Conagra Brands (NYSE:CAG) Price Target Cut to $33.00 by Analysts at Bank of America

Conagra Brands (NYSE:CAG) had its price objective cut by equities researchers at Bank of America from $34.00 to $33.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 11.81% from the company’s previous close.

A number of other brokerages have also issued reports on CAG. Stifel Nicolaus cut their target price on Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Evercore ISI dropped their price target on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Citigroup dropped their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Wells Fargo & Company dropped their price target on Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Barclays dropped their price target on Conagra Brands from $34.00 to $33.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.00.

Conagra Brands Stock Performance

Shares of CAG opened at $29.52 on Thursday. The business’s 50 day moving average is $31.29 and its two-hundred day moving average is $30.26. Conagra Brands has a 52-week low of $25.16 and a 52-week high of $33.24. The firm has a market cap of $14.11 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 2.95 and a beta of 0.32. The company has a quick ratio of 0.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.88.

Conagra Brands (NYSE:CAG) last announced its earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same period in the previous year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. Analysts forecast that Conagra Brands will post 2.61 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Thomas M. Mcgough sold 40,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total value of $1,211,600.00. Following the completion of the transaction, the chief operating officer now owns 161,443 shares of the company’s stock, valued at approximately $4,890,108.47. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Czech National Bank grew its holdings in Conagra Brands by 7.1% during the third quarter. Czech National Bank now owns 97,587 shares of the company’s stock worth $3,174,000 after acquiring an additional 6,488 shares during the period. Sanctuary Advisors LLC acquired a new position in Conagra Brands during the second quarter worth about $829,000. SPC Financial Inc. grew its holdings in Conagra Brands by 18.9% during the second quarter. SPC Financial Inc. now owns 10,700 shares of the company’s stock worth $304,000 after acquiring an additional 1,700 shares during the period. Point72 Asset Management L.P. acquired a new position in Conagra Brands during the second quarter worth about $1,482,000. Finally, EP Wealth Advisors LLC grew its holdings in Conagra Brands by 10.2% during the second quarter. EP Wealth Advisors LLC now owns 10,980 shares of the company’s stock worth $312,000 after acquiring an additional 1,018 shares during the period. Institutional investors own 83.75% of the company’s stock.

About Conagra Brands

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.