Bank of New York Mellon Corp Lowers Holdings in Conagra Brands $CAG

Bank of New York Mellon Corp trimmed its stake in Conagra Brands (NYSE:CAG) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,804,529 shares of the company’s stock after selling 71,093 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Conagra Brands worth $44,087,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CAG. Bell Investment Advisors Inc raised its holdings in Conagra Brands by 156.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock worth $26,000 after acquiring an additional 1,029 shares during the last quarter. CYBER HORNET ETFs LLC bought a new stake in Conagra Brands in the 2nd quarter worth about $26,000. Harbour Investments Inc. increased its holdings in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock worth $27,000 after buying an additional 701 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Conagra Brands in the 2nd quarter worth about $29,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Conagra Brands during the 3rd quarter valued at about $33,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Sanford C. Bernstein reiterated an “underperform” rating and issued a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research note on Wednesday, June 3rd. UBS Group increased their price objective on shares of Conagra Brands from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Royal Bank Of Canada dropped their target price on shares of Conagra Brands from $16.00 to $14.00 and set a “sector perform” rating on the stock in a report on Thursday, July 16th. Stifel Nicolaus decreased their target price on shares of Conagra Brands from $17.00 to $15.00 and set a “hold” rating for the company in a research note on Tuesday, April 21st. Finally, Jefferies Financial Group lowered their price target on Conagra Brands from $15.00 to $13.00 and set a “hold” rating on the stock in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, Conagra Brands presently has a consensus rating of “Reduce” and an average target price of $14.07.

Conagra Brands Trading Up 2.7%

Conagra Brands stock opened at $14.76 on Friday. Conagra Brands has a 1 year low of $12.53 and a 1 year high of $20.32. The firm’s 50 day moving average price is $13.69 and its 200-day moving average price is $15.61. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The stock has a market cap of $7.07 billion, a P/E ratio of -3.69 and a beta of -0.02.

Conagra Brands (NYSE:CAG) last posted its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. Conagra Brands’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the company posted $0.56 earnings per share. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, equities analysts predict that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 4.7%. The ex-dividend date is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is currently -35.00%.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.