Zacks Investment Research upgraded shares of Conagra Brands (NYSE:CAG) from a hold rating to a buy rating in a report released on Wednesday, November 22nd. They currently have $40.00 price target on the stock.
According to Zacks, “Over the last three months, Conagra’s shares have outperformed the industry. The company reported better-than-expected first quarter fiscal 2018 results. Robust sales of on-trend brands such as Peter Pan and Simply Ground would likely aid in boosting near-term revenues of the company. Moreover, meaningful business acquisitions and strategic divestitures are expected to reinforce Conagra’s competency in the quarters ahead. In addition, increased supply-chain productivity, existing volume strategy and improved price-mix are likely to strengthen the company’s near-term margins. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for both fiscal 2018 and 2019.”
Several other equities research analysts also recently weighed in on the company. Stifel Nicolaus raised Conagra Brands from a hold rating to a buy rating and increased their price target for the stock from $36.00 to $38.00 in a research report on Sunday, October 29th. They noted that the move was a valuation call. Jefferies Group reaffirmed a buy rating and set a $40.00 price target on shares of Conagra Brands in a research report on Tuesday, October 3rd. Royal Bank Of Canada reissued a buy rating and set a $45.00 target price on shares of Conagra Brands in a research note on Friday, September 29th. Morgan Stanley lowered their target price on shares of Conagra Brands from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Monday, September 25th. Finally, Credit Suisse Group lowered their target price on shares of Conagra Brands from $39.00 to $37.00 and set a neutral rating on the stock in a research note on Monday, September 25th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $40.03.
Shares of Conagra Brands (CAG) traded up $0.17 during trading hours on Wednesday, hitting $37.25. The company’s stock had a trading volume of 3,609,293 shares, compared to its average volume of 3,480,042. The company has a quick ratio of 0.51, a current ratio of 1.03 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $15,183.87, a price-to-earnings ratio of 20.65, a PEG ratio of 2.80 and a beta of 0.37. Conagra Brands has a fifty-two week low of $32.16 and a fifty-two week high of $41.68.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the firm posted $0.37 earnings per share. The business’s quarterly revenue was down 4.8% on a year-over-year basis. analysts expect that Conagra Brands will post 1.89 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Friday, October 13th were issued a $0.2125 dividend. The ex-dividend date of this dividend was Monday, October 30th. This represents a $0.85 dividend on an annualized basis and a yield of 2.28%. Conagra Brands’s payout ratio is 60.28%.
In other Conagra Brands news, EVP Colleen Batcheler sold 133,869 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $34.28, for a total value of $4,589,029.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.79% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sun Life Financial INC increased its holdings in Conagra Brands by 32,666.7% in the 2nd quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock valued at $105,000 after purchasing an additional 2,940 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its holdings in Conagra Brands by 143.7% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock valued at $112,000 after purchasing an additional 1,851 shares during the last quarter. JFS Wealth Advisors LLC acquired a new stake in Conagra Brands in the 2nd quarter valued at approximately $156,000. Advisors Asset Management Inc. increased its holdings in Conagra Brands by 57.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,692 shares of the company’s stock valued at $168,000 after purchasing an additional 1,705 shares during the last quarter. Finally, Krilogy Financial LLC increased its holdings in Conagra Brands by 7.7% in the 2nd quarter. Krilogy Financial LLC now owns 5,170 shares of the company’s stock valued at $185,000 after purchasing an additional 370 shares during the last quarter. Institutional investors and hedge funds own 79.04% of the company’s stock.
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Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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