Victory Capital Management Inc. Cuts Stock Holdings in Conagra Brands, Inc. (NYSE:CAG)

Victory Capital Management Inc. lessened its holdings in Conagra Brands, Inc. (NYSE:CAG) by 8.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 813,493 shares of the company’s stock after selling 76,824 shares during the period. Victory Capital Management Inc. owned about 0.17% of Conagra Brands worth $26,455,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC purchased a new stake in Conagra Brands during the second quarter worth $25,000. Chilton Capital Management LLC bought a new position in shares of Conagra Brands in the 2nd quarter worth $25,000. Hexagon Capital Partners LLC lifted its stake in shares of Conagra Brands by 82.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares during the last quarter. LRI Investments LLC bought a new stake in Conagra Brands during the first quarter valued at about $42,000. Finally, Abich Financial Wealth Management LLC purchased a new position in Conagra Brands in the third quarter valued at about $47,000. 83.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CAG. Royal Bank of Canada reissued a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Thursday, October 3rd. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Wells Fargo & Company upped 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. The Goldman Sachs Group assumed coverage on Conagra Brands in a research report on Monday, August 12th. They issued a “buy” rating and a $36.00 price objective for the company. Finally, Bank of America reduced their target price on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Conagra Brands presently has a consensus rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Stock Performance

Shares of CAG stock opened at $26.70 on Monday. The business has a fifty day moving average of $30.20 and a 200 day moving average of $30.03. Conagra Brands, Inc. has a 1 year low of $26.21 and a 1 year 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 firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 2.75 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last announced 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). The firm had revenue of $2.79 billion during 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 revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. As a group, research analysts expect that Conagra Brands, Inc. will post 2.59 earnings per share for the current year.

Conagra Brands Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.24%. Conagra Brands’s payout ratio is currently 135.92%.

Conagra Brands 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.