ConAgra Brands, Inc. (CAG, Financial) (0.8%) (CAG – $35.17 – NYSE) headquartered in Chicago, Illinois, is a manufacturer and marketer of food products with brands including Healthy Choice meals, Hebrew National hot dogs, Orville Redenbacher's popcorn, PAM cooking spray, Reddi-whip and Slim Jim. The company has undergone tremendous change since CEO Sean Connolly, formerly of Hillshire, took over in 2015 as it sold non-core businesses and acquired Pinnacle Foods in October 2018. ConAgra is focusing on better innovation and marketing, especially in on-trend health and wellness areas including plant-based products utilizing its Birds Eye and Gardein brands. ConAgra is expected to generate an incremental $120 million of synergies over the next two years from the Pinnacle acquisition, which will contribute to the company achieving its financial objectives of: 1%-2% net organic sales growth, 18%-19% adjusted operating margins and earnings of $2.66-$2.76 per share for the fiscal year ending May 2022.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second-quarter 2020 shareholder commentary.
