Summitry LLC Invests $396,000 in Conagra Brands, Inc. (NYSE:CAG)

Summitry LLC bought a new stake in Conagra Brands, Inc. (NYSE:CAG) during the fourth quarter, Holdings Channel.com reports. The fund bought 14,264 shares of the company’s stock, valued at approximately $396,000.

A number of other hedge funds have also recently modified their holdings of the stock. CoreFirst Bank & Trust purchased a new stake in Conagra Brands in the fourth quarter valued at $73,000. Prudential Financial Inc. increased its position in shares of Conagra Brands by 28.5% during the fourth quarter. Prudential Financial Inc. now owns 1,674,848 shares of the company’s stock worth $46,477,000 after purchasing an additional 371,481 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Conagra Brands by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 58,798,952 shares of the company’s stock valued at $1,631,671,000 after purchasing an additional 1,132,839 shares during the last quarter. Community Bank N.A. boosted its position in shares of Conagra Brands by 1.6% in the 4th quarter. Community Bank N.A. now owns 50,232 shares of the company’s stock valued at $1,394,000 after purchasing an additional 795 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Conagra Brands during the 4th quarter worth approximately $5,034,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CAG has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. Bank of America reduced their price target on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. Barclays lowered their price objective on shares of Conagra Brands from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. Stifel Nicolaus reduced their target price on shares of Conagra Brands from $28.00 to $26.00 and set a “hold” rating for the company in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a report on Friday, December 20th. Nine equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.20.

Conagra Brands Price Performance

Shares of CAG opened at $25.38 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $25.60 and its two-hundred day moving average is $27.73. Conagra Brands, Inc. has a twelve month low of $23.06 and a twelve month high of $33.24. The firm has a market capitalization of $12.11 billion, a PE ratio of 24.88, a P/E/G ratio of 1.76 and a beta of 0.18.

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.