Conagra Brands, Inc. (NYSE:CAG – Get Free Report) shares gapped down before the market opened on Thursday after Wells Fargo & Company lowered their price target on the stock from $32.00 to $31.00. The stock had previously closed at $28.81, but opened at $28.01. Wells Fargo & Company currently has an equal weight rating on the stock. Conagra Brands shares last traded at $27.69, with a volume of 2,384,300 shares trading hands.
Several other equities research analysts have also recently weighed in on CAG. Barclays upped their price target on Conagra Brands from $31.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Citigroup reduced their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Finally, Stifel Nicolaus upped their price target on Conagra Brands from $29.00 to $32.00 and gave the stock a “hold” rating in a research note on Friday, April 5th. Ten investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $32.38.
Insiders Place Their Bets
In other news, EVP Charisse Brock sold 15,444 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $30.37, for a total transaction of $469,034.28. Following 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 SEC, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of CAG. Whittier Trust Co. of Nevada Inc. lifted its holdings in Conagra Brands by 7.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 5,220 shares of the company’s stock valued at $155,000 after acquiring an additional 373 shares during the period. Czech National Bank lifted its holdings in Conagra Brands by 0.5% in the first quarter. Czech National Bank now owns 84,105 shares of the company’s stock valued at $2,493,000 after acquiring an additional 392 shares during the period. Kingsview Wealth Management LLC lifted its holdings in Conagra Brands by 5.4% in the fourth quarter. Kingsview Wealth Management LLC now owns 7,894 shares of the company’s stock valued at $226,000 after acquiring an additional 403 shares during the period. Summit Financial Wealth Advisors LLC lifted its holdings in Conagra Brands by 1.1% in the first quarter. Summit Financial Wealth Advisors LLC now owns 39,955 shares of the company’s stock valued at $1,184,000 after acquiring an additional 430 shares during the period. Finally, Avantax Advisory Services Inc. lifted its holdings in Conagra Brands by 4.1% in the first quarter. Avantax Advisory Services Inc. now owns 11,265 shares of the company’s stock valued at $334,000 after acquiring an additional 445 shares during the period. 83.75% of the stock is owned by institutional investors.
Conagra Brands Stock Performance
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 business has a fifty day simple moving average of $29.50 and a two-hundred day simple moving average of $29.21. The company has a market cap of $13.56 billion, a P/E ratio of 14.26, a P/E/G ratio of 2.76 and a beta of 0.32.
Conagra Brands (NYSE:CAG – Get Free Report) last issued its quarterly earnings results on Thursday, July 11th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Conagra Brands had a return on equity of 14.25% and a net margin of 7.86%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.62 earnings per share. On average, sell-side analysts anticipate that Conagra Brands, Inc. will post 2.62 EPS for the current year.
Conagra Brands Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 1st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Thursday, August 1st. Conagra Brands’s payout ratio is 70.35%.
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.