Wellington Management Group LLP Increases Stock Position in Conagra Brands, Inc. (NYSE:CAG)

Wellington Management Group LLP lifted its position in Conagra Brands, Inc. (NYSE:CAG - Free Report) by 70.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,291 shares of the company's stock after acquiring an additional 30,215 shares during the quarter. Wellington Management Group LLP's holdings in Conagra Brands were worth $2,383,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CAG. Chilton Capital Management LLC purchased a new position in Conagra Brands in the second quarter worth $25,000. Innealta Capital LLC bought a new stake in shares of Conagra Brands during the 2nd quarter worth $25,000. Hexagon Capital Partners LLC boosted its holdings in shares of Conagra Brands by 82.8% in 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 during the last quarter. Abich Financial Wealth Management LLC bought a new position in Conagra Brands during the third quarter valued at about $47,000. Finally, Kennebec Savings Bank purchased a new stake in Conagra Brands during the third quarter worth about $59,000. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Price Performance

CAG traded down $0.51 during trading on Wednesday, reaching $27.37. 6,703,800 shares of the company were exchanged, compared to its average volume of 4,783,296. 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 market cap of $13.06 billion, a price-to-earnings ratio of 26.57, a P/E/G ratio of 2.91 and a beta of 0.31. Conagra Brands, Inc. has a 12-month low of $26.21 and a 12-month high of $33.24. The company's 50-day moving average is $28.31 and its two-hundred day moving average is $29.55.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 13.71% and a net margin of 4.14%. The company's quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 earnings per share. Research analysts forecast that Conagra Brands, Inc. will post 2.58 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Monday, January 27th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.12%. Conagra Brands's dividend payout ratio (DPR) is currently 135.92%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CAG. Bank of America dropped their target price 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. Citigroup reduced their price objective on Conagra Brands from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Wednesday, December 11th. Wells Fargo & Company lowered their target price on Conagra Brands from $31.00 to $30.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Royal Bank of Canada reiterated a "sector perform" rating and set a $29.00 price target on shares of Conagra Brands in a research note on Thursday, October 3rd. Finally, BNP Paribas upgraded Conagra Brands to a "strong-buy" rating in a research note on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Conagra Brands presently has a consensus rating of "Hold" and an average target price of $31.38.

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.