Conagra Brands, Inc. (NYSE:CAG) Stake Lessened by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 46.8% during the fourth quarter, HoldingsChannel reports. The fund owned 665,638 shares of the company’s stock after selling 585,570 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Conagra Brands were worth $19,077,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CAG. Thrivent Financial for Lutherans boosted its position in shares of Conagra Brands by 1.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 29,348 shares of the company’s stock valued at $958,000 after purchasing an additional 310 shares during the period. Equitable Holdings Inc. raised its holdings in shares of Conagra Brands by 0.5% during the first quarter. Equitable Holdings Inc. now owns 81,085 shares of the company’s stock valued at $2,722,000 after acquiring an additional 373 shares during the period. Laurel Wealth Advisors Inc. boosted its stake in Conagra Brands by 2.9% in the 1st quarter. Laurel Wealth Advisors Inc. now owns 13,726 shares of the company’s stock worth $461,000 after purchasing an additional 388 shares during the period. Pinnacle Associates Ltd. grew its position in Conagra Brands by 1.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 28,498 shares of the company’s stock worth $781,000 after purchasing an additional 393 shares in the last quarter. Finally, Bedel Financial Consulting Inc. lifted its holdings in shares of Conagra Brands by 4.6% in the second quarter. Bedel Financial Consulting Inc. now owns 9,135 shares of the company’s stock valued at $308,000 after purchasing an additional 405 shares in the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup increased their price objective on Conagra Brands from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Royal Bank of Canada lowered their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 3rd. Barclays boosted their target price on Conagra Brands from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Wells Fargo & Company lifted their price target on Conagra Brands from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Finally, Stifel Nicolaus raised their price objective on shares of Conagra Brands from $29.00 to $32.00 and gave the company a “hold” rating in a research report on Friday, April 5th. Ten investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.14.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $29.31 on Monday. The company has a quick ratio of 0.33, a current ratio of 0.95 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average price of $28.63 and a 200 day moving average price of $28.42. The company has a market cap of $14.01 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 2.94 and a beta of 0.41. Conagra Brands, Inc. has a twelve month low of $25.16 and a twelve month high of $38.73.

Conagra Brands (NYSE:CAG) last released its earnings results on Thursday, April 4th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.64 by $0.05. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the prior year, the company earned $0.76 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts predict that Conagra Brands, Inc. will post 2.62 earnings per share for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Tuesday, April 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.78%. Conagra Brands’s dividend payout ratio is currently 70.35%.

Conagra Brands 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.