First County Bank CT Decreases Position in Conagra Brands, Inc. (NYSE:CAG)

First County Bank CT lowered its stake in shares of Conagra Brands, Inc. (NYSE:CAG) by 55.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,866 shares of the company’s stock after selling 13,324 shares during the period. First County Bank CT’s holdings in Conagra Brands were worth $353,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CAG. Federated Hermes Inc. grew its stake in Conagra Brands by 20.5% in the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock valued at $313,004,000 after buying an additional 1,871,238 shares in the last quarter. Pacer Advisors Inc. grew its stake in Conagra Brands by 21,015.0% in the 3rd 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in Conagra Brands by 17.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock valued at $122,602,000 after buying an additional 633,794 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Conagra Brands by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,102,985 shares of the company’s stock valued at $100,909,000 after buying an additional 63,738 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in Conagra Brands by 148.2% in the 2nd quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock valued at $72,048,000 after buying an additional 1,513,726 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CAG shares. Bank of America cut their price target on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. The Goldman Sachs Group started coverage on shares of Conagra Brands in a report on Monday, August 12th. They issued a “buy” rating and a $36.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a report on Thursday, October 3rd. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Wells Fargo & Company raised their price target on shares of Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Stock Performance

NYSE CAG opened at $27.43 on Friday. Conagra Brands, Inc. has a 52-week low of $26.21 and a 52-week high of $33.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The company has a market capitalization of $13.09 billion, a P/E ratio of 26.63, a P/E/G ratio of 2.80 and a beta of 0.34. The company has a fifty day moving average of $29.67 and a 200-day moving average of $29.91.

Conagra Brands (NYSE:CAG) last issued its earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. Conagra Brands’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. As a group, equities research analysts predict that Conagra Brands, Inc. will post 2.59 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The firm 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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s payout ratio is presently 135.92%.

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.