Elite Wealth Management Inc. Lowers Stake in Conagra Brands, Inc. (NYSE:CAG)

Elite Wealth Management Inc. trimmed its holdings in Conagra Brands, Inc. (NYSE:CAG) by 33.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 41,679 shares of the company’s stock after selling 20,700 shares during the period. Conagra Brands accounts for approximately 0.2% of Elite Wealth Management Inc.’s portfolio, making the stock its 21st largest position. Elite Wealth Management Inc.’s holdings in Conagra Brands were worth $1,355,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CAG. Federated Hermes Inc. raised its position in Conagra Brands by 20.5% during the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after buying an additional 1,871,238 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Conagra Brands by 21,015.0% during the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock worth $346,495,000 after acquiring an additional 10,604,367 shares during the period. Dimensional Fund Advisors LP raised its holdings in Conagra Brands by 17.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock worth $122,602,000 after purchasing an additional 633,794 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Conagra Brands by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,102,985 shares of the company’s stock worth $100,909,000 after purchasing an additional 63,738 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in Conagra Brands by 148.2% in the second quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock valued at $72,048,000 after purchasing an additional 1,513,726 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

Analyst Ratings Changes

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

Conagra Brands Stock Down 0.1 %

CAG stock opened at $27.45 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. The company’s 50 day simple moving average is $29.47 and its 200-day simple moving average is $29.85. Conagra Brands, Inc. has a 12 month low of $26.21 and a 12 month high of $33.24. The firm has a market capitalization of $13.10 billion, a PE ratio of 26.65, a P/E/G ratio of 2.83 and a beta of 0.34.

Conagra Brands (NYSE:CAG) last announced 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). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the company posted $0.66 EPS. Conagra Brands’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts expect that Conagra Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, October 31st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend was Thursday, October 31st. Conagra Brands’s payout ratio is 135.92%.

Conagra Brands Profile

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.