Fifth Third Bancorp Increases Position in Conagra Brands (NYSE:CAG)

Fifth Third Bancorp increased its position in shares of Conagra Brands (NYSE:CAG) by 21.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,375 shares of the company’s stock after purchasing an additional 3,896 shares during the period. Fifth Third Bancorp’s holdings in Conagra Brands were worth $597,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CAG. Capital Advisors Ltd. LLC boosted its stake in Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company’s stock worth $27,000 after purchasing an additional 452 shares during the period. Riverview Trust Co purchased a new position in Conagra Brands during the fourth quarter valued at $29,000. AdvisorNet Financial Inc increased its holdings in Conagra Brands by 86.1% in the 1st quarter. AdvisorNet Financial Inc now owns 1,491 shares of the company’s stock valued at $40,000 after acquiring an additional 690 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Conagra Brands in the 4th quarter valued at $41,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in Conagra Brands in the 4th quarter worth $53,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CAG shares. Wells Fargo & Company cut their price objective on Conagra Brands from $27.00 to $23.00 and set an “equal weight” rating for the company in a research report on Monday, June 2nd. The Goldman Sachs Group cut Conagra Brands from a “neutral” rating to a “sell” rating and cut their price target for the company from $26.00 to $21.00 in a report on Monday, June 9th. Morgan Stanley began coverage on Conagra Brands in a report on Monday, March 24th. They set an “equal weight” rating and a $27.00 price objective on the stock. Barclays lowered their target price on Conagra Brands from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. Finally, Stifel Nicolaus reduced their price target on shares of Conagra Brands from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $25.36.

Conagra Brands Price Performance

NYSE:CAG opened at $21.56 on Wednesday. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 1.58 and a beta of 0.14. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.69 and a quick ratio of 0.23. The business has a 50 day simple moving average of $23.50 and a 200-day simple moving average of $25.31. Conagra Brands has a 1 year low of $21.18 and a 1 year high of $33.24.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.92 billion. Conagra Brands had a return on equity of 12.94% and a net margin of 2.80%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 earnings per share. Equities analysts forecast that Conagra Brands will post 2.35 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, April 28th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date of this dividend was Monday, April 28th. Conagra Brands’s dividend payout ratio (DPR) is currently 205.88%.

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.