Moody National Bank Trust Division cut its holdings in shares of Conagra Brands Inc (NYSE:CAG) by 34.6% during the third quarter, HoldingsChannel.com reports. The fund owned 7,550 shares of the company’s stock after selling 4,000 shares during the period. Moody National Bank Trust Division’s holdings in Conagra Brands were worth $257,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Fort L.P. purchased a new position in Conagra Brands in the 2nd quarter valued at about $117,000. Bray Capital Advisors purchased a new position in Conagra Brands in the 3rd quarter valued at about $170,000. LFA Lugano Financial Advisors SA lifted its stake in Conagra Brands by 137.6% in the 3rd quarter. LFA Lugano Financial Advisors SA now owns 5,153 shares of the company’s stock valued at $175,000 after buying an additional 2,984 shares in the last quarter. Lucia Wealth Services LLC purchased a new position in Conagra Brands in the 2nd quarter valued at about $184,000. Finally, Lincoln National Corp purchased a new position in Conagra Brands in the 2nd quarter valued at about $200,000. Hedge funds and other institutional investors own 81.97% of the company’s stock.
A number of research analysts recently weighed in on CAG shares. JPMorgan Chase & Co. raised their price target on shares of Conagra Brands from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Stephens started coverage on shares of Conagra Brands in a research note on Monday, August 20th. They issued an “overweight” rating and a $45.00 price target on the stock. Zacks Investment Research raised shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Wednesday, August 29th. Jefferies Financial Group set a $44.00 price target on shares of Conagra Brands and gave the company a “buy” rating in a research note on Thursday, September 27th. Finally, ValuEngine lowered shares of Conagra Brands from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $42.70.
Conagra Brands (NYSE:CAG) last released its earnings results on Thursday, September 27th. The company reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. The business had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.85 billion. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.46 earnings per share. Sell-side analysts forecast that Conagra Brands Inc will post 2.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Wednesday, October 17th will be issued a dividend of $0.2125 per share. The ex-dividend date of this dividend is Tuesday, October 16th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.42%. Conagra Brands’s dividend payout ratio is currently 40.28%.
In other news, Director Thomas K. Brown purchased 7,092 shares of the business’s stock in a transaction dated Friday, October 12th. The stock was acquired at an average price of $35.25 per share, for a total transaction of $249,993.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David S. Marberger purchased 2,836 shares of the business’s stock in a transaction dated Friday, October 12th. The shares were purchased at an average price of $35.25 per share, with a total value of $99,969.00. Following the acquisition, the chief financial officer now directly owns 12,721 shares in the company, valued at $448,415.25. The disclosure for this purchase can be found here. Insiders have bought a total of 24,112 shares of company stock valued at $849,948 in the last 90 days. Insiders own 0.92% of the company’s stock.
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Conagra Brands Company 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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