Kentucky Retirement Systems Insurance Trust Fund Sells 1,236 Shares of Conagra Brands, Inc. (NYSE:CAG)

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,183 shares of the company’s stock after selling 1,236 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Conagra Brands were worth $461,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Innealta Capital LLC bought a new stake in shares of Conagra Brands in the 2nd quarter worth approximately $25,000. Chilton Capital Management LLC bought a new position in Conagra Brands in the second quarter worth $25,000. Hexagon Capital Partners LLC boosted its stake in Conagra Brands by 82.8% during the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after buying an additional 420 shares in the last quarter. LRI Investments LLC acquired a new stake in Conagra Brands during the first quarter worth $42,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in Conagra Brands during the third quarter worth $47,000. 83.75% of the stock is owned by institutional investors.

Conagra Brands Price Performance

Shares of CAG opened at $26.49 on Wednesday. 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 50 day simple moving average of $29.95 and a 200 day simple moving average of $29.97. Conagra Brands, Inc. has a 52-week low of $26.21 and a 52-week high of $33.24. The firm has a market capitalization of $12.64 billion, a PE ratio of 25.72, a P/E/G ratio of 2.75 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Conagra Brands’s revenue for the quarter was down 3.8% compared to the same quarter last year. Sell-side analysts predict that Conagra Brands, Inc. will post 2.59 EPS for the current fiscal 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 given 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 of this dividend is Thursday, October 31st. Conagra Brands’s dividend payout ratio (DPR) is currently 135.92%.

Wall Street Analyst Weigh In

CAG has been the topic of several recent analyst reports. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. 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. Bank of America cut their price target on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. The Goldman Sachs Group assumed coverage on Conagra Brands in a report on Monday, August 12th. They set a “buy” rating and a $36.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.63.

About Conagra Brands

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.