Invenomic Capital Management LP Takes Position in Conagra Brands, Inc. (NYSE:CAG)

Invenomic Capital Management LP bought a new position in Conagra Brands, Inc. (NYSE:CAG) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 260,935 shares of the company’s stock, valued at approximately $8,486,000. Invenomic Capital Management LP owned 0.05% of Conagra Brands at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Innealta Capital LLC bought a new position in Conagra Brands in the second quarter valued at approximately $25,000. Chilton Capital Management LLC acquired a new stake in Conagra Brands in the second quarter valued at approximately $25,000. Hexagon Capital Partners LLC lifted its position in shares of Conagra Brands by 82.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after buying an additional 420 shares in the last quarter. Abich Financial Wealth Management LLC purchased a new position in shares of Conagra Brands in the third quarter worth about $47,000. Finally, Kennebec Savings Bank bought a new stake in shares of Conagra Brands in the 3rd quarter valued at about $59,000. 83.75% of the stock is owned by institutional investors and hedge funds.

Conagra Brands Stock Performance

NYSE CAG opened at $27.80 on Tuesday. Conagra Brands, Inc. has a 12-month low of $26.21 and a 12-month high of $33.24. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The company has a 50-day simple moving average of $29.17 and a two-hundred day simple moving average of $29.78. The firm has a market cap of $13.27 billion, a price-to-earnings ratio of 27.01, a PEG ratio of 2.84 and a beta of 0.31.

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

Conagra Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.04%. The ex-dividend date was Thursday, October 31st. Conagra Brands’s payout ratio is currently 135.92%.

Analysts Set New Price Targets

A number of research firms have issued reports on CAG. Wells Fargo & Company boosted their price target on Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. The Goldman Sachs Group initiated coverage on Conagra Brands in a research report on Monday, August 12th. They issued a “buy” rating and a $36.00 target price on the stock. Bank of America cut their price target on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $29.00 price objective on shares of Conagra Brands in a research report on Thursday, October 3rd. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.