Citigroup Lowers Conagra Brands (NYSE:CAG) Price Target to $30.00

Conagra Brands (NYSE:CAG) had its price target reduced by Citigroup from $32.00 to $30.00 in a research report sent to investors on Friday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. Barclays raised their price target on shares of Conagra Brands from $31.00 to $34.00 and gave the stock an overweight rating in a report on Monday, April 8th. Wells Fargo & Company lifted their target price on shares of Conagra Brands from $30.00 to $32.00 and gave the company an equal weight rating in a research note on Friday, April 5th. Finally, Stifel Nicolaus lifted their target price on shares of Conagra Brands from $29.00 to $32.00 and gave the company a hold rating in a research note on Friday, April 5th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $33.00.

Conagra Brands Price Performance

Shares of NYSE:CAG opened at $28.30 on Friday. The stock has a market cap of $13.53 billion, a PE ratio of 14.22, a PEG ratio of 2.76 and a beta of 0.32. Conagra Brands has a 52 week low of $25.16 and a 52 week high of $34.38. The company has a quick ratio of 0.33, a current ratio of 0.95 and a debt-to-equity ratio of 0.81. The company’s fifty day moving average is $29.93 and its 200 day moving average is $29.25.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, April 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.01 billion. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 EPS. Research analysts anticipate that Conagra Brands will post 2.62 earnings per share for the current year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Tuesday, April 30th were given a dividend of $0.35 per share. The ex-dividend date was Monday, April 29th. This represents a $1.40 dividend on an annualized basis and a yield of 4.95%. Conagra Brands’s dividend payout ratio (DPR) is currently 70.35%.

Insider Activity at Conagra Brands

In other Conagra Brands news, EVP Charisse Brock sold 15,444 shares of Conagra Brands stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $30.37, for a total value of $469,034.28. Following the completion of the transaction, the executive vice president now directly owns 113,254 shares of the company’s stock, valued at $3,439,523.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CAG. Old Port Advisors raised its holdings in shares of Conagra Brands by 7.1% during the first quarter. Old Port Advisors now owns 87,680 shares of the company’s stock valued at $2,599,000 after purchasing an additional 5,778 shares during the last quarter. Abich Financial Wealth Management LLC raised its holdings in shares of Conagra Brands by 11,463.0% during the first quarter. Abich Financial Wealth Management LLC now owns 3,122 shares of the company’s stock valued at $93,000 after purchasing an additional 3,095 shares during the last quarter. Cetera Advisors LLC raised its holdings in shares of Conagra Brands by 210.9% during the first quarter. Cetera Advisors LLC now owns 77,318 shares of the company’s stock valued at $2,292,000 after purchasing an additional 52,448 shares during the last quarter. Atria Investments Inc raised its holdings in shares of Conagra Brands by 29.3% during the first quarter. Atria Investments Inc now owns 97,489 shares of the company’s stock valued at $2,890,000 after purchasing an additional 22,110 shares during the last quarter. Finally, Swedbank AB purchased a new position in shares of Conagra Brands during the first quarter valued at approximately $18,268,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

Conagra Brands Company Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.