PNC Financial Services Group Inc. Lowers Stock Holdings in Conagra Brands, Inc. (NYSE:CAG)

PNC Financial Services Group Inc. lowered its stake in Conagra Brands, Inc. (NYSE:CAG) by 15.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 190,120 shares of the company’s stock after selling 35,888 shares during the period. PNC Financial Services Group Inc.’s holdings in Conagra Brands were worth $6,183,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CAG. O Shaughnessy Asset Management LLC bought a new position in shares of Conagra Brands during the first quarter valued at $433,000. EntryPoint Capital LLC increased its stake in Conagra Brands by 39.7% during the 1st quarter. EntryPoint Capital LLC now owns 2,454 shares of the company’s stock valued at $73,000 after purchasing an additional 698 shares in the last quarter. EP Wealth Advisors LLC increased its stake in Conagra Brands by 17.4% during the 1st quarter. EP Wealth Advisors LLC now owns 9,962 shares of the company’s stock valued at $295,000 after purchasing an additional 1,474 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Conagra Brands by 57.8% in the first quarter. Advisors Asset Management Inc. now owns 80,722 shares of the company’s stock worth $2,393,000 after buying an additional 29,569 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Conagra Brands by 6.7% in the first quarter. Canada Pension Plan Investment Board now owns 881,694 shares of the company’s stock worth $26,133,000 after buying an additional 55,692 shares in the last quarter. Institutional investors own 83.75% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CAG shares. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. Bank of America lowered their price target on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Wells Fargo & Company lifted 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. The Goldman Sachs Group started 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. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a research note on Thursday, October 3rd. Six research 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Stock Up 0.9 %

Shares of CAG stock opened at $27.42 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. Conagra Brands, Inc. has a 12 month low of $26.21 and a 12 month high of $33.24. The stock has a market cap of $13.09 billion, a P/E ratio of 26.62, a P/E/G ratio of 2.80 and a beta of 0.34. The company has a 50 day simple moving average of $29.67 and a two-hundred day simple moving average of $29.91.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.66 earnings per share. On average, research analysts expect that Conagra Brands, Inc. will post 2.59 earnings per share for the current year.

Conagra Brands Dividend Announcement

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

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.