Sei Investments Co. Trims Stock Position in Conagra Brands $CAG

Sei Investments Co. trimmed its stake in shares of Conagra Brands (NYSE:CAG) by 14.0% in the first quarter, Holdings Channel reports. The fund owned 399,719 shares of the company’s stock after selling 65,267 shares during the period. Sei Investments Co.’s holdings in Conagra Brands were worth $6,283,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CAG. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Conagra Brands by 24.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company’s stock worth $11,442,000 after buying an additional 131,287 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Conagra Brands by 23.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company’s stock valued at $140,659,000 after acquiring an additional 1,554,725 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Conagra Brands in the fourth quarter valued at about $2,415,000. Sound Income Strategies LLC increased its stake in shares of Conagra Brands by 153.4% during the fourth quarter. Sound Income Strategies LLC now owns 406,666 shares of the company’s stock worth $6,897,000 after acquiring an additional 246,178 shares during the period. Finally, Marathon Trading Investment Management LLC acquired a new position in shares of Conagra Brands during the fourth quarter worth about $1,367,000. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Stock Up 3.1%

CAG stock opened at $14.96 on Tuesday. The company has a market cap of $7.16 billion, a P/E ratio of -3.74 and a beta of -0.02. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $20.32. The company’s 50-day moving average price is $13.87 and its 200 day moving average price is $15.54. The company has a current ratio of 0.90, a quick ratio of 0.31 and a debt-to-equity ratio of 1.02.

Conagra Brands (NYSE:CAG) last issued its earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Conagra Brands had a negative net margin of 16.99% and a positive return on equity of 10.44%. The company had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. On average, research analysts expect that Conagra Brands will post 1.45 earnings per share for the current fiscal year.

Conagra Brands Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, July 30th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Thursday, July 30th. Conagra Brands’s dividend payout ratio (DPR) is presently -17.50%.

Analyst Ratings Changes

CAG has been the subject of a number of recent analyst reports. BNP Paribas Exane reduced their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, May 21st. Wells Fargo & Company dropped their target price on Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Monday, May 18th. Stifel Nicolaus cut their target price on Conagra Brands from $17.00 to $15.00 and set a “hold” rating for the company in a research note on Tuesday, April 21st. Evercore reduced their price target on Conagra Brands from $18.00 to $13.00 in a report on Wednesday, June 10th. Finally, Zacks Research downgraded Conagra Brands from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, Conagra Brands has an average rating of “Reduce” and an average price target of $14.07.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.