Principal Street Partners LLC Sells 48,231 Shares of Conagra Brands, Inc. (NYSE:CAG)

Principal Street Partners LLC reduced its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 22.8% in the third quarter, HoldingsChannel.com reports. The firm owned 163,017 shares of the company’s stock after selling 48,231 shares during the period. Principal Street Partners LLC’s holdings in Conagra Brands were worth $5,301,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAG. Pacer Advisors Inc. lifted its stake in Conagra Brands by 21,015.0% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after acquiring an additional 10,604,367 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Conagra Brands by 1,362.6% in the second quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock valued at $68,400,000 after purchasing an additional 2,242,186 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Conagra Brands by 20.5% during the second quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock valued at $313,004,000 after purchasing an additional 1,871,238 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in Conagra Brands by 148.2% during the second quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock worth $72,048,000 after purchasing an additional 1,513,726 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Conagra Brands by 2,552.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,289,751 shares of the company’s stock worth $41,943,000 after purchasing an additional 1,241,121 shares in the last quarter. 83.75% of the stock is owned by institutional investors.

Conagra Brands Price Performance

CAG opened at $27.53 on Tuesday. The firm has a 50-day moving average price of $29.57 and a 200-day moving average price of $29.88. Conagra Brands, Inc. has a twelve month low of $26.21 and a twelve month high of $33.24. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 2.82 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the firm posted $0.66 earnings per share. Conagra Brands’s revenue for the quarter was down 3.8% compared to the same quarter last year. Equities analysts expect that Conagra Brands, Inc. will post 2.59 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.09%. Conagra Brands’s dividend payout ratio (DPR) is currently 135.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group initiated coverage on Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 target price on the stock. Bank of America cut their price objective on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company raised their target price on Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Conagra Brands currently has an average rating of “Hold” and a consensus target price of $31.63.

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.