Conagra Brands, Inc. (NYSE:CAG) Sees Significant Growth in Short Interest

Conagra Brands, Inc. (NYSE:CAG) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 17,910,000 shares, a growth of 5.2% from the September 15th total of 17,030,000 shares. Based on an average daily volume of 4,990,000 shares, the days-to-cover ratio is currently 3.6 days. Currently, 3.8% of the shares of the stock are short sold.

Conagra Brands Trading Up 2.0 %

Conagra Brands stock traded up $0.59 during trading hours on Thursday, reaching $30.31. 6,675,142 shares of the company’s stock were exchanged, compared to its average volume of 4,774,871. The firm’s 50 day simple moving average is $31.15 and its 200 day simple moving average is $30.29. Conagra Brands has a twelve month low of $26.62 and a twelve month high of $33.24. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $14.49 billion, a PE ratio of 41.52, a PEG ratio of 3.01 and a beta of 0.32.

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

Conagra Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, October 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s dividend payout ratio is presently 191.78%.

Insider Activity at Conagra Brands

In other news, COO Thomas M. Mcgough sold 40,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the completion of the transaction, the chief operating officer now directly owns 161,443 shares in the company, valued at approximately $4,890,108.47. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Conagra Brands

A number of large investors have recently bought and sold shares of the stock. Chicago Partners Investment Group LLC acquired a new stake in Conagra Brands in the fourth quarter valued at approximately $207,000. Integrated Advisors Network LLC bought a new stake in Conagra Brands during the 4th quarter valued at $266,000. Centaurus Financial Inc. bought a new stake in Conagra Brands during the 4th quarter valued at $169,000. Syon Capital LLC acquired a new position in Conagra Brands during the fourth quarter worth $287,000. Finally, Leo Wealth LLC bought a new position in shares of Conagra Brands in the fourth quarter valued at $226,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on CAG. Citigroup dropped their price objective on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Barclays dropped their price target on shares of Conagra Brands from $34.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Wells Fargo & Company boosted their price objective on shares of Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Thursday. Bank of America lowered 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. Finally, The Goldman Sachs Group assumed coverage on Conagra Brands in a report on Monday, August 12th. They set a “buy” rating and a $36.00 target price on the stock. Six analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Conagra Brands currently has an average rating of “Hold” and an average target price of $31.63.

About Conagra Brands

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.