Pitcairn Co. Sells 11,980 Shares of Conagra Brands, Inc. (NYSE:CAG)

Pitcairn Co. cut its stake in Conagra Brands, Inc. (NYSE:CAG) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,619 shares of the company’s stock after selling 11,980 shares during the quarter. Pitcairn Co.’s holdings in Conagra Brands were worth $475,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Aigen Investment Management LP purchased a new position in shares of Conagra Brands during the 3rd quarter worth about $1,020,000. Pacer Advisors Inc. grew its stake in shares of Conagra Brands by 21,015.0% during the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after buying an additional 10,604,367 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Conagra Brands in the third quarter worth approximately $3,829,000. Swedbank AB bought a new stake in shares of Conagra Brands during the 1st quarter worth approximately $18,268,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in Conagra Brands during the 3rd quarter valued at $967,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Stock Up 0.1 %

Shares of NYSE CAG opened at $27.48 on Wednesday. Conagra Brands, Inc. has a 12-month low of $26.21 and a 12-month high of $33.24. The stock’s fifty day simple moving average is $29.57 and its two-hundred day simple moving average is $29.88. The stock has a market capitalization of $13.11 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 2.82 and a beta of 0.34. 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 issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. Conagra Brands’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. As a group, analysts expect that Conagra Brands, Inc. will post 2.59 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, October 31st will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.40 dividend on an annualized basis and a yield of 5.10%. Conagra Brands’s payout ratio is 135.92%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CAG shares. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. The Goldman Sachs Group started coverage on shares of Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research note on Thursday, October 3rd. Wells Fargo & Company increased their price objective on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Bank of America decreased their target price on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company 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 given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.