Wedge Capital Management L L P NC Has $4.08 Million Stock Position in Conagra Brands $CAG

Wedge Capital Management L L P NC raised its position in Conagra Brands (NYSE:CAG) by 18.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 303,432 shares of the company’s stock after purchasing an additional 47,658 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.06% of Conagra Brands worth $4,084,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC boosted its position in Conagra Brands by 4.2% during the first quarter. NewEdge Advisors LLC now owns 23,541 shares of the company’s stock worth $628,000 after purchasing an additional 954 shares during the period. United Services Automobile Association bought a new position in shares of Conagra Brands in the first quarter worth about $225,000. Empowered Funds LLC increased its stake in shares of Conagra Brands by 5.9% in the first quarter. Empowered Funds LLC now owns 36,356 shares of the company’s stock worth $970,000 after purchasing an additional 2,038 shares during the period. Woodline Partners LP lifted its position in shares of Conagra Brands by 40.7% during the 1st quarter. Woodline Partners LP now owns 40,326 shares of the company’s stock worth $1,075,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in shares of Conagra Brands by 3.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company’s stock worth $1,033,000 after purchasing an additional 1,900 shares during the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CAG shares. Sanford C. Bernstein restated an “underperform” rating and set a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. lifted their price target on Conagra Brands from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Zacks Research lowered Conagra Brands from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Evercore reduced their price objective on Conagra Brands from $18.00 to $13.00 in a research report on Wednesday, June 10th. Finally, Stifel Nicolaus lowered their price objective on shares of Conagra Brands from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $14.07.

Conagra Brands Stock Up 2.9%

Shares of CAG stock opened at $15.39 on Friday. Conagra Brands has a one year low of $12.53 and a one year high of $20.32. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.90 and a quick ratio of 0.31. The stock has a fifty day moving average price of $14.18 and a 200 day moving average price of $15.42. The stock has a market cap of $7.37 billion, a P/E ratio of -3.85 and a beta of -0.03.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, July 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the previous year, the firm posted $0.56 EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Conagra Brands has set its FY 2027 guidance at 1.400-1.500 EPS. Analysts predict that Conagra Brands will post 1.45 earnings per share for the current year.

Conagra Brands Cuts Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, July 30th. This represents a $0.70 dividend on an annualized basis and a yield of 4.5%. Conagra Brands’s payout ratio is presently -17.50%.

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.