Bank of America Trims Conagra Brands (NYSE:CAG) Target Price to $33.00

Conagra Brands (NYSE:CAG) had its price target cut by Bank of America from $34.00 to $33.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated a sector perform rating and issued a $29.00 price objective on shares of Conagra Brands in a research note on Thursday. Citigroup lowered their price target on shares of Conagra Brands from $32.00 to $30.00 and set a neutral rating for the company in a report on Friday, June 28th. Barclays reduced their price objective on shares of Conagra Brands from $34.00 to $33.00 and set an overweight rating on the stock in a report on Friday, July 12th. Wells Fargo & Company lowered their target price on shares of Conagra Brands from $32.00 to $31.00 and set an equal weight rating for the company in a research note on Wednesday, July 10th. Finally, The Goldman Sachs Group began coverage on Conagra Brands in a research note on Monday, August 12th. They issued a buy rating and a $36.00 price target on the stock. Seven research 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 company. According to MarketBeat.com, Conagra Brands has an average rating of Hold and an average price target of $31.33.

Conagra Brands Price Performance

CAG stock opened at $29.51 on Thursday. The business’s fifty day moving average price is $31.28 and its 200 day moving average price is $30.28. Conagra Brands has a 12-month low of $25.16 and a 12-month high of $33.24. The company has a market capitalization of $14.11 billion, a PE ratio of 40.42, a P/E/G ratio of 2.95 and a beta of 0.32. The company has a current ratio of 0.97, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88.

Conagra Brands (NYSE:CAG) last issued 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). The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.84 billion. Conagra Brands had a return on equity of 14.31% and a net margin of 2.88%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. On average, sell-side analysts anticipate that Conagra Brands will post 2.61 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Thursday, October 31st. Conagra Brands’s payout ratio is currently 191.78%.

Insiders Place Their Bets

In related news, COO Thomas M. Mcgough sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares of the company’s stock, valued at $4,890,108.47. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Conagra Brands

Several hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. raised its holdings in Conagra Brands by 20.5% during the second quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after purchasing an additional 1,871,238 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Conagra Brands by 17.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,313,994 shares of the company’s stock worth $122,602,000 after buying an additional 633,794 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Conagra Brands by 148.2% in the 2nd quarter. Squarepoint Ops LLC now owns 2,535,116 shares of the company’s stock valued at $72,048,000 after buying an additional 1,513,726 shares during the period. Marshall Wace LLP grew its holdings in Conagra Brands by 1,362.6% during the second quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock worth $68,400,000 after acquiring an additional 2,242,186 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Conagra Brands by 3.5% in the second quarter. Envestnet Asset Management Inc. now owns 2,294,468 shares of the company’s stock worth $65,209,000 after acquiring an additional 78,487 shares in the last quarter. Institutional investors and hedge funds 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.