California Public Employees Retirement System Sells 228,946 Shares of Conagra Brands $CAG

California Public Employees Retirement System cut its stake in shares of Conagra Brands (NYSE:CAG) by 18.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,000,514 shares of the company’s stock after selling 228,946 shares during the quarter. California Public Employees Retirement System owned about 0.21% of Conagra Brands worth $15,728,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CAG. NewEdge Advisors LLC lifted its stake in Conagra Brands by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company’s stock valued at $628,000 after acquiring an additional 954 shares during the period. United Services Automobile Association purchased a new position in shares of Conagra Brands during the 1st quarter worth $225,000. Empowered Funds LLC grew its holdings in Conagra Brands by 5.9% during the first quarter. Empowered Funds LLC now owns 36,356 shares of the company’s stock valued at $970,000 after purchasing an additional 2,038 shares during the period. Woodline Partners LP boosted its position in shares of Conagra Brands by 40.7% in the first quarter. Woodline Partners LP now owns 40,326 shares of the company’s stock worth $1,075,000 after purchasing an additional 11,664 shares during the period. Finally, Gamco Investors INC. ET AL increased its stake in Conagra Brands by 3.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company’s stock worth $1,033,000 after buying an additional 1,900 shares in the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $14.37 on Friday. The company’s 50 day moving average is $13.67 and its 200 day moving average is $15.62. The company has a market cap of $6.88 billion, a PE ratio of -3.59 and a beta of -0.02. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02. Conagra Brands has a twelve month low of $12.53 and a twelve month high of $20.32.

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

Conagra Brands Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Thursday, July 30th will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is currently -35.00%.

Wall Street Analyst Weigh In

CAG has been the subject of several research reports. Zacks Research downgraded shares of Conagra Brands from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Jefferies Financial Group lowered their target price on shares of Conagra Brands from $15.00 to $13.00 and set a “hold” rating for the company in a report on Wednesday, May 27th. Weiss Ratings downgraded Conagra Brands from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, June 25th. UBS Group lifted their price target on shares of Conagra Brands from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Evercore decreased their price objective on Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. One research 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 data from MarketBeat, Conagra Brands currently has a consensus rating of “Reduce” and an average price target of $14.07.

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.