Meyer Handelman Co. Cuts Position in Conagra Brands, Inc. (NYSE:CAG)

Meyer Handelman Co. cut its stake in shares of Conagra Brands, Inc. (NYSE:CAG - Free Report) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 522,176 shares of the company's stock after selling 38,805 shares during the quarter. Meyer Handelman Co. owned approximately 0.11% of Conagra Brands worth $16,981,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CAG. Juncture Wealth Strategies LLC boosted its holdings in Conagra Brands by 13.4% in the third quarter. Juncture Wealth Strategies LLC now owns 16,104 shares of the company's stock valued at $524,000 after purchasing an additional 1,901 shares in the last quarter. Successful Portfolios LLC acquired a new position in Conagra Brands in the third quarter valued at approximately $205,000. UMB Bank n.a. boosted its holdings in Conagra Brands by 2.6% in the third quarter. UMB Bank n.a. now owns 889,863 shares of the company's stock valued at $28,938,000 after purchasing an additional 22,488 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company's stock valued at $30,000 after purchasing an additional 420 shares in the last quarter. Finally, CWM LLC lifted its stake in Conagra Brands by 0.4% in the third quarter. CWM LLC now owns 87,222 shares of the company's stock valued at $2,836,000 after buying an additional 359 shares during the last quarter. 83.75% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Conagra Brands

In other Conagra Brands news, COO Thomas M. Mcgough sold 40,000 shares of the company's stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total value of $1,211,600.00. Following the sale, the chief operating officer now owns 161,443 shares of the company's stock, valued at approximately $4,890,108.47. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CAG. Evercore ISI reduced their price objective on Conagra Brands from $32.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, July 12th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $29.00 price objective on shares of Conagra Brands in a research note on Thursday, October 3rd. Stifel Nicolaus reduced their price objective on Conagra Brands from $32.00 to $30.00 and set a "hold" rating for the company in a research note on Friday, July 12th. Bank of America reduced their price objective on Conagra Brands from $34.00 to $33.00 and set a "neutral" rating for the company in a research note on Thursday, October 3rd. Finally, Citigroup cut their price target on Conagra Brands from $32.00 to $30.00 and set a "neutral" rating for the company in a research note on Friday, June 28th. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Conagra Brands presently has an average rating of "Hold" and an average target price of $31.63.

Conagra Brands Price Performance

NYSE:CAG traded down $0.07 during trading hours on Friday, hitting $29.37. The company's stock had a trading volume of 2,714,547 shares, compared to its average volume of 4,775,295. The business's 50-day moving average is $31.17 and its two-hundred day moving average is $30.29. The company has a market capitalization of $14.04 billion, a PE ratio of 40.23, a PEG ratio of 3.01 and a beta of 0.32. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. Conagra Brands, Inc. has a 52-week low of $26.51 and a 52-week high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last released its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). The business had revenue of $2.79 billion during the quarter, compared to analysts' expectations of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company's revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS. As a group, research analysts anticipate that Conagra Brands, Inc. will post 2.59 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.77%. The ex-dividend date is Thursday, October 31st. Conagra Brands's dividend payout ratio (DPR) is 191.78%.

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.