JPMorgan Chase & Co. Lowers Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its price target cut by stock analysts at JPMorgan Chase & Co. from $30.00 to $29.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 4.88% from the stock’s previous close.

A number of other equities analysts have also recently commented on CAG. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a research note on Friday, December 20th. Wells Fargo & Company dropped their price target on shares of Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Barclays decreased their price objective on shares of Conagra Brands from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. Citigroup dropped their target price on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Finally, BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Seven analysts have rated the stock with a hold rating, two have assigned 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 target price of $30.56.

Conagra Brands Price Performance

CAG stock opened at $27.65 on Friday. The firm has a market cap of $13.20 billion, a P/E ratio of 26.84, a P/E/G ratio of 2.91 and a beta of 0.29. The firm’s fifty day moving average is $27.81 and its 200 day moving average is $29.41. Conagra Brands has a 52 week low of $26.21 and a 52 week high of $33.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The company’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.71 earnings per share. Research analysts predict that Conagra Brands will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On Conagra Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its holdings in Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares during the period. Abich Financial Wealth Management LLC bought a new stake in shares of Conagra Brands in the 3rd quarter worth approximately $47,000. Kennebec Savings Bank purchased a new stake in shares of Conagra Brands in the 3rd quarter worth approximately $59,000. Quarry LP increased its position in Conagra Brands by 229.7% during the 3rd quarter. Quarry LP now owns 1,820 shares of the company’s stock valued at $59,000 after buying an additional 1,268 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd raised its stake in Conagra Brands by 27,057.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,901 shares of the company’s stock valued at $62,000 after buying an additional 1,894 shares during the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

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.