Gabelli Funds LLC Sells 42,000 Shares of Conagra Brands, Inc. (NYSE:CAG)

Gabelli Funds LLC cut its position in Conagra Brands, Inc. (NYSE:CAG) by 40.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,000 shares of the company’s stock after selling 42,000 shares during the quarter. Gabelli Funds LLC’s holdings in Conagra Brands were worth $1,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. raised its position in shares of Conagra Brands by 7.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 5,220 shares of the company’s stock worth $155,000 after buying an additional 373 shares in the last quarter. Czech National Bank boosted its position in shares of Conagra Brands by 0.5% during the 1st quarter. Czech National Bank now owns 84,105 shares of the company’s stock valued at $2,493,000 after acquiring an additional 392 shares during the last quarter. Summit Financial Wealth Advisors LLC boosted its position in shares of Conagra Brands by 1.1% during the 1st quarter. Summit Financial Wealth Advisors LLC now owns 39,955 shares of the company’s stock valued at $1,184,000 after acquiring an additional 430 shares during the last quarter. Courier Capital LLC grew its holdings in shares of Conagra Brands by 1.7% during the second quarter. Courier Capital LLC now owns 26,707 shares of the company’s stock worth $759,000 after purchasing an additional 438 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its position in shares of Conagra Brands by 4.1% in the first quarter. Avantax Advisory Services Inc. now owns 11,265 shares of the company’s stock worth $334,000 after purchasing an additional 445 shares during the last quarter. 83.75% of the stock is owned by institutional investors.

Insider Transactions at Conagra Brands

In related news, COO Thomas M. Mcgough sold 40,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares in the company, valued at approximately $4,890,108.47. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CAG has been the subject of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, July 12th. The Goldman Sachs Group started coverage on shares of Conagra Brands in a report on Monday, August 12th. They set a “buy” rating and a $36.00 price objective for the company. Evercore ISI reduced their target price on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Citigroup dropped their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Finally, Bank of America increased their price objective on Conagra Brands from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.10.

Conagra Brands Trading Down 0.1 %

Shares of CAG stock opened at $32.29 on Thursday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.97 and a quick ratio of 0.33. The business has a 50-day moving average of $31.05 and a 200 day moving average of $30.13. The stock has a market capitalization of $15.43 billion, a PE ratio of 44.23, a P/E/G ratio of 2.95 and a beta of 0.32. Conagra Brands, Inc. has a 1-year low of $25.16 and a 1-year high of $33.24.

Conagra Brands (NYSE:CAG) last issued its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. The firm had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The business’s revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Conagra Brands, Inc. will post 2.61 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend was Thursday, August 1st. Conagra Brands’s dividend payout ratio (DPR) is 191.78%.

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.