Principal Street Partners LLC Sells 48,231 Shares of Conagra Brands, Inc. (NYSE:CAG)

Principal Street Partners LLC lowered its holdings in shares of Conagra Brands, Inc. (NYSE:CAG) by 22.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 163,017 shares of the company’s stock after selling 48,231 shares during the period. Principal Street Partners LLC’s holdings in Conagra Brands were worth $5,301,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CAG. Brooklyn Investment Group bought a new position in Conagra Brands during the 3rd quarter worth $123,000. FMR LLC increased its stake in shares of Conagra Brands by 4.8% in the third quarter. FMR LLC now owns 1,478,380 shares of the company’s stock valued at $48,077,000 after buying an additional 67,079 shares during the period. Qsemble Capital Management LP raised its position in shares of Conagra Brands by 76.3% during the third quarter. Qsemble Capital Management LP now owns 93,064 shares of the company’s stock worth $3,026,000 after acquiring an additional 40,284 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its stake in shares of Conagra Brands by 27,057.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,901 shares of the company’s stock worth $62,000 after acquiring an additional 1,894 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in Conagra Brands by 11.8% in the third quarter. Daiwa Securities Group Inc. now owns 58,495 shares of the company’s stock valued at $1,902,000 after acquiring an additional 6,173 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $27.53 on Tuesday. The firm has a market capitalization of $13.14 billion, a P/E ratio of 26.66, a P/E/G ratio of 2.82 and a beta of 0.34. The firm’s 50-day moving average price is $29.57 and its 200-day moving average price is $29.88. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. Conagra Brands, Inc. has a 1-year low of $26.21 and a 1-year high of $33.24.

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

Conagra Brands Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 5.09%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s payout ratio is currently 135.92%.

Analyst Upgrades and Downgrades

CAG has been the subject of several analyst reports. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. 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 target price for the company. Wells Fargo & Company boosted their target price 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a report on Thursday, October 3rd. Finally, Bank of America dropped their price objective on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Conagra Brands currently has a consensus rating of “Hold” and an average 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.