Conagra Brands (NYSE:CAG) Price Target Cut to $31.00

Conagra Brands (NYSE:CAG) had its target price lowered by analysts at Evercore ISI from $32.00 to $31.00 in a report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Evercore ISI’s target price would suggest a potential upside of 9.35% from the company’s previous close.

Other analysts have also issued research reports about the company. Citigroup dropped their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Wells Fargo & Company dropped their target price on shares of Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday. Stifel Nicolaus reduced their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Barclays raised their price objective 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. Ten 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 company has a consensus rating of “Hold” and an average price target of $32.00.

Conagra Brands Price Performance

CAG stock opened at $28.35 on Friday. The stock has a market capitalization of $13.55 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.81 and a beta of 0.32. The firm’s 50-day moving average price is $29.46 and its two-hundred day moving average price is $29.22. The company has a current ratio of 0.95, a quick ratio of 0.33 and a debt-to-equity ratio of 0.81. Conagra Brands has a 12-month low of $25.16 and a 12-month high of $33.60.

Conagra Brands (NYSE:CAG) last posted its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. The company had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Conagra Brands had a return on equity of 14.09% and a net margin of 2.88%. Conagra Brands’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the firm earned $0.62 earnings per share. As a group, equities analysts predict that Conagra Brands will post 2.61 earnings per share for the current year.

Insider Activity

In related news, EVP Charisse Brock sold 15,444 shares of the company’s 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 transaction, the executive vice president now owns 113,254 shares in the company, valued at approximately $3,439,523.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Conagra Brands

Several institutional investors have recently added to or reduced their stakes in CAG. First United Bank & Trust purchased a new position in shares of Conagra Brands in the fourth quarter worth $26,000. Naples Money Management LLC bought a new stake in Conagra Brands in the 4th quarter worth about $26,000. Advantage Trust Co purchased a new position in Conagra Brands in the 4th quarter worth about $34,000. Parkside Financial Bank & Trust lifted its stake in Conagra Brands by 48.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,397 shares of the company’s stock valued at $40,000 after acquiring an additional 454 shares during the period. Finally, Whittier Trust Co. boosted its holdings in shares of Conagra Brands by 144.4% during the 1st quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock valued at $42,000 after acquiring an additional 836 shares during the last quarter. 83.75% of the stock is currently 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.