Connor Clark & Lunn Investment Management Ltd. Purchases 806,737 Shares of Conagra Brands $CAG

Connor Clark & Lunn Investment Management Ltd. boosted its position in Conagra Brands (NYSE:CAG) by 70.1% in the second quarter, Holdings Channel.com reports. The firm owned 1,958,114 shares of the company’s stock after purchasing an additional 806,737 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Conagra Brands were worth $26,356,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Bell Investment Advisors Inc grew its holdings in shares of Conagra Brands by 156.9% during the first quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock worth $26,000 after purchasing an additional 1,029 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in shares of Conagra Brands in the second quarter valued at approximately $26,000. Harbour Investments Inc. raised its holdings in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock valued at $27,000 after buying an additional 701 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Conagra Brands during the 2nd quarter worth approximately $29,000. Finally, Rakuten Securities Inc. boosted its position in Conagra Brands by 339.7% during the 2nd quarter. Rakuten Securities Inc. now owns 2,273 shares of the company’s stock worth $31,000 after buying an additional 1,756 shares during the period. 83.75% of the stock is owned by institutional investors and hedge funds.

Conagra Brands Trading Up 1.4%

Shares of Conagra Brands stock opened at $16.65 on Tuesday. The company has a market capitalization of $7.97 billion, a P/E ratio of -4.16 and a beta of -0.03. The stock has a fifty day simple moving average of $14.56 and a 200 day simple moving average of $15.31. Conagra Brands has a 12-month low of $12.53 and a 12-month high of $20.32. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, July 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Conagra Brands had a positive return on equity of 10.44% and a negative net margin of 16.99%.The business’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business earned $0.56 EPS. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, sell-side analysts anticipate that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -17.50%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CAG shares. Morgan Stanley decreased their price target on shares of Conagra Brands from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft lowered their target price on Conagra Brands from $14.00 to $12.00 and set a “hold” rating for the company in a research report on Thursday, June 18th. Barclays increased their price target on Conagra Brands from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings lowered Conagra Brands from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, June 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Conagra Brands from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $14.07.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.