Erste Asset Management GmbH Acquires New Position in Conagra Brands, Inc. (NYSE:CAG)

Erste Asset Management GmbH acquired a new stake in Conagra Brands, Inc. (NYSE:CAG) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 13,900 shares of the company’s stock, valued at approximately $452,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in shares of Conagra Brands during the second quarter worth $25,000. Innealta Capital LLC bought a new stake in shares of Conagra Brands during the second quarter worth $25,000. Hexagon Capital Partners LLC grew its stake 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 worth $30,000 after buying an additional 420 shares during the last quarter. Abich Financial Wealth Management LLC bought a new stake in shares of Conagra Brands during the third quarter worth $47,000. Finally, Kennebec Savings Bank bought a new stake in shares of Conagra Brands during the third quarter worth $59,000. 83.75% of the stock is owned by institutional investors.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $27.33 on Thursday. The firm’s 50-day moving average price is $28.99 and its 200-day moving average price is $29.74. Conagra Brands, Inc. has a 1-year low of $26.21 and a 1-year high of $33.24. The firm has a market capitalization of $13.04 billion, a P/E ratio of 26.53, a P/E/G ratio of 2.86 and a beta of 0.31. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86.

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

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 5.12%. The ex-dividend date of this dividend was Thursday, October 31st. Conagra Brands’s payout ratio is presently 135.92%.

Wall Street Analysts Forecast Growth

CAG has been the topic of a number of research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 target price on shares of Conagra Brands in a research note on Thursday, October 3rd. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America cut their price target on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. The Goldman Sachs Group began coverage on shares of Conagra Brands in a report on Monday, August 12th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. 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.com, the stock has an average rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Company Profile

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.