Thompson, Siegel, & Walmsley Adds $36 Million of ConAgra: Is the Stock a Buy?
Key Points
TSW added 2.3 million shares of Conagra Brands, a net position increase of $36.3 million.
The transaction represents approximately 0.72% change in reported assets under management.
The firm's post-trade holding: 5,269,532 shares valued at approximately $96.48 million.
The position now accounts for approximately 1.56% of fund AUM, making it the fund's 7th-largest position.
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Thompson, Siegel, and Walmsley, LLC (TSW) increased its stake in Conagra Brands (NYSE:CAG) by 2,334,081 shares in the third quarter, adding $36.4 million worth of stock, according to a Nov. 12, 2025, SEC filing.
What happened
An SEC filing dated Nov. 12, 2025, shows that Thompson, Siegel, and Walmsley (TSW) bought an additional 2,334,081 shares of Conagra Brands during the third quarter.
The fund’s total position stood at 5,269,532 shares, valued at $96.48 million at quarter-end.
The estimated transaction value was $44.75 million based on quarterly average prices.
What else to know
The purchase brought Conagra Brands to 1.56% of 13F assets under management.
Top holdings after the filing:
- Aercap Holdings (NYSE:AER): $156.71 million (2.54% of AUM)
- LKQ Corp (NASDAQ:LKQ): $108.26 million (1.76% of AUM)
- Huntington Ingalls Industries (NYSE:HII): $105.43 million (1.71% of AUM)
- Smurfit WestRock (NYSE:SW): $104.29 million (1.69% of AUM)
- Dominion Energy (NYSE:D): $104.16 million (1.69% of AUM)
As of Dec. 1, 2025, Conagra Brands shares were priced at $17.22, down 33% over the prior year, underperforming the S&P 500 by 49 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $11.45 billion |
| Net Income (TTM) | $850.10 million |
| Dividend Yield | 8.13% |
| Price (as of market close 11/11/25) | $17.22 |
Company Snapshot
ConAgra Brands:
- Offers a broad portfolio of branded packaged foods, including frozen meals, snacks, and shelf-stable grocery products under brands such as Birds Eye, Duncan Hines, Healthy Choice, and Slim Jim.
- Generates revenue primarily through the manufacturing and distribution of consumer food products across retail, foodservice, and international channels, leveraging scale and brand recognition to drive sales volume.
- Serves a diverse customer base encompassing U.S. and international retail consumers, foodservice operators, and institutional buyers seeking convenient, branded food solutions.
Conagra Brands, Inc. is a leading North American packaged foods company with a diversified product lineup and strong brand portfolio.
Foolish take
Thompson, Siegel, & Walmsley (TSW) appears to lean more toward investing in value stocks, and its recent purchase of ConAgra Brands certainly aligns with this strategy.
While ConAgra may not be a big-time multibagger anytime soon, its grocery and snacks, as well as its refrigerated and frozen food segments, are undeniably stable.
However, hampered by declining sales growth rates and the potential impact of GLP-1 medicines on food companies, ConAgra's stock has plummeted 59% from its all-time high.
That said, ConAgra now trades at just 0.7 times sales -- its lowest figure since 2015. Similarly, it trades at just 7 times free cash flow -- very close to its lowest figure from the last two decades.
Trading at these deeply discounted valuations -- and with an 8.1% dividend yield -- the company merely needs to maintain the status quo to offer market-beating potential, since it is almost being priced for death.
In this sense, TSW's investment makes a lot of sense.
One thing for interested investors to note, however, is that ConAgra holds $7.5 billion in long-term debt, compared to its market capitalization of $8.2 billion. Simply put, it needs to continue paying down its debt load, just as it has done in the last couple of years, to ensure the safety and longevity of not only its high-yield dividend but the company itself.
While value investing like this isn't exactly my cup of tea, I can certainly see why it is interesting to TSW and how it could fit into certain income investors' portfolios -- especially considering its stability and well-known brands.
Glossary
Assets Under Management (AUM): The total market value of all assets a fund or investment manager oversees.
13F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Dividend Yield: Annual dividends paid by a company divided by its share price, expressed as a percentage.
Trailing Twelve Months (TTM): The 12 months ending with the most recent quarterly report.
Net Position: The total value of a specific holding after accounting for all purchases and sales.
Fund Holding: A specific investment or asset owned by a fund.
Institutional Investor: An organization, such as a fund or pension plan, that invests large sums of money in securities.
Branded Packaged Foods: Consumer food products sold under recognizable brand names, typically pre-prepared or ready to eat.
Foodservice Operators: Businesses that prepare and serve food outside the home, such as restaurants or cafeterias.
Quarter-End: The final day of a fiscal quarter, used for financial reporting and valuation.
Transaction Value: The total dollar amount involved in buying or selling a security.
Reportable Assets: Assets that must be disclosed in regulatory filings due to their size or significance.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool recommends AerCap, Dominion Energy, and LKQ and recommends the following options: long January 2027 $60 calls on AerCap. The Motley Fool has a disclosure policy.
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