market cap of $14.33 billion, a P/E ratio of 23.55 and a beta of 0.32. Conagra Brands Inc has a 52-week low of $32.93 and a 52-week high of $41.68. The company has a 50 day moving average price of $34.65 and a 200-day moving average price of $38.33.
Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, June 29th. The company reported $0.37 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.37. Conagra Brands had a net margin of 7.22% and a return on equity of 14.95%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm’s revenue was down 9.3% compared to the same quarter last year. On average, analysts expect that Conagra Brands Inc will post $1.86 earnings per share for the current fiscal year.
Conagra Brands announced that its board has authorized a share buyback program on Thursday, June 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Monday, July 31st will be issued a $0.2125 dividend. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Thursday, July 27th. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.20. Conagra Brands’s dividend payout ratio is currently 57.82%.
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Several analysts have issued reports on CAG shares. BidaskClub downgraded Conagra Brands from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 5th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 price target (down previously from $44.00) on shares of Conagra Brands in a research note on Wednesday, June 28th. UBS AG downgraded Conagra Brands from a “neutral” rating to a “sell” rating and dropped their price target for the company from $38.00 to $35.00 in a research note on Tuesday, April 25th. Jefferies Group LLC reissued a “buy” rating on shares of Conagra Brands in a research note on Friday, June 16th. Finally, Credit Suisse Group set a $39.00 price target on Conagra Brands and gave the company a “hold” rating in a research note on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $42.72.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now owns 89,260 shares in the company, valued at approximately $2,965,217.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen G. Butler sold 5,848 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $35.80, for a total transaction of $209,358.40. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.
About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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