Intech Investment Management LLC Grows Stake in Conagra Brands, Inc. (NYSE:CAG)

Intech Investment Management LLC boosted its position in shares of Conagra Brands, Inc. (NYSE:CAG) by 425.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 66,511 shares of the company’s stock after acquiring an additional 53,855 shares during the quarter. Intech Investment Management LLC’s holdings in Conagra Brands were worth $2,163,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. O Shaughnessy Asset Management LLC purchased a new position in shares of Conagra Brands in the first quarter worth approximately $433,000. 1832 Asset Management L.P. grew its position in shares of Conagra Brands by 1.3% during the 1st quarter. 1832 Asset Management L.P. now owns 63,584 shares of the company’s stock valued at $1,885,000 after acquiring an additional 844 shares during the period. LRI Investments LLC purchased a new stake in shares of Conagra Brands in the 1st quarter worth $44,000. Public Employees Retirement Association of Colorado raised its holdings in Conagra Brands by 18.1% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 515,659 shares of the company’s stock worth $15,284,000 after purchasing an additional 78,961 shares during the period. Finally, Invenomic Capital Management LP lifted its position in Conagra Brands by 134.8% during the first quarter. Invenomic Capital Management LP now owns 848,595 shares of the company’s stock valued at $25,152,000 after purchasing an additional 487,108 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Stock Performance

CAG opened at $27.42 on Monday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The stock has a market capitalization of $13.09 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 2.80 and a beta of 0.34. The company has a fifty day moving average of $29.67 and a 200 day moving average of $29.90. Conagra Brands, Inc. has a fifty-two week low of $26.21 and a fifty-two week high of $33.24.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share 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 firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that Conagra Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s payout ratio is 135.92%.

Analyst Ratings Changes

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