4 Stocks Billionaire Barry Rosenstein Loves (And 1 He’s Given Up On)

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

Value of JANA Partners‘ 13F Position: $270 million

Number of Hedge Fund Shareholders (as of March 31): 22

Conagra Brands, Inc. (NYSE:CAG) had been Barry Rosenstein’s top stock pick for over three years, dating all the way back to mid-2018 when Pinnacle Foods, which was later acquired by Conagra, topped his portfolio. Following the acquisition, Rosenstein remained a Conagra shareholder and despite selling over 5 million shares since then, the stock was his top pick through the end of 2021.

Rosenstein left his fund’s position in Conagra Brands, Inc. (NYSE:CAG) unchanged during Q1, during which time it lost its lead atop said portfolio to Zendesk. Just 22 hedge funds were long Conagra on March 31, down from 55 in late 2016. Among those fund managers selling off the stock during Q1 were Mike Vranos of Ellington and Paul Tudor Jones of Tudor Investment Corp.

Conagra Brands, Inc. (NYSE:CAG) grew its organic net sales by 6% during Q3 of its fiscal year 2022, but experienced margin compression due to some of its strategic investments. Conagra’s frozen and snacks segments have been strong drivers of the company’s growth and are where Conagra will focus its price hikes as it tries to combat inflation. The company believes those segments not only have strong demand, but also limited private label competition.