Norges Bank Buys Shares of 6,085,648 Conagra Brands, Inc. (NYSE:CAG)

Norges Bank bought a new stake in shares of Conagra Brands, Inc. (NYSE:CAG - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,085,648 shares of the company's stock, valued at approximately $168,877,000. Norges Bank owned approximately 1.27% of Conagra Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Conagra Brands in the 4th quarter valued at $28,000. Riverview Trust Co bought a new stake in shares of Conagra Brands in the fourth quarter worth about $29,000. Grove Bank & Trust lifted its position in shares of Conagra Brands by 65.4% in the fourth quarter. Grove Bank & Trust now owns 1,131 shares of the company's stock worth $31,000 after buying an additional 447 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Conagra Brands during the fourth quarter valued at approximately $41,000. Finally, Stonebridge Financial Group LLC purchased a new position in Conagra Brands during the 4th quarter valued at approximately $44,000. Institutional investors own 83.75% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CAG. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $29.00 price objective on shares of Conagra Brands in a report on Friday, December 20th. JPMorgan Chase & Co. reduced their target price on shares of Conagra Brands from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Thursday, March 6th. Morgan Stanley assumed coverage on shares of Conagra Brands in a report on Monday, March 24th. They issued an "equal weight" rating and a $27.00 price target for the company. Barclays cut their target price on Conagra Brands from $33.00 to $32.00 and set an "overweight" rating on the stock in a research report on Monday, December 23rd. Finally, The Goldman Sachs Group lowered shares of Conagra Brands from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $33.00 to $26.00 in a research note on Monday, February 24th. Nine equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Conagra Brands has a consensus rating of "Hold" and an average target price of $28.20.

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Conagra Brands Price Performance

Shares of CAG traded up $0.33 during mid-day trading on Thursday, hitting $26.71. 11,471,044 shares of the company were exchanged, compared to its average volume of 6,121,621. Conagra Brands, Inc. has a 1-year low of $23.06 and a 1-year high of $33.24. The company has a 50 day moving average of $25.69 and a 200-day moving average of $27.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.22 and a current ratio of 0.70. The stock has a market cap of $12.75 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.18.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the company posted $0.69 earnings per share. The firm's revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts expect that Conagra Brands, Inc. will post 2.35 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Monday, April 28th will be given a $0.35 dividend. The ex-dividend date is Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.24%. Conagra Brands's dividend payout ratio (DPR) is presently 137.25%.

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.