Westpac Banking Corp Increases Stock Position in Conagra Brands, Inc. (NYSE:CAG)

Defense World · May 2, 2023 19:42

Westpac Banking Corp boosted its stake in Conagra Brands, Inc. (NYSE:CAG – Get Rating) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,727 shares of the company's stock after purchasing an additional 1,593 shares during the quarter. Westpac Banking Corp's holdings in Conagra Brands were worth $2,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Conagra Brands by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 64,185 shares of the company's stock valued at $2,155,000 after acquiring an additional 3,975 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Conagra Brands by 0.4% during the first quarter. Great West Life Assurance Co. Can now owns 309,389 shares of the company's stock valued at $10,942,000 after acquiring an additional 1,186 shares during the last quarter. Synovus Financial Corp grew its position in Conagra Brands by 3.7% during the first quarter. Synovus Financial Corp now owns 22,548 shares of the company's stock valued at $758,000 after acquiring an additional 807 shares during the last quarter. Blair William & Co. IL grew its position in Conagra Brands by 19.8% during the first quarter. Blair William & Co. IL now owns 27,151 shares of the company's stock valued at $911,000 after acquiring an additional 4,487 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in Conagra Brands by 509.0% during the first quarter. Allianz Asset Management GmbH now owns 366,225 shares of the company's stock valued at $12,294,000 after acquiring an additional 306,086 shares during the last quarter. 81.08% of the stock is owned by hedge funds and other institutional investors.

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Conagra Brands Stock Up 0.7 %

NYSE CAG opened at $38.22 on Tuesday. The stock's 50 day moving average is $36.86 and its 200 day moving average is $37.06. The company has a current ratio of 0.97, a quick ratio of 0.32 and a debt-to-equity ratio of 0.90. Conagra Brands, Inc. has a 12 month low of $31.01 and a 12 month high of $41.30. The stock has a market cap of $18.23 billion, a PE ratio of 22.89, a P/E/G ratio of 2.16 and a beta of 0.56.

Conagra Brands (NYSE:CAG – Get Rating) last issued its quarterly earnings data on Wednesday, April 5th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.12. Conagra Brands had a return on equity of 15.34% and a net margin of 6.59%. The business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same period in the prior year, the firm earned $0.58 EPS. The company's revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts predict that Conagra Brands, Inc. will post 2.76 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, April 28th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, April 27th. This represents a $1.32 annualized dividend and a yield of 3.45%. Conagra Brands's payout ratio is presently 79.04%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CAG. Morgan Stanley reduced their price target on shares of Conagra Brands from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Conagra Brands from $35.00 to $38.00 in a report on Thursday, April 6th. JPMorgan Chase & Co. lifted their price target on shares of Conagra Brands from $38.00 to $43.00 and gave the company a "neutral" rating in a report on Friday, January 6th. Royal Bank of Canada raised their price objective on Conagra Brands from $35.00 to $38.00 and gave the company a "sector perform" rating in a research report on Friday, January 6th. Finally, StockNews.com started coverage on Conagra Brands in a research report on Thursday, March 16th. They set a "hold" rating for the company. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Conagra Brands currently has a consensus rating of "Hold" and a consensus price target of $41.00.

Insider Buying and Selling at Conagra Brands

In other news, COO Thomas M. Mcgough sold 45,000 shares of the stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $38.66, for a total transaction of $1,739,700.00. Following the transaction, the chief operating officer now owns 104,859 shares of the company's stock, valued at approximately $4,053,848.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Charisse Brock sold 7,036 shares of the firm's stock in a transaction dated Friday, April 14th. The stock was sold at an average price of $37.04, for a total value of $260,613.44. Following the completion of the transaction, the executive vice president now directly owns 94,802 shares in the company, valued at $3,511,466.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Thomas M. Mcgough sold 45,000 shares of the firm's stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $38.66, for a total value of $1,739,700.00. Following the completion of the transaction, the chief operating officer now owns 104,859 shares of the company's stock, valued at $4,053,848.94. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by corporate insiders.

Conagra Brands Company Profile

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Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks, Refrigerated and Frozen, International, and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.