Virtus Fund Advisers LLC Takes $35.80 Million Position in Conagra Brands Inc (CAG)
Virtus Fund Advisers LLC purchased a new position in Conagra Brands Inc (NYSE:CAG) during the 4th quarter, HoldingsChannel reports. The fund purchased 950,250 shares of the company’s stock, valued at approximately $35,796,000.
Other hedge funds have also recently modified their holdings of the company. Synovus Financial Corp grew its stake in Conagra Brands by 52.9% in the third quarter. Synovus Financial Corp now owns 13,585 shares of the company’s stock worth $458,000 after purchasing an additional 4,701 shares during the period. Keeley Teton Advisors LLC grew its stake in Conagra Brands by 21.4% in the third quarter. Keeley Teton Advisors LLC now owns 62,218 shares of the company’s stock worth $2,099,000 after purchasing an additional 10,967 shares during the period. Victory Capital Management Inc. grew its stake in Conagra Brands by 482.0% in the third quarter. Victory Capital Management Inc. now owns 289,392 shares of the company’s stock worth $9,764,000 after purchasing an additional 239,667 shares during the period. Norinchukin Bank The grew its stake in Conagra Brands by 10.3% in the third quarter. Norinchukin Bank The now owns 30,938 shares of the company’s stock worth $1,044,000 after purchasing an additional 2,886 shares during the period. Finally, WINTON GROUP Ltd grew its stake in Conagra Brands by 71.4% in the third quarter. WINTON GROUP Ltd now owns 35,735 shares of the company’s stock worth $1,206,000 after purchasing an additional 14,887 shares during the period. 81.33% of the stock is currently owned by institutional investors.
Shares of Conagra Brands Inc (NYSE:CAG) opened at $36.25 on Tuesday. Conagra Brands Inc has a 12 month low of $32.16 and a 12 month high of $41.68. The company has a market capitalization of $14,523.96, a price-to-earnings ratio of 21.71, a PEG ratio of 2.35 and a beta of 0.27. The company has a quick ratio of 0.54, a current ratio of 1.11 and a debt-to-equity ratio of 0.86.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Tuesday, January 30th will be paid a $0.213 dividend. This is a boost from Conagra Brands’s previous quarterly dividend of $0.21. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Monday, January 29th. Conagra Brands’s dividend payout ratio is currently 50.90%.
In other news, SVP Robert G. Wise sold 23,170 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $37.87, for a total value of $877,447.90. Following the sale, the senior vice president now directly owns 51,859 shares of the company’s stock, valued at $1,963,900.33. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joie A. Gregor sold 5,250 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $38.04, for a total value of $199,710.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 154,121 shares of company stock worth $5,793,780. Insiders own 0.79% of the company’s stock.
CAG has been the topic of several recent research reports. Credit Suisse Group set a $40.00 price target on Conagra Brands and gave the stock a “hold” rating in a research note on Monday, December 25th. Stifel Nicolaus raised Conagra Brands from a “hold” rating to a “buy” rating and upped their price target for the stock from $36.00 to $38.00 in a research note on Sunday, October 29th. They noted that the move was a valuation call. UBS Group raised Conagra Brands from a “sell” rating to a “neutral” rating and upped their price target for the stock from $33.00 to $37.00 in a research note on Tuesday, December 12th. Sanford C. Bernstein raised Conagra Brands from an “underperform” rating to a “market perform” rating in a research note on Thursday, December 14th. Finally, Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Wednesday, November 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $40.50.
Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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