Kornitzer Capital Management Inc. KS raised its holdings in Conagra Brands Inc (NYSE:CAG) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 169,520 shares of the company’s stock after acquiring an additional 3,235 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Conagra Brands were worth $5,201,000 at the end of the most recent quarter.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Conagra Brands by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 54,855,180 shares of the company’s stock valued at $1,454,759,000 after acquiring an additional 874,779 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Conagra Brands in the 2nd quarter valued at approximately $324,440,000. Invesco Ltd. grew its stake in shares of Conagra Brands by 107.2% in the 2nd quarter. Invesco Ltd. now owns 6,661,440 shares of the company’s stock valued at $176,663,000 after buying an additional 3,445,854 shares during the period. Northern Trust Corp grew its stake in shares of Conagra Brands by 1.7% in the 2nd quarter. Northern Trust Corp now owns 5,922,217 shares of the company’s stock valued at $157,056,000 after buying an additional 100,250 shares during the period. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Conagra Brands by 4.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 3,880,276 shares of the company’s stock valued at $102,905,000 after buying an additional 167,771 shares during the period. Institutional investors own 86.26% of the company’s stock.
Shares of Conagra Brands stock traded down $0.36 during mid-day trading on Friday, hitting $27.44. The stock had a trading volume of 2,586,227 shares, compared to its average volume of 5,833,551. The company has a quick ratio of 0.40, a current ratio of 1.11 and a debt-to-equity ratio of 1.37. The firm has a market cap of $13.44 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.86 and a beta of 0.84. The firm has a 50-day moving average of $28.29 and a two-hundred day moving average of $28.69. Conagra Brands Inc has a 12-month low of $20.22 and a 12-month high of $35.72.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, September 26th. The company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.04. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.48 billion. Conagra Brands had a net margin of 6.68% and a return on equity of 12.34%. The firm’s quarterly revenue was up 30.3% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. Sell-side analysts expect that Conagra Brands Inc will post 2.12 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 1st will be given a dividend of $0.2125 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.85 dividend on an annualized basis and a dividend yield of 3.10%. Conagra Brands’s payout ratio is currently 42.29%.
Several analysts have recently weighed in on CAG shares. Credit Suisse Group reissued a “hold” rating and issued a $29.00 price target on shares of Conagra Brands in a research note on Thursday, September 19th. Citigroup increased their price target on shares of Conagra Brands from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 27th. Barclays set a $33.00 price target on shares of Conagra Brands and gave the company a “buy” rating in a research note on Friday, September 27th. Goldman Sachs Group cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and dropped their price target for the company from $33.00 to $31.00 in a research note on Friday, September 6th. Finally, ValuEngine raised shares of Conagra Brands from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. Conagra Brands presently has a consensus rating of “Hold” and a consensus target price of $33.33.
In related news, COO Thomas M. Mcgough sold 26,099 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $31.00, for a total transaction of $809,069.00. Following the completion of the transaction, the chief operating officer now owns 145,869 shares of the company’s stock, valued at approximately $4,521,939. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Colleen Batcheler sold 25,458 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $30.00, for a total transaction of $763,740.00. Following the transaction, the executive vice president now directly owns 169,873 shares of the company’s stock, valued at approximately $5,096,190. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.
About Conagra Brands
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.
Featured Story: Net Margin
Want to see what other hedge funds are holding CAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Conagra Brands Inc (NYSE:CAG).