Westchester Capital Management Inc. purchased a new stake in Conagra Brands Inc (NYSE:CAG) in the third quarter, according to its most recent filing with the SEC. The fund purchased 28,770 shares of the company’s stock, valued at approximately $883,000. Conagra Brands comprises 0.3% of Westchester Capital Management Inc.’s portfolio, making the stock its 28th biggest position.
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Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Capital Group LLC boosted its stake in shares of Conagra Brands by 16.2% during the 2nd quarter. Private Capital Group LLC now owns 2,520 shares of the company’s stock worth $90,000 after acquiring an additional 351 shares in the last quarter. Securian Asset Management Inc raised its holdings in Conagra Brands by 0.7% in the 2nd quarter. Securian Asset Management Inc now owns 50,008 shares of the company’s stock valued at $1,326,000 after acquiring an additional 361 shares in the last quarter. Stephens Inc. AR raised its holdings in Conagra Brands by 1.7% in the 3rd quarter. Stephens Inc. AR now owns 23,188 shares of the company’s stock valued at $711,000 after acquiring an additional 390 shares in the last quarter. Hartford Investment Management Co. raised its holdings in Conagra Brands by 0.3% in the 2nd quarter. Hartford Investment Management Co. now owns 133,048 shares of the company’s stock valued at $3,528,000 after acquiring an additional 401 shares in the last quarter. Finally, Old North State Trust LLC raised its holdings in Conagra Brands by 20.7% in the 2nd quarter. Old North State Trust LLC now owns 2,358 shares of the company’s stock valued at $63,000 after acquiring an additional 405 shares in the last quarter. Institutional investors and hedge funds own 86.40% of the company’s stock.
In related news, EVP Colleen Batcheler sold 25,458 shares of Conagra Brands stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $30.00, for a total transaction of $763,740.00. Following the completion of the transaction, the executive vice president now owns 169,873 shares in the company, valued at $5,096,190. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Thomas M. Mcgough sold 26,099 shares of Conagra Brands stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $31.00, for a total value of $809,069.00. Following the transaction, the chief operating officer now owns 145,869 shares of the company’s stock, valued at approximately $4,521,939. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.
Several equities analysts have commented on CAG shares. Goldman Sachs Group cut Conagra Brands from a “buy” rating to a “neutral” rating and cut their price target for the company from $33.00 to $31.00 in a report on Friday, September 6th. Credit Suisse Group reissued a “hold” rating and issued a $29.00 target price on shares of Conagra Brands in a report on Thursday, September 19th. Berenberg Bank began coverage on Conagra Brands in a report on Thursday. They issued a “hold” rating and a $29.00 target price for the company. Citigroup increased their target price on Conagra Brands from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Finally, ValuEngine raised Conagra Brands from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Conagra Brands has a consensus rating of “Buy” and an average price target of $33.00.
Shares of NYSE:CAG traded up $0.37 during midday trading on Friday, hitting $28.81. The company had a trading volume of 3,317,035 shares, compared to its average volume of 3,304,056. The stock has a market cap of $13.84 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.92 and a beta of 0.84. Conagra Brands Inc has a 12 month low of $20.22 and a 12 month high of $33.75. The company has a current ratio of 1.11, a quick ratio of 0.40 and a debt-to-equity ratio of 1.37. The firm has a fifty day simple moving average of $28.08 and a 200 day simple moving average of $28.60.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, September 26th. The company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.04. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.48 billion. Conagra Brands had a return on equity of 12.34% and a net margin of 6.68%. The firm’s revenue was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. Equities analysts forecast that Conagra Brands Inc will post 2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 1st will be paid a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s dividend payout ratio is 42.29%.
Conagra Brands Profile
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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