Equities analysts forecast that Conagra Brands Inc (NYSE:CAG) will post sales of $2.37 billion for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Conagra Brands’ earnings. The highest sales estimate is $2.44 billion and the lowest is $2.18 billion. Conagra Brands reported sales of $2.17 billion during the same quarter last year, which indicates a positive year over year growth rate of 9.2%. The firm is expected to issue its next earnings report on Thursday, December 20th.
On average, analysts expect that Conagra Brands will report full year sales of $9.81 billion for the current year, with estimates ranging from $9.80 billion to $9.82 billion. For the next financial year, analysts expect that the firm will report sales of $11.30 billion, with estimates ranging from $11.26 billion to $11.35 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Conagra Brands.
Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, September 27th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). Conagra Brands had a return on equity of 22.50% and a net margin of 10.47%. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company posted $0.46 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis.
Several equities research analysts have issued reports on CAG shares. JPMorgan Chase & Co. boosted their price objective on shares of Conagra Brands from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. Stephens started coverage on shares of Conagra Brands in a research note on Monday, August 20th. They set an “overweight” rating and a $45.00 price objective for the company. Zacks Investment Research upgraded shares of Conagra Brands from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Wednesday, August 29th. Jefferies Financial Group set a $44.00 price objective on shares of Conagra Brands and gave the stock a “buy” rating in a research note on Thursday, September 27th. Finally, ValuEngine downgraded shares of Conagra Brands from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $42.70.
CAG opened at $35.00 on Friday. The company has a quick ratio of 0.39, a current ratio of 0.84 and a debt-to-equity ratio of 0.85. Conagra Brands has a 52-week low of $32.81 and a 52-week high of $39.43. The company has a market cap of $13.95 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 2.07 and a beta of 0.17.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Wednesday, October 17th will be paid a $0.2125 dividend. The ex-dividend date of this dividend is Tuesday, October 16th. This represents a $0.85 annualized dividend and a dividend yield of 2.43%. Conagra Brands’s dividend payout ratio (DPR) is presently 40.28%.
In other news, CFO David S. Marberger bought 2,836 shares of the firm’s stock in a transaction dated Friday, October 12th. The stock was acquired at an average cost of $35.25 per share, for a total transaction of $99,969.00. Following the completion of the purchase, the chief financial officer now owns 12,721 shares of the company’s stock, valued at $448,415.25. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Connolly bought 14,184 shares of the firm’s stock in a transaction dated Friday, October 12th. The stock was purchased at an average price of $35.25 per share, with a total value of $499,986.00. Following the completion of the purchase, the insider now directly owns 217,607 shares of the company’s stock, valued at approximately $7,670,646.75. The disclosure for this purchase can be found here. Insiders bought 24,112 shares of company stock valued at $849,948 over the last 90 days. Insiders own 0.92% of the company’s stock.
Several hedge funds have recently made changes to their positions in CAG. Fort L.P. purchased a new position in shares of Conagra Brands in the second quarter valued at $117,000. JNBA Financial Advisors raised its holdings in Conagra Brands by 761.4% in the third quarter. JNBA Financial Advisors now owns 4,393 shares of the company’s stock valued at $149,000 after acquiring an additional 3,883 shares in the last quarter. Bray Capital Advisors acquired a new stake in Conagra Brands in the third quarter valued at $170,000. LFA Lugano Financial Advisors SA raised its holdings in Conagra Brands by 137.6% in the third quarter. LFA Lugano Financial Advisors SA now owns 5,153 shares of the company’s stock valued at $175,000 after acquiring an additional 2,984 shares in the last quarter. Finally, Lucia Wealth Services LLC acquired a new stake in Conagra Brands in the second quarter valued at $184,000. Institutional investors and hedge funds own 81.52% 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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