Redwood Investment Management LLC Acquires New Stake in Conagra Brands $CAG

Redwood Investment Management LLC acquired a new stake in Conagra Brands (NYSE:CAG) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 61,581 shares of the company’s stock, valued at approximately $829,000.

A number of other large investors also recently bought and sold shares of the company. Parvin Asset Management LLC purchased a new stake in shares of Conagra Brands in the second quarter valued at about $193,000. Proficio Capital Partners LLC purchased a new position in Conagra Brands during the second quarter worth about $198,000. Corient Private Wealth LP purchased a new position in Conagra Brands during the second quarter worth about $18,865,000. Bank of America Corp DE acquired a new stake in Conagra Brands in the second quarter valued at about $25,047,000. Finally, Freestone Grove Partners LP acquired a new stake in Conagra Brands in the second quarter valued at about $30,316,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CAG shares. JPMorgan Chase & Co. lifted their price objective on Conagra Brands from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. UBS Group raised their price target on Conagra Brands from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Zacks Research downgraded Conagra Brands from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $12.00 price objective (down from $16.00) on shares of Conagra Brands in a report on Wednesday, June 3rd. Finally, BNP Paribas Exane dropped their price objective on Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, Conagra Brands has a consensus rating of “Reduce” and an average target price of $14.07.

Conagra Brands Trading Down 1.2%

Shares of CAG opened at $16.00 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02. The firm’s 50-day moving average is $14.73 and its two-hundred day moving average is $15.24. Conagra Brands has a twelve month low of $12.53 and a twelve month high of $20.32. The firm has a market capitalization of $7.66 billion, a P/E ratio of -4.00 and a beta of -0.03.

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

Conagra Brands Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -17.50%.

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.