Albion Financial Group UT Continues to Hold Position in Conagra Brands Inc. (CAG)
Albion Financial Group UT continued to hold its stake in Conagra Brands Inc. (NYSE:CAG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,060 shares of the company’s stock at the close of the 2nd quarter. Albion Financial Group UT’s holdings in Conagra Brands were worth $288,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Financial Partners Capital Management LLC boosted its position in Conagra Brands by 14.3% during the second quarter. Financial Partners Capital Management LLC now owns 30,483 shares of the company’s stock worth $1,090,000 after acquiring an additional 3,809 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Conagra Brands by 8.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 135,971 shares of the company’s stock worth $4,863,000 after acquiring an additional 10,132 shares during the last quarter. Cubist Systematic Strategies LLC boosted its position in Conagra Brands by 292.6% during the second quarter. Cubist Systematic Strategies LLC now owns 189,932 shares of the company’s stock worth $6,792,000 after acquiring an additional 141,556 shares during the last quarter. Sciencast Management LP acquired a new stake in Conagra Brands during the second quarter worth approximately $1,262,000. Finally, Dana Investment Advisors Inc. acquired a new stake in Conagra Brands during the second quarter worth approximately $467,000. Hedge funds and other institutional investors own 79.75% of the company’s stock.
CAG has been the topic of a number of analyst reports. BidaskClub lowered shares of Conagra Brands from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 5th. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 target price (down previously from $44.00) on shares of Conagra Brands in a research report on Wednesday, June 28th. Jefferies Group LLC restated a “buy” rating on shares of Conagra Brands in a research report on Friday, June 16th. Credit Suisse Group set a $39.00 target price on shares of Conagra Brands and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $42.00 target price (down previously from $43.00) on shares of Conagra Brands in a research report on Monday, June 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. Conagra Brands currently has a consensus rating of “Hold” and an average price target of $41.31.
Shares of Conagra Brands Inc. (NYSE CAG) traded up 1.92% during trading on Thursday, hitting $34.44. 1,111,861 shares of the company’s stock were exchanged. The firm has a market capitalization of $14.07 billion, a PE ratio of 24.76 and a beta of 0.31. Conagra Brands Inc. has a 1-year low of $32.16 and a 1-year high of $48.86. The stock’s 50 day moving average is $33.75 and its 200 day moving average is $36.34.
Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, September 28th. The company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.79 billion. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 earnings per share. On average, equities research analysts forecast that Conagra Brands Inc. will post $1.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, October 13th will be given a $0.2125 dividend. This represents a $0.85 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Monday, October 30th. Conagra Brands’s dividend payout ratio is 60.28%.
Conagra Brands announced that its board has approved a stock buyback program on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Conagra Brands Profile
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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