Norges Bank Acquires Shares of 4,901,347 Conagra Brands, Inc. (NYSE:CAG)

Norges Bank purchased a new position in shares of Conagra Brands, Inc. (NYSE:CAG) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,901,347 shares of the company’s stock, valued at approximately $140,473,000.

A number of other hedge funds have also bought and sold shares of the company. FUKOKU MUTUAL LIFE INSURANCE Co acquired a new stake in shares of Conagra Brands during the fourth quarter worth $208,000. ING Groep NV lifted its holdings in Conagra Brands by 9.1% in the fourth quarter. ING Groep NV now owns 65,296 shares of the company’s stock worth $1,871,000 after acquiring an additional 5,443 shares during the last quarter. Independent Advisor Alliance boosted its stake in Conagra Brands by 8.3% in the fourth quarter. Independent Advisor Alliance now owns 7,902 shares of the company’s stock valued at $226,000 after acquiring an additional 603 shares during the period. NorthRock Partners LLC bought a new position in shares of Conagra Brands during the fourth quarter valued at approximately $227,000. Finally, New Century Financial Group LLC bought a new stake in shares of Conagra Brands in the 4th quarter worth approximately $984,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CAG. Stifel Nicolaus upped their price objective on Conagra Brands from $29.00 to $32.00 and gave the stock a “hold” rating in a research note on Friday, April 5th. Wells Fargo & Company upped their price target on shares of Conagra Brands from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. Citigroup increased their price objective on shares of Conagra Brands from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Finally, Barclays boosted their target price on shares of Conagra Brands from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.14.

Conagra Brands Trading Down 1.0 %

Shares of Conagra Brands stock opened at $30.44 on Friday. The business has a fifty day simple moving average of $30.26 and a 200-day simple moving average of $29.12. The firm has a market cap of $14.55 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 3.09 and a beta of 0.38. Conagra Brands, Inc. has a fifty-two week low of $25.16 and a fifty-two week high of $35.60. The company has a quick ratio of 0.33, a current ratio of 0.95 and a debt-to-equity ratio of 0.81.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings data on Thursday, April 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.05. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the firm posted $0.76 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Conagra Brands, Inc. will post 2.62 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Tuesday, April 30th will be issued a $0.35 dividend. The ex-dividend date is Monday, April 29th. This represents a $1.40 annualized dividend and a dividend yield of 4.60%. Conagra Brands’s dividend payout ratio is currently 70.35%.

Conagra Brands Company 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.