Citigroup Inc. Reduces Holdings in Conagra Brands, Inc. (NYSE:CAG)

Citigroup Inc. lowered its position in Conagra Brands, Inc. (NYSE:CAG) by 33.4% during the third quarter, HoldingsChannel reports. The firm owned 398,978 shares of the company’s stock after selling 200,529 shares during the period. Citigroup Inc.’s holdings in Conagra Brands were worth $12,975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAG. Courier Capital LLC boosted its position in Conagra Brands by 1.3% during the third quarter. Courier Capital LLC now owns 27,062 shares of the company’s stock worth $880,000 after acquiring an additional 355 shares during the last quarter. CWM LLC lifted its stake in Conagra Brands by 0.4% in the 3rd quarter. CWM LLC now owns 87,222 shares of the company’s stock worth $2,836,000 after purchasing an additional 359 shares in the last quarter. Empirical Finance LLC boosted its holdings in shares of Conagra Brands by 2.3% during the 3rd quarter. Empirical Finance LLC now owns 16,379 shares of the company’s stock worth $533,000 after purchasing an additional 362 shares during the last quarter. Arkadios Wealth Advisors grew its position in shares of Conagra Brands by 0.7% in the third quarter. Arkadios Wealth Advisors now owns 52,769 shares of the company’s stock valued at $1,716,000 after purchasing an additional 376 shares in the last quarter. Finally, Bridgewater Advisors Inc. increased its holdings in shares of Conagra Brands by 1.5% in the third quarter. Bridgewater Advisors Inc. now owns 25,224 shares of the company’s stock valued at $820,000 after purchasing an additional 376 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Performance

NYSE:CAG opened at $27.45 on Friday. 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 50 day moving average price of $29.36 and a 200 day moving average price of $29.83. The stock has a market capitalization of $13.10 billion, a P/E ratio of 26.65, a PEG ratio of 2.83 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). The firm had revenue of $2.79 billion for 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 company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. Equities research analysts forecast that Conagra Brands, Inc. will post 2.59 EPS for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend was Thursday, October 31st. Conagra Brands’s dividend payout ratio is currently 135.92%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CAG shares. The Goldman Sachs Group started coverage on Conagra Brands in a report on Monday, August 12th. They issued a “buy” rating and a $36.00 target price for the company. Wells Fargo & Company raised their price objective on shares of Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America dropped 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 note on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed 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 assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Conagra Brands currently has an average rating of “Hold” and an average price target of $31.63.

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.