Conagra Brands Stock Faces a 9% Dividend Test After Its Slide Deepens
Conagra Brands’ shares closed Friday at $14.17, near a 52-week low, as BofA Securities warned its dividend is among the most at risk for cuts in the packaged-food sector. The company’s board approved a 35-cent quarterly dividend payable June 3, with April 30 as the record date. Conagra’s payout ratio stands above 80%, and net sales fell 1.9% last quarter. New CEO John Brase takes over June 1.