Conagra Brands

Recent moves show welcome discipline: divestiture of Chef Boyardee (~600 million) and sale of frozen fish brands (42 to 55 million) to focus on faster‑growing frozen and snacks; small bolt‑on acquisition of Sweetwood Smoke & Co. (FATTY meat sticks) to augment the snacks platform; and modest buybacks primarily to offset dilution.

The dividend remains at 0.35 per quarter. Offsetting these positives, past value‑destructive deals (Pinnacle/Birds Eye related write‑downs) and periodic brand impairments highlight uneven historic returns on acquired intangibles. Capex is moderate and largely maintenance/productivity rather than moat‑widening scale investments.