Conagra Brands (NYSE:CAG) Issues FY 2024 Earnings Guidance

Conagra Brands (NYSE:CAG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.600-2.650 for the period, compared to the consensus earnings per share estimate of 2.650. The company issued revenue guidance of -. Conagra Brands also updated its FY24 guidance to $2.60-2.65 EPS.

Analysts Set New Price Targets

A number of research firms have commented on CAG. Stifel Nicolaus upped their price target on Conagra Brands from $29.00 to $32.00 and gave the company a hold rating in a research report on Friday. Wells Fargo & Company upped their price target on Conagra Brands from $30.00 to $32.00 and gave the company an equal weight rating in a research report on Friday. Evercore ISI lowered Conagra Brands from an outperform rating to an in-line rating and set a $32.00 target price for the company. in a research report on Monday, December 11th. Citigroup increased their target price on Conagra Brands from $30.00 to $32.00 and gave the stock a neutral rating in a research report on Friday. Finally, Royal Bank of Canada decreased their target price on Conagra Brands from $32.00 to $30.00 and set a sector perform rating for the company in a research report on Wednesday, January 3rd. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Conagra Brands currently has an average rating of Hold and a consensus price target of $32.93.

Conagra Brands Stock Performance

CAG stock opened at $31.09 on Friday. The company has a market cap of $14.86 billion, a P/E ratio of 15.62, a price-to-earnings-growth ratio of 3.26 and a beta of 0.42. Conagra Brands has a 1 year low of $25.16 and a 1 year high of $38.78. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.31. The stock’s fifty day moving average price is $28.52 and its 200-day moving average price is $28.35.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, April 4th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05. Conagra Brands had a return on equity of 14.25% and a net margin of 7.86%. The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same period last year, the firm earned $0.76 EPS. Conagra Brands’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts forecast that Conagra Brands will post 2.59 earnings per share for the current year.

Institutional Investors Weigh In On Conagra Brands

Institutional investors and hedge funds have recently bought and sold shares of the business. Vivaldi Capital Management LP bought a new stake in Conagra Brands during the fourth quarter valued at about $201,000. Point72 Europe London LLP bought a new stake in shares of Conagra Brands in the fourth quarter worth about $172,000. Covestor Ltd increased its holdings in shares of Conagra Brands by 154.6% in the first quarter. Covestor Ltd now owns 3,821 shares of the company’s stock worth $128,000 after purchasing an additional 2,320 shares during the last quarter. KB Financial Partners LLC bought a new stake in shares of Conagra Brands in the first quarter worth about $125,000. Finally, UniSuper Management Pty Ltd bought a new stake in shares of Conagra Brands in the second quarter worth about $115,000. 83.75% of the stock is owned by institutional investors.

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.