Poplar Forest Capital LLC lifted its stake in Conagra Brands Inc (NYSE:CAG) by 91.6% in the second quarter, HoldingsChannel.com reports. The fund owned 1,244,196 shares of the company’s stock after purchasing an additional 594,957 shares during the period. Conagra Brands accounts for 2.4% of Poplar Forest Capital LLC’s holdings, making the stock its 24th biggest position. Poplar Forest Capital LLC’s holdings in Conagra Brands were worth $32,996,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Cleararc Capital Inc. bought a new stake in Conagra Brands during the first quarter valued at approximately $225,000. Mn Services Vermogensbeheer B.V. grew its position in Conagra Brands by 200.8% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 247,757 shares of the company’s stock valued at $6,571,000 after buying an additional 165,400 shares during the period. M Holdings Securities Inc. bought a new stake in Conagra Brands during the first quarter valued at approximately $721,000. First Republic Investment Management Inc. grew its position in Conagra Brands by 0.9% during the first quarter. First Republic Investment Management Inc. now owns 55,374 shares of the company’s stock valued at $1,536,000 after buying an additional 496 shares during the period. Finally, Oakbrook Investments LLC grew its position in Conagra Brands by 8.5% during the first quarter. Oakbrook Investments LLC now owns 47,992 shares of the company’s stock valued at $1,331,000 after buying an additional 3,750 shares during the period. Hedge funds and other institutional investors own 88.13% of the company’s stock.
In other Conagra Brands news, Director Ruth Ann Marshall sold 3,000 shares of Conagra Brands stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $28.45, for a total transaction of $85,350.00. Following the transaction, the director now owns 102,387 shares of the company’s stock, valued at $2,912,910.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig P. Omtvedt purchased 25,000 shares of the stock in a transaction on Friday, June 28th. The shares were purchased at an average cost of $26.73 per share, for a total transaction of $668,250.00. The disclosure for this purchase can be found here. Insiders have sold 33,589 shares of company stock worth $929,334 in the last ninety days. Insiders own 0.92% of the company’s stock.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, June 27th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). Conagra Brands had a net margin of 7.11% and a return on equity of 13.74%. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the firm earned $0.50 EPS. Conagra Brands’s revenue for the quarter was up 32.9% compared to the same quarter last year. Equities analysts forecast that Conagra Brands Inc will post 2.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Tuesday, July 30th will be issued a dividend of $0.2125 per share. This represents a $0.85 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Monday, July 29th. Conagra Brands’s dividend payout ratio is currently 42.29%.
CAG has been the subject of several recent research reports. Bank of America set a $35.00 target price on shares of Conagra Brands and gave the company a “buy” rating in a research report on Friday, June 28th. UBS Group set a $32.00 target price on shares of Conagra Brands and gave the company a “buy” rating in a research report on Friday, June 28th. Evercore ISI initiated coverage on shares of Conagra Brands in a research report on Tuesday, June 11th. They set an “outperform” rating and a $36.00 target price for the company. SunTrust Banks initiated coverage on shares of Conagra Brands in a research report on Tuesday, May 14th. They set a “buy” rating and a $35.00 target price for the company. Finally, Citigroup cut their target price on shares of Conagra Brands from $36.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.42.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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