Citigroup Has Lowered Expectations for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price objective dropped by analysts at Citigroup from $31.00 to $29.00 in a report issued on Wednesday. The firm currently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 3.39% from the stock’s previous close.

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

Conagra Brands Stock Up 1.2 %

Shares of NYSE CAG opened at $28.05 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average of $28.42 and a 200-day moving average of $29.61. The firm has a market capitalization of $13.39 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 2.80 and a beta of 0.31. Conagra Brands has a 12 month low of $26.21 and a 12 month high of $33.24.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the prior year, the firm earned $0.66 EPS. Conagra Brands’s quarterly revenue was down 3.8% on a year-over-year basis. Sell-side analysts expect that Conagra Brands will post 2.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its stake in shares of 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 buying an additional 19,329 shares during the period. Aigen Investment Management LP purchased a new position in Conagra Brands during the 3rd quarter valued at $1,020,000. Pacer Advisors Inc. raised its holdings in Conagra Brands by 21,015.0% in the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock worth $346,495,000 after purchasing an additional 10,604,367 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Conagra Brands in the 3rd quarter worth $3,829,000. Finally, Swedbank AB lifted its position in shares of Conagra Brands by 3.1% in the 3rd quarter. Swedbank AB now owns 674,465 shares of the company’s stock worth $21,934,000 after purchasing an additional 20,384 shares during the period. 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.