Conagra Brands, Inc. (NYSE:CAG) Sees Large Increase in Short Interest

Conagra Brands, Inc. (NYSE:CAG) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 17,910,000 shares, a growth of 5.2% from the September 15th total of 17,030,000 shares. Currently, 3.8% of the company’s shares are short sold. Based on an average daily volume of 4,990,000 shares, the days-to-cover ratio is presently 3.6 days.

Insiders Place Their Bets

In other news, COO Thomas M. Mcgough sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $30.29, for a total value of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.88% of the company’s stock.

Institutional Trading of Conagra Brands

A number of institutional investors have recently modified their holdings of the stock. Innealta Capital LLC bought a new position in shares of Conagra Brands in the second quarter worth $25,000. Chilton Capital Management LLC bought a new position in Conagra Brands in the 2nd quarter valued at about $25,000. Hexagon Capital Partners LLC increased its holdings in Conagra Brands by 82.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after buying an additional 420 shares during the period. Whittier Trust Co. raised its position in shares of Conagra Brands by 144.4% in the 1st quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock valued at $42,000 after buying an additional 836 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Conagra Brands during the 1st quarter worth approximately $42,000. 83.75% of the stock is currently owned by institutional investors.

Conagra Brands Stock Performance

Conagra Brands stock traded down $0.05 during midday trading on Friday, reaching $30.26. 317,865 shares of the company’s stock were exchanged, compared to its average volume of 4,752,812. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The stock’s 50-day simple moving average is $31.15 and its 200 day simple moving average is $30.29. The firm has a market cap of $14.47 billion, a price-to-earnings ratio of 41.52, a P/E/G ratio of 3.01 and a beta of 0.32. Conagra Brands has a 52 week low of $26.62 and a 52 week high of $33.24.

Conagra Brands (NYSE:CAG) last issued its earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. On average, analysts expect that Conagra Brands will post 2.59 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Thursday, October 31st. This represents a $1.40 annualized dividend and a yield of 4.63%. Conagra Brands’s dividend payout ratio is presently 191.78%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Stifel Nicolaus cut their price target on Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Friday, July 12th. Citigroup lowered their target price on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Wells Fargo & Company raised their price objective on Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, The Goldman Sachs Group initiated coverage on Conagra Brands in a research note on Monday, August 12th. They issued a “buy” rating and a $36.00 target price for the company. Six equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Conagra Brands currently has a consensus rating of “Hold” and a consensus price target of $31.63.

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.