Conagra EVP Bartell Sells 6,045 Shares for Tax Withholding, According to Latest SEC Filing

Carey Bartell, EVP, GC and Corp. Secretary, disposed of 6,045 shares of Conagra Brands, Inc. (NYSE:CAG) at $14.28 per share on July 17 and July 19, 2026, according to an SEC Form 4 filing.

Transaction summary

Transaction value based on SEC Form 4 weighted average sale price ($14.28).

Key questions

• What was the nature of this transaction?
  This was a non-discretionary disposition in which the firm withheld 6,045 shares to cover tax obligations arising from the vesting of restricted stock units on July 17 and July 19, 2026.
• What is the executive's remaining equity exposure following this filing?
  Following the tax-related withholding, Bartell maintains a direct position of 53,253 shares of common stock. The executive also holds 20,012 derivative securities, maintaining a combined beneficial ownership interest in the company's long-term equity performance.
• What is the vesting schedule for the underlying equity awards?
  The shares were withheld in connection with restricted stock unit grants from July 2023 to July 2025. These awards utilize a multi-year vesting framework, with subsequent tranches scheduled to vest annually through July 17, 2028.

Company Overview

Company Snapshot

• Conagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, generating revenue through four primary segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.
• The company operates a vertically integrated business model that combines manufacturing, distribution, and retail partnerships to deliver packaged foods to consumers through multiple channels, including supermarkets, foodservice establishments, and direct-to-consumer platforms.
• Conagra serves a broad customer base spanning retail consumers, foodservice operators, and institutional purchasers across North America, with particular emphasis on the United States market, where the majority of revenue is generated.

Conagra Brands is a leading manufacturer of packaged food products with an enterprise value of $7.0 billion and annual revenues of $11.3 billion (TTM), employing approximately 18,300 personnel across North America. The company leverages its diversified product portfolio and established distribution infrastructure to maintain its competitive position in the packaged foods sector. Conagra's multi-segment operating structure provides revenue diversification across consumer retail channels and foodservice markets, supporting its strategic positioning in the defensive consumer staples category.

What this transaction means for investors

According to a recent SEC filing, Carey Bartell, an executive at Conagra Brands, recently disposed of 6,045 shares of the company. Here are some key takeaways for investors.

First, let me emphasize that not all insider transactions result from an executive’s view of where a company’s stock price is heading. Some insiders sell for tax purposes, estate planning, or for reasons unrelated to the company’s prospects.

All that said, Conagra stock has not performed well in recent years. Indeed, since 2016, the stock has massively underperformed the S&P 500. Conagra stock has delivered a total return (including dividends) of -38%, for a compound annual growth rate (CAGR) of -4.7%. By comparison, the S&P 500 has generated a total return of 301%, with a CAGR of 14.9%.

Much of this poor performance can be explained by examining the company’s declining margins. Take its gross margins, for example. They’ve slid from over 30% in 2017 to around 24% today. During the same period, trailing 12-month net income has declined from around $1.0 billion in profit to nearly $2.0 billion in losses. Surging commodity prices, poor strategic acquisitions, and supply chain pressures have combined to take a bite out of Conagra’s market cap, which has fallen from $15 billion in 2016 to around $7 billion today.

In short, the company faces myriad challenges. Value-focused investors may be tempted by the stock’s 10x price-to-earnings (P/E) multiple, but investors should be aware that Conagra stock could also be a value trap.

Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.