Conagra Brands, Inc. (NYSE:CAG) Position Increased by OLD National Bancorp IN

OLD National Bancorp IN increased its position in shares of Conagra Brands, Inc. (NYSE:CAG) by 3.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 273,825 shares of the company’s stock after buying an additional 8,975 shares during the quarter. OLD National Bancorp IN’s holdings in Conagra Brands were worth $8,905,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in shares of Conagra Brands in the second quarter worth about $25,000. Chilton Capital Management LLC bought a new position in Conagra Brands during the second quarter valued at about $25,000. Hexagon Capital Partners LLC increased its stake in 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 acquiring an additional 420 shares during the period. Whittier Trust Co. increased its stake in Conagra Brands by 144.4% during the first quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock valued at $42,000 after acquiring an additional 836 shares during the period. Finally, LRI Investments LLC bought a new position in Conagra Brands during the first quarter valued at about $42,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Price Performance

Shares of CAG traded up $0.01 on Friday, hitting $30.32. The company’s stock had a trading volume of 5,561,849 shares, compared to its average volume of 4,778,772. The company has a 50 day moving average price of $31.15 and a 200 day moving average price of $30.30. Conagra Brands, Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $33.24. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. The company has a market capitalization of $14.49 billion, a PE ratio of 41.53, a PEG ratio of 3.01 and a beta of 0.32.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data 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). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the company posted $0.66 EPS. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, research analysts anticipate that Conagra Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s dividend payout ratio (DPR) is currently 191.78%.

Insider Activity

In other news, COO Thomas M. Mcgough sold 40,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total value of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares of the company’s stock, valued at $4,890,108.47. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAG. The Goldman Sachs Group began coverage on Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 price objective on the stock. Bank of America lowered their price objective on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Barclays lowered their price objective on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Citigroup lowered their price objective on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Conagra Brands has an average rating of “Hold” and a consensus 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.