Intech Investment Management LLC Raises Stake in Conagra Brands, Inc. (NYSE:CAG)

Intech Investment Management LLC lifted its stake in Conagra Brands, Inc. (NYSE:CAG) by 425.5% during the third quarter, HoldingsChannel reports. The firm owned 66,511 shares of the company’s stock after purchasing an additional 53,855 shares during the period. Intech Investment Management LLC’s holdings in Conagra Brands were worth $2,163,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CAG. Innealta Capital LLC bought a new position in Conagra Brands in the 2nd quarter worth about $25,000. Chilton Capital Management LLC purchased a new stake in shares of Conagra Brands in the second quarter valued at approximately $25,000. Hexagon Capital Partners LLC grew its stake in Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares in the last quarter. LRI Investments LLC purchased a new position in Conagra Brands during the 1st quarter worth $42,000. Finally, Abich Financial Wealth Management LLC bought a new stake in Conagra Brands during the 3rd quarter valued at $47,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Analysts Set New Price Targets

CAG has been the topic of a number of recent research reports. Wells Fargo & Company increased their price target on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $29.00 target price on shares of Conagra Brands in a research report on Thursday, October 3rd. Bank of America lowered their price target on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, The Goldman Sachs Group initiated coverage on shares of Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 price objective for the company. Six research 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.63.

Conagra Brands Stock Performance

Shares of CAG stock opened at $27.42 on Monday. Conagra Brands, Inc. has a 12-month low of $26.21 and a 12-month high of $33.24. The business’s fifty day simple moving average is $29.67 and its 200-day simple moving average is $29.90. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. The company has a market cap of $13.09 billion, a PE ratio of 26.62, a PEG ratio of 2.80 and a beta of 0.34.

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

Conagra Brands Dividend Announcement

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