State Street Increases Position in ConAgra Foods (CAG)

Fintel reports that State Street
has filed a 13G form
with the SEC disclosing ownership of
24.73MM
shares of ConAgra Foods, Inc. (CAG).

This represents 5.16% of the company.

In their previous filing dated February 22, 2016
they reported 21.51MM shares and 4.90% of the company,
an increase in shares of 14.99%
and
an increase in total ownership of
0.26% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 16.60% Upside

As of February 5, 2023,
the average one-year price target for ConAgra Foods is $42.50.
The forecasts range from a low of $35.35 to a high of $50.40.
The average price target represents an increase of 16.60% from its latest reported closing price of $36.45.

The projected annual revenue for ConAgra Foods
is $12,307MM, an increase of 2.21%.

The projected annual EPS
is $2.48, an increase of 74.60%.

Fund Sentiment

There are 1528 funds or institutions reporting positions in ConAgra Foods.
This is an increase
of
36
owner(s) or 2.41%.

Average portfolio weight of all funds dedicated to US:CAG is 0.2632%,
an increase
of 1.1395%.

Total shares owned by institutions decreased
in the last three months by 2.14% to 447,340K shares.

What are large shareholders doing?

Price T Rowe Associates
holds 27,370,821 shares

representing 5.74% ownership of the company.

In it’s prior filing, the firm reported owning 27,918,907 shares, representing
a decrease
of 2.00%.

The firm

decreased

its portfolio allocation in CAG by 46.01% over the last quarter.

Macquarie Group
holds 16,911,524 shares

representing 3.55% ownership of the company.

In it’s prior filing, the firm reported owning 17,841,758 shares, representing
a decrease
of 5.50%.

The firm

decreased

its portfolio allocation in CAG by 1.39% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares
holds 14,299,745 shares

representing 3.00% ownership of the company.

In it’s prior filing, the firm reported owning 14,136,261 shares, representing
an increase
of 1.14%.

The firm

increased

its portfolio allocation in CAG by 0.49% over the last quarter.

American Century Companies
holds 11,412,192 shares

representing 2.39% ownership of the company.

In it’s prior filing, the firm reported owning 13,234,737 shares, representing
a decrease
of 15.97%.

The firm

decreased

its portfolio allocation in CAG by 11.58% over the last quarter.

Capital World Investors
holds 11,299,552 shares

representing 2.37% ownership of the company.

In it’s prior filing, the firm reported owning 21,473,493 shares, representing
a decrease
of 90.04%.

The firm

decreased

its portfolio allocation in CAG by 47.00% over the last quarter.

ConAgra Foods Declares $0.33 Dividend

ConAgra Foods said on December 21, 2022 that its board of directors declared a regular
quarterly dividend of $0.33 per share ($1.32 annualized).
Shareholders of record as of January 27, 2023
will receive the payment on March 2, 2023.
Previously, the company paid $0.33 per share.

At the current share price of $36.45 / share,
the stock’s dividend yield is 3.62%.

Looking back five years and taking a sample every week, the average dividend yield has been
3.06%,
the lowest has been 2.18%,
and the highest has been 4.08%.
The standard deviation of yields is 0.55 (n=236).

The current dividend yield is
1.03 standard deviations

above
the historical average.

Additionally, the company’s dividend payout ratio is 0.92.
The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0)
means 100% of the company’s income is paid in a dividend.
A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a
healthy situation.
Companies with few growth prospects are expected to pay out most of their income in dividends, which typically
means a payout ratio between 0.5 and 1.0.
Companies with good growth prospects are expected to retain some earnings in order to invest
in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.55%,
demonstrating that it has increased its dividend over time.

Conagra Brands Background Information
(This description is provided by the company.)

Conagra Brands, Inc., headquartered in Chicago, is one of North America’sleading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company’s portfolio is evolving to satisfy people’s changing food preferences. Conagra’s iconic brands, such as Birds Eye®, Marie Callender’s®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie’s® BOOMCHICKAPOP®, Duke’s®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.