Spirit of America Management Corp NY Sells 2,000 Shares of Conagra Brands, Inc. (NYSE:CAG)

Spirit of America Management Corp NY lessened its position in shares of Conagra Brands, Inc. (NYSE:CAG) by 39.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,100 shares of the company’s stock after selling 2,000 shares during the period. Spirit of America Management Corp NY’s holdings in Conagra Brands were worth $101,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CAG. Marshall Wace LLP lifted its holdings in Conagra Brands by 1,362.6% during the 2nd quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock worth $68,400,000 after purchasing an additional 2,242,186 shares in the last quarter. Federated Hermes Inc. lifted its holdings 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 purchasing an additional 1,871,238 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of 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 acquiring an additional 1,513,726 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Conagra Brands by 2,552.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,289,751 shares of the company’s stock valued at $41,943,000 after acquiring an additional 1,241,121 shares in the last quarter. Finally, Miller Howard Investments Inc. NY raised its holdings in shares of Conagra Brands by 523.8% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 1,446,775 shares of the company’s stock valued at $41,117,000 after acquiring an additional 1,214,859 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Price Performance

Shares of Conagra Brands stock opened at $29.44 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. Conagra Brands, Inc. has a one year low of $26.62 and a one year high of $33.24. The stock has a market capitalization of $14.05 billion, a P/E ratio of 28.58, a price-to-earnings-growth ratio of 3.03 and a beta of 0.32. The business’s 50 day simple moving average is $31.06 and its two-hundred day simple moving average is $30.26.

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

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.40 annualized dividend and a dividend yield of 4.76%. Conagra Brands’s dividend payout ratio (DPR) is presently 135.92%.

Insider Activity

In other news, COO Thomas M. Mcgough sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the transaction, the chief operating officer now directly owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CAG shares. Stifel Nicolaus lowered their price target on Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Wells Fargo & Company raised their price target on Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Royal Bank of Canada reaffirmed 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 upgraded Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Evercore ISI reduced their price objective on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.63.

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.