Equities researchers at Stephens assumed coverage on shares of Conagra Brands (NYSE:CAG) in a note issued to investors on Monday, The Fly reports. The firm set an “overweight” rating on the stock.
Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Conagra Brands from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. ValuEngine downgraded Conagra Brands from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Zacks Investment Research raised Conagra Brands from a “sell” rating to a “hold” rating in a research report on Friday, June 29th. Finally, Citigroup decreased their target price on Conagra Brands from $43.00 to $42.00 and set a “buy” rating for the company in a research report on Thursday, June 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Conagra Brands has an average rating of “Hold” and a consensus target price of $42.11.
CAG stock traded up $0.03 during trading on Monday, reaching $37.51. 3,702,112 shares of the stock traded hands, compared to its average volume of 3,814,201. Conagra Brands has a 52-week low of $32.16 and a 52-week high of $39.43. The company has a current ratio of 0.83, a quick ratio of 0.40 and a debt-to-equity ratio of 0.86. The company has a market cap of $14.35 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 2.04 and a beta of 0.31.
Conagra Brands (NYSE:CAG) last issued its earnings results on Wednesday, June 27th. The company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.07. Conagra Brands had a return on equity of 22.54% and a net margin of 10.18%. The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. The company’s revenue was up 5.6% compared to the same quarter last year. equities analysts forecast that Conagra Brands will post 2.25 EPS for the current fiscal year.
In related news, Director Steven F. Goldstone sold 72,678 shares of the business’s stock in a transaction dated Friday, June 29th. The stock was sold at an average price of $35.59, for a total value of $2,586,610.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ruth Ann Marshall sold 3,023 shares of the business’s stock in a transaction dated Monday, July 9th. The stock was sold at an average price of $36.33, for a total value of $109,825.59. Following the completion of the transaction, the director now owns 92,790 shares in the company, valued at approximately $3,371,060.70. The disclosure for this sale can be found here. Insiders sold 134,791 shares of company stock valued at $4,823,771 in the last ninety days. Company insiders own 0.92% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Conagra Brands by 7.1% in the first quarter. BlackRock Inc. now owns 29,385,070 shares of the company’s stock worth $1,083,722,000 after acquiring an additional 1,935,790 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Conagra Brands by 1.6% in the first quarter. American Century Companies Inc. now owns 11,837,834 shares of the company’s stock worth $436,579,000 after acquiring an additional 188,515 shares in the last quarter. Macquarie Group Ltd. lifted its stake in shares of Conagra Brands by 57,565.2% in the second quarter. Macquarie Group Ltd. now owns 4,555,550 shares of the company’s stock worth $162,770,000 after acquiring an additional 4,547,650 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Conagra Brands by 2.7% in the second quarter. Jennison Associates LLC now owns 3,459,244 shares of the company’s stock worth $123,599,000 after acquiring an additional 91,196 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Conagra Brands by 4.5% in the second quarter. Bank of America Corp DE now owns 2,917,925 shares of the company’s stock worth $104,256,000 after acquiring an additional 125,768 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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