State of New Jersey Common Pension Fund D Acquires 262,291 Shares of Conagra Brands Inc (NYSE:CAG)

State of New Jersey Common Pension Fund D raised its position in Conagra Brands Inc (NYSE:CAG) by 8.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,200,000 shares of the company’s stock after purchasing an additional 262,291 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.66% of Conagra Brands worth $88,768,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CAG. Norges Bank acquired a new position in shares of Conagra Brands in the 4th quarter worth approximately $123,197,000. FMR LLC increased its stake in Conagra Brands by 66.8% during the 4th quarter. FMR LLC now owns 11,151,772 shares of the company’s stock worth $238,201,000 after buying an additional 4,467,041 shares during the period. D. E. Shaw & Co. Inc. increased its stake in Conagra Brands by 138.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 3,347,652 shares of the company’s stock worth $71,506,000 after buying an additional 1,943,380 shares during the period. Geode Capital Management LLC increased its stake in Conagra Brands by 36.8% during the 4th quarter. Geode Capital Management LLC now owns 6,848,679 shares of the company’s stock worth $146,052,000 after buying an additional 1,840,875 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Conagra Brands by 18.9% during the 4th quarter. Bank of New York Mellon Corp now owns 8,347,879 shares of the company’s stock worth $178,311,000 after buying an additional 1,327,796 shares during the period. Institutional investors own 88.61% of the company’s stock.

Shares of CAG stock traded down $1.21 during mid-day trading on Wednesday, hitting $27.25. The stock had a trading volume of 5,694,500 shares, compared to its average volume of 7,177,241. Conagra Brands Inc has a fifty-two week low of $20.22 and a fifty-two week high of $39.43. The stock has a market capitalization of $14.01 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 1.99 and a beta of 0.81. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.58 and a current ratio of 1.31.

Conagra Brands (NYSE:CAG) last released its earnings results on Thursday, March 21st. The company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Conagra Brands had a net margin of 6.99% and a return on equity of 16.40%. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter last year, the business earned $0.61 EPS. The business’s revenue was up 35.7% on a year-over-year basis. Equities analysts forecast that Conagra Brands Inc will post 2.07 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, April 30th will be paid a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, April 29th. Conagra Brands’s dividend payout ratio (DPR) is presently 40.28%.

CAG has been the topic of a number of recent analyst reports. Credit Suisse Group increased their price objective on shares of Conagra Brands from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Zacks Investment Research raised shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, March 20th. ValuEngine raised shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a research report on Wednesday, April 10th. Bank of America set a $30.00 price objective on shares of Conagra Brands and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley initiated coverage on shares of Conagra Brands in a research report on Monday, May 20th. They issued an “equal weight” rating and a $31.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Conagra Brands has a consensus rating of “Buy” and an average target price of $37.08.

In other news, Director Ruth Ann Marshall sold 6,717 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $31.00, for a total value of $208,227.00. Following the completion of the transaction, the director now owns 99,897 shares in the company, valued at approximately $3,096,807. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joie A. Gregor purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was bought at an average price of $29.99 per share, with a total value of $299,900.00. Following the acquisition, the director now directly owns 145,440 shares in the company, valued at $4,361,745.60. The disclosure for this purchase can be found here. 0.92% of the stock is currently owned by company insiders.

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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.

Further Reading: Are sell-side analysts objective?

Institutional Ownership by Quarter for Conagra Brands (NYSE:CAG)

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