Conagra Brands (NYSE:CAG) Price Target Lowered to $29.00 at Citigroup

Conagra Brands (NYSE:CAG) had its target price dropped by investment analysts at Citigroup from $31.00 to $29.00 in a report issued on Wednesday. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 3.98% from the stock’s current price.

Several other equities analysts also recently commented on CAG. Wells Fargo & Company increased their target price on Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Bank of America cut their target price on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a research report on Thursday, October 3rd. Finally, BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.50.

Conagra Brands Price Performance

Shares of Conagra Brands stock traded up $0.05 during midday trading on Wednesday, hitting $27.89. 1,485,261 shares of the company traded hands, compared to its average volume of 4,758,448. The stock has a market cap of $13.31 billion, a price-to-earnings ratio of 27.10, a PEG ratio of 2.80 and a beta of 0.31. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The firm’s fifty day moving average price is $28.50 and its 200-day moving average price is $29.63. Conagra Brands has a 12 month low of $26.21 and a 12 month high of $33.24.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the company posted $0.66 earnings per share. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that Conagra Brands will post 2.59 earnings per share for the current year.

Hedge Funds Weigh In On Conagra Brands

Large investors have recently modified their holdings of the business. Chilton Capital Management LLC purchased a new position in Conagra Brands during the 2nd quarter valued at about $25,000. Innealta Capital LLC bought a new stake in Conagra Brands during the 2nd quarter worth approximately $25,000. Hexagon Capital Partners LLC lifted its stake in Conagra Brands by 82.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares in the last quarter. Abich Financial Wealth Management LLC bought a new position in Conagra Brands in the 3rd quarter valued at $47,000. Finally, Kennebec Savings Bank bought a new position in Conagra Brands in the 3rd quarter valued at $59,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.