Davenport & Co LLC, an institutional investor, has reported an increase in its holdings of Conagra Brands, Inc. (NYSE:CAG) during the second quarter of this year. According to their recent filing with the Securities and Exchange Commission (SEC), Davenport & Co LLC now owns 164,427 shares of Conagra Brands’ stock, representing a 2.4% increase from their previous holdings. The additional 3,816 shares acquired during this period bring the total worth of Davenport & Co LLC’s holdings in Conagra Brands to $5,544,000.
Conagra Brands recently announced its quarterly earnings data on July 13th. The company reported earnings per share (EPS) of $0.62 for the quarter, surpassing the consensus estimate of $0.60 by $0.02. Additionally, Conagra Brands achieved a return on equity (ROE) of 15.19% and a net margin of 5.57%. Although its revenue for the quarter was slightly lower than analysts’ expectations at $2.97 billion compared to an estimated $3 billion, it still experienced a 2.2% increase in quarterly revenue compared to the same period last year.
Equity analysts have provided their perspectives on Conagra Brands as well. Bank of America lowered their target price on shares of Conagra Brands from $40 to $38 in a report released on July 14th, while StockNews.com initiated coverage and set a “hold” rating for the company on August 17th. UBS Group also reduced their price target from $44 to $40 on July 10th, and JPMorgan Chase & Co dropped theirs from $38 to $37 while assigning a “neutral” rating for the company on August 21st.
Additionally, Morgan Stanley downgraded Conagra Brands from an “overweight” rating to an “equal weight” rating, adjusting its target price from $46 to $37 on July 17th. Currently, the stock has earned an average rating of “Hold” with a consensus price target of $37.62 according to Bloomberg.
As we approach the end of the year, equity analysts predict that Conagra Brands will post earnings per share of 2.71 for the current fiscal year.
Investors and stakeholders in Conagra Brands will continue to monitor these developments and assess their impact on the company’s future performance and market position. Davenport & Co LLC’s increased holdings indicate their confidence in Conagra Brands and suggest a positive outlook for the company moving forward.
M&T Bank Corporation
MTB
Strong Buy
Updated on: 04/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
ROE: Neutral
Institutional Investors and Hedge Funds Show Interest in Conagra Brands
Conagra Brands, a leading food company, has attracted the attention of various institutional investors and hedge funds. Recent reports show that several entities have made significant changes to their holdings in the business. Institutional & Family Asset Management LLC acquired a new stake in Conagra Brands during the first quarter of this year, valued at approximately $26,000. This was followed by Core Alternative Capital, which purchased a new stake worth $31,000 during the same period. ST Germain D J Co. Inc. also joined this trend by buying a new position in Conagra Brands in the fourth quarter of last year, for an estimated value of about $33,000. Tradition Wealth Management LLC increased its stake in shares of Conagra Brands by an impressive 641.6% during the first quarter. As of now, Tradition Wealth Management LLC owns 927 shares of the company’s stock valued at $35,000 after purchasing 802 additional shares in the last quarter. Clear Street Markets LLC followed suit and boosted its holdings in Conagra Brands by 93.2% during the first quarter as well. Currently, Clear Street Markets LLC possesses 935 shares with an approximate value of $35,000 after acquiring an extra 451 shares during that period.
These investments reflect strong interest from institutional investors and hedge funds in Conagra Brands as they recognize its potential and growth prospects. At current estimates, approximately 84.27% of the stock is owned by these entities.
In terms of stock performance, Conagra Brands opened at $27.42 on Monday, October 2nd. The stock’s average price over the past 50 days was $30.17 while its two-hundred day moving average price stood at $33.75. It is noteworthy that Conagra Brands’ market capitalization amounts to a substantial $13.08 billion with a P/E ratio of 19.31 and a beta score of 0.57. These figures reflect the company’s stable position in the market.
Analysts have been keenly observing Conagra Brands and several have recently provided their insights on the stock. Bank of America, for instance, dropped its target price from $40.00 to $38.00 in a report released on Friday, July 14th. StockNews.com initiated coverage on Conagra Brands and gave it a “hold” rating on Thursday, August 17th. UBS Group also reduced its price target from $44.00 to $40.00 while JPMorgan Chase & Co lowered theirs from $38.00 to $37.00 in a research note published on Monday, July 10th and Monday, August 21st respectively.
Moreover, Morgan Stanley downgraded Conagra Brands from an “overweight” rating to an “equal weight” rating and dropped the target price from $46.00 to $37.00 in their report issued on Monday, July 17th.
Overall, nine investment analysts have rated the stock as “hold” while four have given it a “buy” rating. According to Bloomberg, the average rating for Conagra Brands is currently listed as “Hold” with a consensus price target of $37.62.
In further news released by Conagra Brands, it was announced that a quarterly dividend was paid out on Thursday, August 31st to shareholders of record as of Monday, July 31st. The dividend totaled $0.35 per share which represents an increase compared to the previous quarter’s dividend of $0.33 per share. This new figure equates to an annualized dividend amount of $1.40 per share and offers investors a yield of 5.l1%. The ex-dividend date for this recent payout was set as Friday, July 28th.
In recent insider trading activity associated with Conagra Brands stock, COO Thomas M. Mcgough sold 75,522 shares on Wednesday, August 2nd. The average selling price was recorded at $33.07, leading to a total transaction value of $2,497,512.54. Following this sale, the chief operating officer now directly owns 157,125 shares in the company with an estimated overall value of $5,196,123.75.
Conclusively, Conagra Brands has garnered interest from institutional investors and hedge funds due to its growth potential and market positioning. Despite recent adjustments to target prices by analysts reflecting different levels of enthusiasm for the stock’s performance, it remains an attractive option for those seeking stability and consistent dividend payouts.
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