Canada Pension Plan Investment Board Grows Stake in Conagra Brands $CAG

Canada Pension Plan Investment Board increased its stake in shares of Conagra Brands (NYSE:CAG) by 115.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 66,000 shares of the company’s stock after purchasing an additional 35,400 shares during the period. Canada Pension Plan Investment Board’s holdings in Conagra Brands were worth $888,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of Conagra Brands by 24.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company’s stock worth $11,442,000 after acquiring an additional 131,287 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Conagra Brands by 23.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company’s stock valued at $140,659,000 after purchasing an additional 1,554,725 shares during the last quarter. Leonteq Securities AG acquired a new position in Conagra Brands in the 4th quarter valued at $2,415,000. Marathon Trading Investment Management LLC purchased a new position in Conagra Brands in the 4th quarter valued at $1,367,000. Finally, Hsbc Holdings PLC lifted its holdings in Conagra Brands by 25.0% in the 4th quarter. Hsbc Holdings PLC now owns 785,989 shares of the company’s stock valued at $13,634,000 after purchasing an additional 157,423 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAG has been the topic of several recent research reports. BNP Paribas Exane lowered their target price on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, May 21st. Sanford C. Bernstein reiterated an “underperform” rating and issued a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price target on shares of Conagra Brands from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Royal Bank Of Canada lowered their price target on shares of Conagra Brands from $16.00 to $14.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 16th. Finally, UBS Group upped their price objective on shares of Conagra Brands from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $14.07.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $16.02 on Tuesday. The business’s 50 day moving average price is $14.85 and its 200 day moving average price is $15.19. The company has a market cap of $7.67 billion, a price-to-earnings ratio of -4.00 and a beta of -0.03. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.31 and a current ratio of 0.90. Conagra Brands has a one year low of $12.53 and a one year high of $20.32.

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 the consensus estimate of $0.46 by $0.01. The company had revenue of $2.88 billion during 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 firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 EPS. 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 EPS for the current 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 issued a $0.175 dividend. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.4%. Conagra Brands’s dividend payout ratio is currently -17.50%.

About Conagra Brands

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.