Conagra Brands, Inc. (NYSE:CAG) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 48.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,033 shares of the company’s stock after selling 77,868 shares during the period. CIBC Asset Management Inc’s holdings in Conagra Brands were worth $2,733,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Innealta Capital LLC purchased a new position in Conagra Brands in the 2nd quarter valued at about $25,000. Chilton Capital Management LLC acquired a new position in shares of Conagra Brands during the second quarter valued at approximately $25,000. Hexagon Capital Partners LLC lifted its position in shares of Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after acquiring an additional 420 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Conagra Brands in the first quarter worth approximately $42,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of Conagra Brands during the third quarter worth approximately $47,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Performance

Shares of Conagra Brands stock opened at $26.49 on Wednesday. The firm has a market cap of $12.64 billion, a PE ratio of 25.72, a price-to-earnings-growth ratio of 2.75 and a beta of 0.34. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. Conagra Brands, Inc. has a 52 week low of $26.21 and a 52 week high of $33.24. The business’s fifty day simple moving average is $29.95 and its 200-day simple moving average is $29.97.

Conagra Brands (NYSE:CAG) last posted its earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same period in the previous year, the company earned $0.66 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts forecast that Conagra Brands, Inc. will post 2.59 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s dividend payout ratio (DPR) is 135.92%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CAG shares. The Goldman Sachs Group initiated coverage on shares of Conagra Brands in a research note on Monday, August 12th. They set a “buy” rating and a $36.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America lowered their target price on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a report on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.63.

Conagra Brands Company Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.