Top 5 Stock Picks of Barry Rosenstein’s JANA Partners

1. Conagra Brands, Inc. (NYSE:CAG)

JANA Partners’ Stake Value: $272,692,000

Percentage of JANA Partners’ 13F Portfolio: 21.81%

Number of Hedge Fund Holders: 20

Conagra Brands, Inc. (NYSE:CAG) is a holding company from Illinois, offering consumer packaged goods to supermarkets, restaurants, and food service establishments. JANA Partners holds more than 8 million shares of Conagra Brands, Inc. (NYSE:CAG) as of September end, worth $272.69 million, representing 21.81% of the fund’s total Q3 investments. Conagra Brands, Inc. (NYSE:CAG) is the largest holding in the hedge fund’s portfolio. 

On October 7, Conagra Brands, Inc. (NYSE:CAG) posted its Q3 results, announcing earnings per share of $0.50, beating estimates by $0.02. The quarterly revenue was down 0.96% year-over-year, reaching $2.65 billion, exceeding estimates by $114.09 million.

JPMorgan analyst Ken Goldman on October 8 downgraded Conagra Brands, Inc. (NYSE:CAG) to Neutral from Overweight with a price target of $38, down from $41. The analyst sees “still plenty to like” about Conagra Brands, Inc. (NYSE:CAG) and stated the stock’s valuation remains “appealing.” However, he prefers to be on the sidelines until he can see greater upside to earnings.

Citadel Investment Group increased its stake in Conagra Brands, Inc. (NYSE:CAG) by 1700% in the third quarter, holding over 4 million shares worth $138.8 million. Overall, 20 funds in the database of 867 elite hedge funds maintained by Insider Monkey were long Conagra Brands, Inc. (NYSE:CAG) in Q3 2021, down from 29 funds in the prior quarter.

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