Conagra Brands (NYSE:CAG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $41.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.32% from the stock’s current price.
According to Zacks, “Over the last three months, Conagra’s shares outperformed the industry. Stronger innovation, as well as new merchandising, distribution and consumer trail-related investments, will likely boost Conagra’s revenues in the future. On the other hand, meaningful acquisitions and divestments, lower corporate tax rates and sturdier top-line performance are expected to drive profitability in the quarters ahead. The company has also raised earnings guidance for fiscal 2018 from $1.84-$1.89 per share to $2.03-$2.05 per share range. Also, Conagra remains on track to increase shareholders’ remuneration over time. Over the last 60 days, Zacks Consensus Estimate for the stock has been revised upwards for fiscals 2018 and 2019.”
A number of other research firms have also recently issued reports on CAG. Royal Bank of Canada restated a “buy” rating and set a $46.00 price objective on shares of Conagra Brands in a research report on Friday, March 23rd. Jefferies Group restated a “buy” rating and set a $44.00 price objective on shares of Conagra Brands in a research report on Thursday, March 22nd. JPMorgan Chase & Co. lowered their price objective on Conagra Brands from $44.00 to $41.00 and set an “overweight” rating on the stock in a research report on Friday, March 23rd. Finally, UBS boosted their price objective on Conagra Brands from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Friday, March 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Conagra Brands presently has a consensus rating of “Buy” and an average price target of $41.78.
Shares of Conagra Brands traded down $0.12, reaching $36.83, during trading hours on Thursday, Marketbeat reports. 168,689 shares of the company’s stock were exchanged, compared to its average volume of 2,882,351. Conagra Brands has a fifty-two week low of $32.16 and a fifty-two week high of $40.24. The firm has a market cap of $14.77 billion, a PE ratio of 21.16, a price-to-earnings-growth ratio of 2.25 and a beta of 0.28. The company has a quick ratio of 0.52, a current ratio of 1.03 and a debt-to-equity ratio of 0.85.
Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, March 22nd. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2 billion. Conagra Brands had a return on equity of 21.08% and a net margin of 11.36%. Conagra Brands’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. equities analysts predict that Conagra Brands will post 2.05 EPS for the current fiscal year.
In other Conagra Brands news, SVP Robert G. Wise sold 5,908 shares of the company’s stock in a transaction on Wednesday, April 4th. The stock was sold at an average price of $37.12, for a total value of $219,304.96. Following the sale, the senior vice president now directly owns 22,781 shares in the company, valued at $845,630.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen G. Butler sold 12,092 shares of the company’s stock in a transaction on Friday, April 6th. The shares were sold at an average price of $37.18, for a total value of $449,580.56. Following the completion of the sale, the director now owns 127,755 shares in the company, valued at $4,749,930.90. The disclosure for this sale can be found here. Insiders sold 24,046 shares of company stock worth $885,695 over the last quarter. Company insiders own 0.79% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Financial Partners Capital Management LLC grew its position in Conagra Brands by 4.9% in the first quarter. Financial Partners Capital Management LLC now owns 35,556 shares of the company’s stock valued at $1,311,000 after acquiring an additional 1,667 shares during the period. Xact Kapitalforvaltning AB boosted its stake in Conagra Brands by 5.1% in the first quarter. Xact Kapitalforvaltning AB now owns 70,705 shares of the company’s stock worth $2,608,000 after purchasing an additional 3,419 shares in the last quarter. Legal & General Group Plc boosted its stake in Conagra Brands by 0.4% in the first quarter. Legal & General Group Plc now owns 2,113,277 shares of the company’s stock worth $77,906,000 after purchasing an additional 8,363 shares in the last quarter. Highbridge Capital Management LLC boosted its stake in Conagra Brands by 584.3% in the first quarter. Highbridge Capital Management LLC now owns 54,224 shares of the company’s stock worth $2,000,000 after purchasing an additional 46,300 shares in the last quarter. Finally, Scopus Asset Management L.P. acquired a new position in Conagra Brands in the first quarter worth $9,220,000. Hedge funds and other institutional investors own 76.71% 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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