Financial Data and Key Metrics Changes - The company reported a cumulative increase of over $2 billion in total delivered costs due to sustained inflation over six consecutive years, starting from the second half of fiscal 2021 [8][10] - Fiscal 2026 is expected to see an additional 11% cost increase due to inflation, leading to temporary margin compression [10][11] - The company anticipates a return to margin expansion in the future, particularly in the frozen segment, driven by productivity improvements and pricing actions [11][12] Business Line Data and Key Metrics Changes - The company has prioritized investments in volume growth for frozen and snacks, which have shown a strong consumer response [7][10] - The canned food business is expected to remain stable, focusing on cash generation rather than volume growth [45] Market Data and Key Metrics Changes - The company is experiencing double-digit inflation in animal protein costs, which significantly impacts overall inflation rates [18][19] - The company expects core inflation of 4% for fiscal 2026, with additional tariff-related costs contributing to overall inflation [19][20] Company Strategy and Development Direction - The company is committed to investing in brand building and volume growth despite current inflationary pressures, viewing healthy volumes as essential for long-term value creation [11][12] - A strategic focus on modernizing brands and leveraging technology, including AI, is part of the company's plan to drive growth and lower costs [13][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing inflationary environment and its impact on margins but remains optimistic about future margin recovery through productivity and pricing strategies [10][55] - The company is focused on overcoming supply chain challenges and is optimistic about returning to positive volume growth in key categories [36][55] Other Important Information - The company plans to maintain its dividend while also investing in infrastructure and paying down debt, forecasting a cash flow conversion rate of 90% [24][25] - The company has undergone significant portfolio reshaping, divesting non-strategic businesses to focus on growth areas in frozen and snacks [70][71] Q&A Session Summary Question: Current challenges in the industry - Management indicated that the current challenges are not structural but rather temporary, with expectations for margin expansion in the future [11][12] Question: Core inflation breakdown - The CFO provided details on the 4% core inflation, highlighting that 60% of costs are material, with significant inflation in animal proteins [17][19] Question: Dividend strategy amidst high leverage - Management reiterated their commitment to maintaining the dividend while also focusing on debt reduction and investment in the business [24][25] Question: Pricing strategy in competitive categories - Management discussed their tailored pricing approach, emphasizing the importance of maintaining brand equity and consumer connection [45][66] Question: Innovation impact on pricing - Management highlighted successful innovations, such as the Banquet Mega Chicken Filets, which have allowed for premium pricing despite market challenges [95][98]

Financial Data and Key Metrics Changes - The company is experiencing a cumulative increase of over $2 billion in total delivered costs due to sustained inflation over six consecutive years, starting from the second half of fiscal 2021 [10][11]. - Fiscal 2026 is projected to have a core inflation rate of 4%, with an additional 3% attributed to tariffs, leading to a total inflation impact on costs [21][82]. Business Line Data and Key Metrics Changes - The company is prioritizing investments in volume growth, particularly in frozen and snacks, despite ongoing inflationary pressures, indicating a strategic shift towards maintaining brand health and consumer engagement [12][36]. - The frozen snacks segment has shown a strong consumer response to investments made in the first half of fiscal 2025, leading to a return to absolute volume growth [9][10]. Market Data and Key Metrics Changes - The company is facing significant inflation in material costs, particularly in animal proteins, which are inflating at double-digit rates, impacting overall cost structures [19][20]. - The company has noted a slight decline in total volumes, with scanner data indicating a decrease of about 1%, but anticipates a recovery as supply chain issues are resolved [34][36]. Company Strategy and Development Direction - The company is focused on building brands and driving volume growth, viewing healthy volumes as essential for long-term value creation, despite temporary margin compression due to inflation and increased investments [12][36]. - There is an ongoing initiative to reengineer core work processes using technology, including AI, to enhance growth and reduce costs [14][36]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current inflationary environment is not transitory and expects continued inflationary pressures, but remains optimistic about margin expansion in the future [11][12]. - The company is committed to maintaining its dividend while also investing in infrastructure and paying down debt, indicating a balanced approach to financial management [25][26]. Other Important Information - The company is actively reshaping its portfolio to focus more on growth areas like frozen and snacks, while considering divestitures of non-strategic grocery businesses [68][70]. - The company has seen success with innovative products, such as the Banquet Mega Chicken Filets, which have exceeded sales expectations and contributed to premiumization efforts [95][99]. Q&A Session Summary Question: Should the aggressive investment approach suggest that current industry challenges are more structural? - Management believes the current challenges are not structural but rather a result of sustained inflation and supply chain issues, and they expect margin expansion in the future [12][36]. Question: Can you unpack the 4% core inflation number for fiscal 2026? - The CFO explained that 60% of total costs are material costs, with significant inflation in animal proteins being a major driver of the 4% inflation estimate [21][22]. Question: Why maintain the dividend despite high leverage and capital spending needs? - The CFO reiterated the commitment to an attractive dividend while also focusing on debt reduction and maintaining an investment-grade credit rating, forecasting a cash flow conversion of 90% [25][26]. Question: How does the company view price and promotion in major categories? - Management stated they are not searching for answers to drive volume growth, as they have successfully achieved it in the past and are focused on modernizing brands and investing in high-quality displays [32][33]. Question: What is the outlook for productivity and its impact on gross margins? - Management expressed confidence in achieving strong productivity levels, with expectations of over 5% productivity in fiscal 2026, which will help mitigate inflation impacts [78][80]. Question: How does the company plan to address competition from private label products? - Management noted that while they are below average in private label development, they will monitor competitive pricing closely, particularly in categories like canned foods [85][86].

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Company Performance - Conagra Brands reported quarterly earnings of $0.56 per share, missing the Zacks Consensus Estimate of $0.59 per share, and down from $0.61 per share a year ago, representing an earnings surprise of -5.08% [1] - The company posted revenues of $2.78 billion for the quarter ended May 2025, missing the Zacks Consensus Estimate by 2.18%, and down from $2.91 billion year-over-year [2] - Over the last four quarters, Conagra Brands has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - Conagra Brands shares have declined approximately 26.6% since the beginning of the year, contrasting with the S&P 500's gain of 6.5% [3] - The current Zacks Rank for Conagra Brands is 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $2.72 billion, and for the current fiscal year, it is $2.19 on revenues of $11.64 billion [7] - The outlook for the Food - Miscellaneous industry, where Conagra Brands operates, is currently in the bottom 27% of over 250 Zacks industries, suggesting potential challenges ahead [8]

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [CEO Perspective & Strategic Focus](index=1&type=section&id=CEO%20Perspective%20%26%20Strategic%20Focus) Fiscal 2025 was challenging due to inflation and supply, while fiscal 2026 strategy focuses on volume growth, supply chain, and cost management - Fiscal 2025 performance was impacted by **higher-than-expected inflation**, foreign exchange headwinds, and supply constraints[4](index=4&type=chunk) - The strategic focus for fiscal 2026 includes investing in **frozen and snacks**, prioritizing **volume strength**, improving supply chain resiliency, and disciplined cost management[4](index=4&type=chunk) [Q4 & Full-Year FY2025 Key Results](index=1&type=section&id=Q4%20%26%20Full-Year%20FY2025%20Key%20Results) Conagra's Q4 and full-year FY2025 financial results showed declines in net sales and adjusted EPS, driven by lower organic sales, alongside cautious FY2026 guidance Q4 Fiscal 2025 Financial Highlights | Metric | Amount (USD) | Change | | :--- | :--- | :--- | | Reported Net Sales | $2.8 billion | -4.3% | | Organic Net Sales | - | -3.5% | | Reported Operating Margin | 11.5% | - | | Adjusted Operating Margin | 13.8% | - | | Reported Diluted EPS | $0.53 | - | | Adjusted EPS | $0.56 | -8.2% | Full-Year Fiscal 2025 Financial Highlights | Metric | Amount (USD) | Change | | :--- | :--- | :--- | | Reported Net Sales | $11.6 billion | -3.6% | | Organic Net Sales | - | -2.9% | | Reported Operating Margin | 11.8% | +467 bps | | Adjusted Operating Margin | 14.1% | -188 bps | | Reported Diluted EPS | $2.40 | +233.3% | | Adjusted EPS | $2.30 | -13.9% | - The **3.5% decrease in Q4 organic net sales** was driven by a **1.0% negative impact from price/mix** and a **2.5% decrease in volume**[7](index=7&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) [Total Company Performance Analysis (Q4 FY2025)](index=3&type=section&id=Total%20Company%20Performance%20Analysis%20(Q4%20FY2025)) Q4 FY2025 net sales decreased 4.3% to $2.8 billion, with gross profit down 12.1% and adjusted gross profit down 10.7%, while SG&A expenses declined 17.2% - Q4 gross profit decreased **12.1% to $707 million**, with adjusted gross profit down **10.7% to $717 million**, primarily due to lower net sales and cost inflation[8](index=8&type=chunk) - Q4 SG&A expenses decreased by **17.2% to $333 million**, primarily due to lower incentive compensation[9](index=9&type=chunk) - Net interest expense decreased by **2.8% to $102 million** in the quarter, driven by a reduction in total debt[10](index=10&type=chunk) - Q4 net income attributable to Conagra Brands was **$256 million ($0.53 per diluted share)**, with adjusted net income at **$270 million ($0.56 per diluted share)**[11](index=11&type=chunk) [Segment Performance (Q4 FY2025)](index=3&type=section&id=Segment%20Performance%20(Q4%20FY2025)) In Q4, most segments saw sales declines, including Grocery & Snacks and Refrigerated & Frozen, while the International segment was a bright spot with organic net sales growth and increased operating profit Q4 FY2025 Segment Performance | Segment | Net Sales | Net Sales Change | Organic Sales Change | Adjusted Operating Profit | Adj. OP Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Grocery & Snacks | $1.2B | -2.1% | -3.3% | $226M | -11.7% | | Refrigerated & Frozen | $1.1B | -4.4% | -4.4% | $171M | -10.1% | | International | $230M | -13.8% | +0.8% | $35M | +22.7% | | Foodservice | $280M | -4.0% | -4.3% | $32M | -20.8% | - The International segment's reported net sales decrease of **13.8%** was primarily due to unfavorable impacts from **M&A (-7.3%)** and **foreign exchange (-7.3%)**, masking a **0.8% increase in organic net sales**[20](index=20&type=chunk)[29](index=29&type=chunk) - The Foodservice segment's organic sales decline was driven by a significant **7.6% volume decrease**, partially offset by a **3.3% price/mix increase**[22](index=22&type=chunk) [Financial Position and Capital Allocation](index=5&type=section&id=Financial%20Position%20and%20Capital%20Allocation) [Cash Flow and Debt Management](index=5&type=section&id=Cash%20Flow%20and%20Debt%20Management) For FY2025, Conagra generated $1.7 billion in operating cash flow and $1.3 billion in free cash flow, while reducing net debt by 4.4% to $8.0 billion FY2025 Cash Flow Summary | Metric | FY2025 (USD) | FY2024 (USD) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1.7 billion | $2.0 billion | | Capital Expenditures | $389 million | $388 million | | Free Cash Flow | $1.3 billion | $1.6 billion | | Dividends Paid | $669 million | $659 million | - Net debt at the end of fiscal 2025 was **$8.0 billion**, representing a **4.4% reduction** from the prior year[31](index=31&type=chunk) - The company's net leverage ratio (Net Debt to Adjusted EBITDA) was **3.6x** at the end of the fiscal year[31](index=31&type=chunk)[69](index=69&type=chunk) [Dividend Information](index=5&type=section&id=Dividend%20Information) Conagra paid a $0.35 per share dividend in Q4 and approved an identical quarterly dividend, maintaining its commitment to shareholder returns - A dividend of **$0.35 per share** was paid during the fourth quarter[27](index=27&type=chunk) - The Board of Directors approved a subsequent quarterly dividend of **$0.35 per share**, payable on August 28, 2025[32](index=32&type=chunk) [Fiscal Year 2026 Outlook](index=7&type=section&id=Fiscal%20Year%202026%20Outlook) [FY2026 Guidance](index=7&type=section&id=FY2026%20Guidance) Conagra's FY2026 guidance projects organic net sales growth between -1% and 1%, with expected declines in adjusted operating margin and adjusted EPS ($1.70-$1.85) Fiscal 2026 Guidance | Metric | Guidance | | :--- | :--- | | Organic Net Sales Growth | (1)% to 1% | | Adjusted Operating Margin | ~11.0% to ~11.5% | | Adjusted EPS | $1.70 to $1.85 | | Interest Expense | ~$400MM | | Capital Expenditures | ~$450MM | | Free Cash Flow Conversion | ~90% | | Net Leverage Ratio | ~3.85x | - The fiscal 2026 guidance includes an expected **$0.05 benefit to adjusted EPS** from a 53rd week[37](index=37&type=chunk) [Key Assumptions and Headwinds](index=7&type=section&id=Key%20Assumptions%20and%20Headwinds) The FY2026 outlook assumes continued elevated inflation and macroeconomic uncertainty, with total COGS inflation projected at approximately 7%, including tariff impacts - Guidance anticipates **core inflation** to be approximately **4%** in fiscal 2026[33](index=33&type=chunk) - The company expects an approximate **3% increase in COGS** from U.S. tariffs on imported tin plate steel and aluminum[33](index=33&type=chunk) - Total expected **cost of goods sold inflation** is approximately **7%** for fiscal 2026[33](index=33&type=chunk) [Financial Statements](index=14&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=14&type=section&id=Consolidated%20Statements%20of%20Operations) The income statement shows FY2025 net sales decreased 3.6% to $11.6 billion, while operating profit and net income significantly increased due to the absence of prior year impairment charges Consolidated Statements of Operations (Full Year, in millions USD) | (in millions USD) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net sales | $11,612.8 | $12,050.9 | | Gross profit | $3,003.5 | $3,333.4 | | Operating profit | $1,364.6 | $852.8 | | Net income attributable to Conagra Brands, Inc. | $1,152.4 | $347.2 | | Diluted EPS | $2.40 | $0.72 | [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets) As of May 25, 2025, Conagra's balance sheet shows total assets of $20.93 billion, total liabilities of $12.00 billion, and increased stockholders' equity Consolidated Balance Sheet Highlights (in millions USD) | Account (in millions USD) | May 25, 2025 | May 26, 2024 | | :--- | :--- | :--- | | Total current assets | $3,071.0 | $3,149.5 | | Total assets | $20,933.9 | $20,862.3 | | Total current liabilities | $4,317.0 | $3,241.8 | | Senior long-term debt | $6,234.1 | $7,492.6 | | Total liabilities | $12,001.2 | $12,351.0 | | Total stockholders' equity | $8,932.7 | $8,511.3 | [Consolidated Statements of Cash Flows](index=17&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For FY2025, net cash from operating activities was $1.69 billion, decreasing from prior year, with significant cash used in investing and financing activities, including debt repayments and dividends Consolidated Statement of Cash Flows (Full Year, in millions USD) | Account (in millions USD) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net cash flows from operating activities | $1,691.9 | $2,015.6 | | Net cash flows from investing activities | ($542.2) | ($375.0) | | Net cash flows from financing activities | ($1,158.3) | ($1,656.7) | | Net change in cash and cash equivalents | ($9.7) | ($15.6) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=19&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) [Reconciliation of Organic Net Sales](index=19&type=section&id=Reconciliation%20of%20Organic%20Net%20Sales) This section reconciles reported net sales to organic net sales, showing a 3.6% decrease in reported sales and a 2.9% decrease in organic sales for FY2025, with International as the only segment with positive organic growth FY25 Organic Net Sales Growth vs. Reported Net Sales Growth (%) | Segment | Reported Net Sales Growth (%) | Organic Net Sales Growth (%) | | :--- | :--- | :--- | | Grocery & Snacks | -1.2% | -2.0% | | Refrigerated & Frozen | -4.2% | -4.2% | | International | -11.3% | +0.5% | | Foodservice | -4.7% | -4.8% | | **Total Conagra Brands** | **-3.6%** | **-2.9%** | [Reconciliation of Adjusted Operating Profit](index=20&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Profit) Reported operating profit is adjusted for non-recurring items to derive adjusted operating profit, which for FY2025 was $1.63 billion, a 15.0% decrease, with adjusted operating margin contracting to 14.1% FY25 Adjusted Operating Profit vs. Reported Operating Profit (in millions USD) | Metric (in millions USD) | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Reported Operating Profit | $1,364.6 | $852.8 | +60.0% | | Adjusted Operating Profit | $1,634.5 | $1,922.7 | -15.0% | | Reported Operating Margin | 11.8% | 7.1% | +467 bps | | Adjusted Operating Margin | 14.1% | 16.0% | -188 bps | [Reconciliation of Adjusted Net Income and EPS](index=23&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20EPS) This reconciliation adjusts reported net income and EPS, showing FY2025 reported diluted EPS at $2.40 (up significantly due to prior year impairment absence), while adjusted diluted EPS decreased 13.9% to $2.30 FY25 Adjusted EPS vs. Reported EPS (USD) | Metric (USD) | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Reported Diluted EPS | $2.40 | $0.72 | +233.3% | | Adjusted Diluted EPS | $2.30 | $2.67 | -13.9% | [Other Reconciliations (EBITDA, Free Cash Flow, Net Debt)](index=25&type=section&id=Other%20Reconciliations%20(EBITDA%2C%20Free%20Cash%20Flow%2C%20Net%20Debt)) This section details key non-GAAP metrics for FY2025, including Adjusted EBITDA of $2.22 billion (down 10.5%), Free Cash Flow of $1.30 billion (down 20.0%), and a Net Debt to Adjusted EBITDA ratio of 3.60x FY25 Key Non-GAAP Metrics (Millions USD) | Metric (Millions USD) | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $2,224.6M | $2,484.2M | -10.5% | | Free Cash Flow | $1,302.6M | $1,627.5M | -20.0% | | Net Debt | $7,999.6M | $8,363.6M | -4.4% | - The **Net Debt to Adjusted EBITDA ratio** for fiscal 2025 was **3.60x**[69](index=69&type=chunk)[70](index=70&type=chunk)

FY25 Performance - FY25 innovation launches generated over $300 million in retail sales[14] - FY25 innovation launches saw a 27% dollar growth compared to FY24 launches[15] - FY25 innovation launches experienced a 36% velocity improvement compared to FY24 launches[15] - Conagra's share of volume sales sold on promotion in Q2 FY25 reached 31%[20] - Conagra's domestic retail organic volume consumption grew by 0.7% in Q2 FY25[25] - 67% of Conagra's portfolio held or gained volume share in Q2 FY25[28] - Net debt reduced by $364 million year-over-year, reaching $8 billion in Q4 FY25[78] FY26 Outlook - FY26 organic net sales are projected to grow between -1% and +1%[83] - FY26 adjusted operating margin is expected to be approximately 110% to 115%[83] - FY26 adjusted EPS is forecasted to be in the range of $170 to $185[83] - Net M&A is expected to subtract approximately $540 million from reported net sales in FY26, while the 53rd week is projected to add approximately $200 million[87]

Core Insights - Conagra Brands, Inc. reported a decrease in net sales for both the fourth quarter and the full fiscal year 2025, with a 4.3% decline in Q4 to $2.8 billion and a 3.6% decline for the full year to $11.6 billion [4][9][14] - The company faced challenges such as higher inflation, foreign exchange headwinds, and supply constraints, but remains committed to its long-term value creation strategy [3][27] - The CEO emphasized a focus on investing in high-potential areas like frozen and snacks, while managing costs and enhancing supply chain resilience [3] Financial Performance - In Q4, gross profit decreased by 12.1% to $707 million, with an adjusted gross profit decrease of 10.7% to $717 million [5] - Selling, general, and administrative expenses (SG&A) decreased by 17.2% to $333 million, primarily due to lower incentive compensation [6] - Net income attributable to Conagra Brands was $256 million, or $0.53 per diluted share, with adjusted net income of $270 million, or $0.56 per diluted share [7] Segment Performance - The Grocery & Snacks segment saw a 2.1% decrease in net sales to $1.2 billion, while operating profit increased by 19.6% to $210 million [11][12] - The Refrigerated & Frozen segment reported a 4.4% decrease in net sales to $1.1 billion, with operating profit at $127 million [13] - The International segment experienced a significant 13.8% decrease in net sales to $230 million, but operating profit increased by 35.6% to $35 million [17][18] Outlook and Guidance - For fiscal 2026, the company anticipates organic net sales growth between -1% to 1%, with adjusted operating margins expected between 11.0% and 11.5% [14][32] - The company expects continued elevated cost of goods sold inflation, estimating a total inflation of approximately 7% due to various factors including tariffs [27] - The guidance includes an adjusted EPS forecast between $1.70 and $1.85 [14][32] Cash Flow and Debt - For the full fiscal year, Conagra generated $1.7 billion in net cash flows from operating activities, down from $2.0 billion in the prior year [24] - The company ended the year with net debt of $8.0 billion, reflecting a 4.4% reduction from the previous year [25] - Dividends paid increased by 1.5% to $669 million [24][26]

Packaged food giants Conagra Brands (CAG 1.18%) and The Campbell's Company (CPB 0.71%) are both down more than 25% year to date and are hovering around their lowest levels in over a decade.Both companies are industry giants. Conagra owns brands like Orville Redenbacher's, Slim Jim, Boom Chicka Pop, Hunt's, Reddi-Wip, Marie Callender's, and more. In addition to its flagship soup line, Campbell's also owns a variety of pasta sauce and dip brands, as well as snacks like Pepperidge Farm, Kettle, Cape Cod, Snyde ...

Group 1 - Conagra Brands is set to announce its fiscal fourth-quarter earnings on July 10, 2025, with analysts predicting earnings of $0.61 per share on revenue of $2.88 billion, which is approximately unchanged year-over-year [2] - The company has a current market capitalization of $10 billion and reported revenue of $12 billion over the previous twelve months, with operating profits of $481 million and net income of $329 million [3] - Snack volumes increased by 4% in Q3, driven by meat snacks and popcorn, indicating a positive trend in consumption as the industry shifts towards healthier options [2] Group 2 - Historical data shows that Conagra has recorded 18 earnings data points over the last five years, with 7 positive and 11 negative one-day returns, resulting in positive returns approximately 39% of the time [6] - The median of the 7 positive returns is 1.5%, while the median of the 11 negative returns is -2.0%, suggesting a mixed performance post-earnings [6] - The correlation between short-term and medium-term returns following earnings can provide insights for traders, particularly if the 1D and 5D returns exhibit high correlation [7]

Core Viewpoint - Conagra Brands, Inc. is set to report its fourth-quarter earnings on July 10, with a focus on maintaining profitability amid declining revenue forecasts and market dynamics, while offering an attractive dividend yield for investors [1] Financial Performance - Analysts predict Conagra Brands will report quarterly earnings of 61 cents per share, consistent with the previous year, and quarterly revenue of $2.88 billion, down from $2.91 billion a year earlier [2] - Morgan Stanley analyst Megan Alexander has maintained an Equal Weight rating on Conagra Brands and reduced the price target from $27 to $22 [2] Dividend Insights - Conagra Brands currently offers an annual dividend yield of 6.67%, translating to a quarterly dividend of 35 cents per share, or $1.40 annually [3] - To achieve a monthly income of $500 from dividends, an investment of approximately $89,963 or around 4,286 shares is required, while a more modest goal of $100 per month would need about $17,988 or 857 shares [3][4] Stock Price and Yield Dynamics - The dividend yield is calculated by dividing the annual dividend payment by the stock's current price, which can fluctuate based on changes in stock price and dividend payments [4][5] - Conagra Brands' shares fell 0.7% to close at $20.99 recently, indicating potential impacts on the dividend yield [6]