Wells Fargo & Company Cuts Conagra Brands (NYSE:CAG) Price Target to $30.00

Conagra Brands (NYSE:CAG) had its target price lowered by investment analysts at Wells Fargo & Company from $31.00 to $30.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 9.61% from the company’s current price.

A number of other equities research analysts have also recently commented on CAG. Citigroup cut their target price on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. Bank of America reduced their price objective on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. BNP Paribas upgraded shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $29.00 price objective on shares of Conagra Brands in a report on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.38.

Conagra Brands Stock Down 1.8 %

Shares of Conagra Brands stock opened at $27.37 on Tuesday. Conagra Brands has a 1 year low of $26.21 and a 1 year high of $33.24. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 2.91 and a beta of 0.31. The company has a 50-day moving average of $28.31 and a 200 day moving average of $29.55. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33.

Conagra Brands (NYSE:CAG) last announced its earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the prior year, the business posted $0.66 EPS. Conagra Brands’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Conagra Brands will post 2.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Conagra Brands

Several hedge funds and other institutional investors have recently modified their holdings of CAG. Integrated Wealth Concepts LLC increased its position in Conagra Brands by 110.8% during the third quarter. Integrated Wealth Concepts LLC now owns 36,768 shares of the company’s stock valued at $1,196,000 after acquiring an additional 19,329 shares during the last quarter. Aigen Investment Management LP bought a new stake in shares of Conagra Brands during the 3rd quarter valued at about $1,020,000. Pacer Advisors Inc. increased its position in shares of Conagra Brands by 21,015.0% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after purchasing an additional 10,604,367 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in shares of Conagra Brands in the 3rd quarter worth approximately $967,000. Finally, Swedbank AB boosted its holdings in shares of Conagra Brands by 3.1% in the third quarter. Swedbank AB now owns 674,465 shares of the company’s stock worth $21,934,000 after buying an additional 20,384 shares during the last quarter. 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.