Bank of America Has Lowered Expectations for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its target price lowered by Bank of America from $31.00 to $29.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 6.97% from the company’s previous close.

Several other research analysts have also commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Friday. Citigroup reduced their price target on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Conagra Brands has a consensus rating of “Hold” and a consensus target price of $30.88.

Conagra Brands Stock Up 1.1 %

Shares of NYSE:CAG opened at $27.11 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. The firm has a 50 day simple moving average of $28.21 and a 200-day simple moving average of $29.52. The company has a market capitalization of $12.94 billion, a PE ratio of 26.32, a P/E/G ratio of 2.91 and a beta of 0.31. Conagra Brands has a twelve month low of $26.21 and a twelve month high of $33.24.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, December 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Conagra Brands’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities analysts predict that Conagra Brands will post 2.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Conagra Brands

Hedge funds have recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new position in shares of Conagra Brands during the 2nd quarter worth approximately $25,000. Chilton Capital Management LLC purchased a new position in Conagra Brands in the second quarter worth $25,000. Hexagon Capital Partners LLC raised its position in Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after acquiring an additional 420 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in Conagra Brands in the third quarter valued at $47,000. Finally, Kennebec Savings Bank purchased a new stake in shares of Conagra Brands during the 3rd quarter worth $59,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

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.