Conagra Brands (NYSE:CAG) Posts Earnings Results, Beats Expectations By $0.05 EPS

Conagra Brands (NYSE:CAG) posted its quarterly earnings results on Thursday. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.05, Briefing.com reports. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.01 billion. Conagra Brands had a return on equity of 14.25% and a net margin of 7.86%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 earnings per share. Conagra Brands updated its FY24 guidance to $2.60-2.65 EPS and its FY 2024 guidance to 2.600-2.650 EPS.

Conagra Brands Stock Up 1.5 %

Shares of NYSE CAG traded up $0.45 during mid-day trading on Friday, hitting $31.09. The company had a trading volume of 10,127,616 shares, compared to its average volume of 4,888,247. The company has a market capitalization of $14.86 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 3.26 and a beta of 0.42. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.31. Conagra Brands has a 1-year low of $25.16 and a 1-year high of $38.78. The business’s 50-day simple moving average is $28.52 and its 200 day simple moving average is $28.35.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CAG. Royal Bank of Canada lowered their price objective 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. Stifel Nicolaus increased their price objective on Conagra Brands from $29.00 to $32.00 and gave the stock a “hold” 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 price objective for the company. in a research report on Monday, December 11th. Wells Fargo & Company increased their price objective on Conagra Brands from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Citigroup increased their price objective on Conagra Brands from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Conagra Brands has a consensus rating of “Hold” and a consensus target price of $32.93.

Institutional Trading of Conagra Brands

Several hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in Conagra Brands in the fourth quarter valued at $163,004,000. State Street Corp grew its holdings in shares of Conagra Brands by 12.8% during the first quarter. State Street Corp now owns 23,556,766 shares of the company’s stock worth $790,801,000 after purchasing an additional 2,671,720 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Conagra Brands during the fourth quarter worth about $51,463,000. Bank of America Corp DE grew its holdings in shares of Conagra Brands by 21.6% during the first quarter. Bank of America Corp DE now owns 6,552,311 shares of the company’s stock worth $246,105,000 after purchasing an additional 1,162,633 shares during the last quarter. Finally, Man Group plc grew its holdings in shares of Conagra Brands by 2,099.1% during the fourth quarter. Man Group plc now owns 1,176,998 shares of the company’s stock worth $45,550,000 after purchasing an additional 1,123,475 shares during the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

About Conagra Brands

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.