Conagra Brands, Inc. (NYSE:CAG) Stock Position Increased by Old Port Advisors

Posted by Jeff Wilder on Mar 19th, 2023

Old Port Advisors boosted its position in Conagra Brands, Inc. (NYSE:CAG – Get Rating) by 1.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 89,961 shares of the company’s stock after purchasing an additional 1,144 shares during the quarter. Conagra Brands comprises 1.3% of Old Port Advisors’ holdings, making the stock its 11th biggest position. Old Port Advisors’ holdings in Conagra Brands were worth $3,481,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Hexagon Capital Partners LLC increased its stake in Conagra Brands by 1,492.0% during the 3rd quarter. Hexagon Capital Partners LLC now owns 796 shares of the company’s stock valued at $26,000 after buying an additional 746 shares during the period. Centerpoint Advisors LLC acquired a new position in Conagra Brands during the 3rd quarter valued at about $33,000. MinichMacGregor Wealth Management LLC acquired a new position in Conagra Brands during the 4th quarter valued at about $39,000. Parkside Financial Bank & Trust increased its stake in Conagra Brands by 38.0% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,441 shares of the company’s stock valued at $47,000 after buying an additional 397 shares during the period. Finally, General Partner Inc. acquired a new position in Conagra Brands during the 4th quarter valued at about $47,000. 81.08% of the stock is currently owned by institutional investors.

Conagra Brands Stock Performance

Shares of CAG opened at $35.52 on Friday. Conagra Brands, Inc. has a one year low of $31.01 and a one year high of $41.30. The company has a 50-day moving average of $36.91 and a two-hundred day moving average of $36.24. The stock has a market cap of $16.93 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 2.17 and a beta of 0.55. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.92 and a quick ratio of 0.29.

Conagra Brands (NYSE:CAG – Get Rating) last announced its earnings results on Thursday, January 5th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.66 by $0.15. Conagra Brands had a net margin of 5.66% and a return on equity of 14.38%. The company had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same period last year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, equities research analysts expect that Conagra Brands, Inc. will post 2.66 earnings per share for the current year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Monday, January 30th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Friday, January 27th. Conagra Brands’s dividend payout ratio is currently 93.62%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group raised their target price on shares of Conagra Brands from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, January 6th. Bank of America lowered their price objective on shares of Conagra Brands to $40.00 in a research note on Monday, March 6th. Evercore ISI lifted their price objective on shares of Conagra Brands from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, December 29th. JPMorgan Chase & Co. lifted their price objective on shares of Conagra Brands from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, January 6th. Finally, Stifel Nicolaus lowered their price objective on shares of Conagra Brands from $44.00 to $40.00 and set a “hold” rating on the stock in a research note on Wednesday, February 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.64.

Insider Buying and Selling

In related news, SVP Robert G. Wise sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $40.90, for a total transaction of $2,045,000.00. Following the completion of the sale, the senior vice president now directly owns 22,717 shares in the company, valued at $929,125.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.98% of the stock is currently owned by corporate insiders.

About Conagra Brands

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Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks, Refrigerated and Frozen, International, and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.