Davis Capital Management Sells 18,578 Shares of Conagra Brands, Inc. (NYSE:CAG)

Davis Capital Management reduced its stake in Conagra Brands, Inc. (NYSE:CAG) by 89.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,160 shares of the company’s stock after selling 18,578 shares during the quarter. Davis Capital Management’s holdings in Conagra Brands were worth $61,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of Conagra Brands by 31.7% during the fourth quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock worth $55,000 after purchasing an additional 473 shares during the period. Fifth Third Bancorp increased its holdings in shares of Conagra Brands by 3.2% during the fourth quarter. Fifth Third Bancorp now owns 21,986 shares of the company’s stock worth $630,000 after purchasing an additional 689 shares during the period. State of Michigan Retirement System boosted its position in shares of Conagra Brands by 1.1% during the 4th quarter. State of Michigan Retirement System now owns 150,801 shares of the company’s stock worth $4,322,000 after acquiring an additional 1,700 shares in the last quarter. Stonegate Investment Group LLC boosted its position in shares of Conagra Brands by 6.5% during the 4th quarter. Stonegate Investment Group LLC now owns 8,165 shares of the company’s stock worth $234,000 after acquiring an additional 500 shares in the last quarter. Finally, Trust Point Inc. acquired a new stake in shares of Conagra Brands during the 4th quarter worth approximately $830,000. 83.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CAG. Royal Bank of Canada reduced their price target on shares of Conagra Brands from $30.00 to $29.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Citigroup reduced their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Barclays reduced their price target on shares of Conagra Brands from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company cut their target price on shares of Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Evercore ISI cut their target price on shares of Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.18.

Insider Buying and Selling

In other Conagra Brands news, EVP Charisse Brock sold 15,444 shares of Conagra Brands stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $30.37, for a total value of $469,034.28. Following the completion of the sale, the executive vice president now directly owns 113,254 shares of the company’s stock, valued at $3,439,523.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.88% of the stock is owned by insiders.

Conagra Brands Trading Up 2.1 %

Shares of CAG stock traded up $0.65 during trading hours on Friday, hitting $30.90. 3,767,504 shares of the company’s stock traded hands, compared to its average volume of 4,589,925. The stock’s 50 day simple moving average is $29.19 and its 200 day simple moving average is $29.33. The stock has a market cap of $14.78 billion, a PE ratio of 42.33, a price-to-earnings-growth ratio of 2.65 and a beta of 0.32. Conagra Brands, Inc. has a 12 month low of $25.16 and a 12 month high of $32.84. The company has a quick ratio of 0.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.88.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The business had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm earned $0.62 earnings per share. Conagra Brands’s quarterly revenue was down 2.3% on a year-over-year basis. On average, sell-side analysts anticipate that Conagra Brands, Inc. will post 2.61 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 1st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date is Thursday, August 1st. Conagra Brands’s dividend payout ratio is presently 191.78%.

About Conagra Brands

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.