Conagra Brands, Inc. (NYSE:CAG) Sees Significant Decline in Short Interest

Conagra Brands, Inc. (NYSE:CAG) saw a significant decline in short interest in March. As of March 31st, there was short interest totalling 13,180,000 shares, a decline of 33.3% from the March 15th total of 19,760,000 shares. Currently, 2.8% of the company’s stock are sold short. Based on an average daily trading volume, of 6,320,000 shares, the short-interest ratio is presently 2.1 days.

Conagra Brands Stock Performance

CAG stock opened at $25.31 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The stock’s 50 day simple moving average is $25.76 and its 200 day simple moving average is $26.98. Conagra Brands has a 12-month low of $23.06 and a 12-month high of $33.24. The firm has a market cap of $12.08 billion, a P/E ratio of 24.82, a P/E/G ratio of 1.76 and a beta of 0.27.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.92 billion. Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, equities research analysts predict that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, April 28th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.53%. The ex-dividend date of this dividend is Monday, April 28th. Conagra Brands’s dividend payout ratio (DPR) is presently 205.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CAG. Morgan Stanley assumed coverage on Conagra Brands in a research note on Monday, March 24th. They set an “equal weight” rating and a $27.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on Conagra Brands from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. Stifel Nicolaus lowered their price objective on Conagra Brands from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Wednesday, February 19th. Barclays boosted their price objective on Conagra Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Finally, The Goldman Sachs Group lowered shares of Conagra Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $33.00 to $26.00 in a research report on Monday, February 24th. Nine investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.90.

Institutional Investors Weigh In On Conagra Brands

Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Conagra Brands in the fourth quarter worth $168,877,000. Massachusetts Financial Services Co. MA bought a new stake in shares of Conagra Brands in the 4th quarter valued at approximately $110,704,000. Two Sigma Advisers LP increased its holdings in shares of Conagra Brands by 33.9% during the fourth quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company’s stock worth $225,746,000 after buying an additional 2,058,000 shares in the last quarter. Deutsche Bank AG grew its holdings in Conagra Brands by 51.6% during the 4th quarter. Deutsche Bank AG now owns 5,664,293 shares of the company’s stock worth $157,184,000 after acquiring an additional 1,928,883 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Conagra Brands by 18.5% in the fourth quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock valued at $309,728,000 after purchasing an additional 1,745,319 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.