PNC Financial Services Group Inc. Cuts Stock Position in Conagra Brands, Inc. (NYSE:CAG)

PNC Financial Services Group Inc. trimmed its holdings in Conagra Brands, Inc. (NYSE:CAG) by 15.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,120 shares of the company’s stock after selling 35,888 shares during the period. PNC Financial Services Group Inc.’s holdings in Conagra Brands were worth $6,183,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CAG. Innealta Capital LLC bought a new position in shares of Conagra Brands during the second quarter worth $25,000. Chilton Capital Management LLC bought a new position in shares of Conagra Brands during the 2nd quarter valued at about $25,000. Hexagon Capital Partners LLC grew its position in shares of Conagra Brands by 82.8% during the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after purchasing an additional 420 shares in the last quarter. LRI Investments LLC bought a new stake in shares of Conagra Brands in the first quarter worth about $42,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of Conagra Brands in the third quarter worth about $47,000. Institutional investors own 83.75% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CAG shares. The Goldman Sachs Group initiated coverage on shares of Conagra Brands in a research report on Monday, August 12th. They issued a “buy” rating and a $36.00 price target on the stock. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $29.00 price objective on shares of Conagra Brands in a research report on Thursday, October 3rd. Wells Fargo & Company lifted their target price on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Bank of America decreased their price target on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Six investment 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.com, the company currently has an average rating of “Hold” and a consensus target price of $31.63.

Conagra Brands Trading Up 0.9 %

Shares of NYSE CAG opened at $27.42 on Friday. The business’s 50 day moving average price is $29.67 and its 200-day moving average price is $29.91. Conagra Brands, Inc. has a fifty-two week low of $26.21 and a fifty-two week high of $33.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 2.80 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last released its earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. On average, sell-side analysts expect that Conagra Brands, Inc. will post 2.59 earnings per share for the current year.

Conagra Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.40 annualized dividend and a yield of 5.11%. Conagra Brands’s dividend payout ratio (DPR) is 135.92%.

About Conagra Brands

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.