Gotham Asset Management LLC Has $27.18 Million Holdings in Conagra Brands Inc. (CAG)
Gotham Asset Management LLC cut its stake in Conagra Brands Inc. (NYSE:CAG) by 17.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 760,021 shares of the company’s stock after selling 155,252 shares during the quarter. Gotham Asset Management LLC owned approximately 0.18% of Conagra Brands worth $27,178,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in CAG. BlackRock Inc. lifted its holdings in Conagra Brands by 2,749.9% in the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock valued at $1,087,846,000 after acquiring an additional 26,020,645 shares during the period. Janus Henderson Group PLC lifted its holdings in Conagra Brands by 10,072.6% in the second quarter. Janus Henderson Group PLC now owns 6,144,061 shares of the company’s stock valued at $219,711,000 after acquiring an additional 6,083,663 shares during the period. Alliancebernstein L.P. lifted its holdings in Conagra Brands by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock valued at $152,788,000 after acquiring an additional 2,999,723 shares during the period. AJO LP lifted its holdings in Conagra Brands by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock valued at $111,526,000 after acquiring an additional 2,754,930 shares during the period. Finally, Numeric Investors LLC lifted its holdings in Conagra Brands by 75.2% in the second quarter. Numeric Investors LLC now owns 3,077,000 shares of the company’s stock valued at $110,034,000 after acquiring an additional 1,321,100 shares during the period. 78.38% of the stock is owned by institutional investors.
In other news, Director Ruth Ann Marshall sold 6,046 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the sale, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.79% of the stock is owned by company insiders.
Conagra Brands Inc. (CAG) traded up 0.88% during mid-day trading on Thursday, hitting $34.26. The stock had a trading volume of 1,141,554 shares. Conagra Brands Inc. has a 12-month low of $32.16 and a 12-month high of $41.68. The firm has a market cap of $14.22 billion, a P/E ratio of 24.63 and a beta of 0.31. The stock has a 50-day moving average price of $33.87 and a 200 day moving average price of $36.59.
Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Thursday, September 28th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.40 by $0.06. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period last year, the firm earned $0.37 EPS. Equities analysts anticipate that Conagra Brands Inc. will post $1.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, October 13th will be issued a $0.2125 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 annualized dividend and a dividend yield of 2.50%. Conagra Brands’s dividend payout ratio is currently 60.28%.
Conagra Brands announced that its board has approved a stock repurchase plan on Thursday, June 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have issued reports on CAG shares. BidaskClub downgraded Conagra Brands from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 5th. J P Morgan Chase & Co reissued an “overweight” rating and issued a $42.00 price target (down from $44.00) on shares of Conagra Brands in a report on Wednesday, June 28th. Jefferies Group LLC reissued a “buy” rating on shares of Conagra Brands in a report on Friday, June 16th. Credit Suisse Group set a $39.00 price target on Conagra Brands and gave the company a “hold” rating in a report on Saturday, July 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $42.00 price target (down from $43.00) on shares of Conagra Brands in a report on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $41.31.
About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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