OLD National Bancorp IN Has $6.13 Million Stock Holdings in Conagra Brands $CAG

OLD National Bancorp IN grew its stake in shares of Conagra Brands (NYSE:CAG) by 10.5% in the first quarter, HoldingsChannel.com reports. The fund owned 389,863 shares of the company’s stock after acquiring an additional 37,094 shares during the quarter. OLD National Bancorp IN’s holdings in Conagra Brands were worth $6,129,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Louisiana State Employees Retirement System bought a new position in shares of Conagra Brands in the first quarter worth $384,000. Centennial Wealth Advisory LLC lifted its position in Conagra Brands by 17.8% during the first quarter. Centennial Wealth Advisory LLC now owns 32,509 shares of the company’s stock worth $511,000 after purchasing an additional 4,911 shares during the period. Cidel Asset Management Inc. bought a new stake in Conagra Brands during the first quarter worth about $187,000. Krilogy Financial LLC acquired a new stake in Conagra Brands during the first quarter worth about $176,000. Finally, SVB Wealth LLC acquired a new stake in Conagra Brands during the first quarter worth about $1,683,000. 83.75% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Richard H. Lenny bought 25,000 shares of the firm’s stock in a transaction on Tuesday, April 14th. The shares were purchased at an average price of $14.34 per share, with a total value of $358,500.00. Following the completion of the purchase, the director owned 229,340 shares in the company, valued at $3,288,735.60. This represents a 12.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director John J. Mulligan purchased 17,500 shares of the stock in a transaction dated Tuesday, April 14th. The shares were bought at an average price of $14.31 per share, with a total value of $250,425.00. Following the completion of the acquisition, the director directly owned 20,728 shares of the company’s stock, valued at approximately $296,617.68. This represents a 542.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.57% of the company’s stock.

Conagra Brands Stock Up 2.0%

CAG stock opened at $14.06 on Friday. The stock has a market capitalization of $6.73 billion, a P/E ratio of -140.59, a price-to-earnings-growth ratio of -0.85 and a beta of -0.02. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. Conagra Brands has a 12 month low of $12.53 and a 12 month high of $21.37. The firm has a 50-day moving average price of $13.71 and a 200-day moving average price of $16.06.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.51 earnings per share. As a group, equities research analysts anticipate that Conagra Brands will post 1.7 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th were given a $0.35 dividend. The ex-dividend date was Thursday, April 30th. This represents a $1.40 dividend on an annualized basis and a yield of 10.0%. Conagra Brands’s dividend payout ratio (DPR) is currently -1,400.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. BTIG Research started coverage on shares of Conagra Brands in a report on Monday, April 13th. They issued a “neutral” rating on the stock. Zacks Research lowered shares of Conagra Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. UBS Group decreased their price objective on shares of Conagra Brands from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Evercore lowered their price objective on shares of Conagra Brands from $18.00 to $13.00 in a research report on Wednesday, June 10th. Finally, Jefferies Financial Group cut their target price on Conagra Brands from $15.00 to $13.00 and set a “hold” rating for the company in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $14.13.

Conagra Brands 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.