Royal Bank of Canada Reiterates Sector Perform Rating for Conagra Brands (NYSE:CAG)

Conagra Brands (NYSE:CAG)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a report released on Friday,Benzinga reports. They currently have a $29.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.98% from the stock’s previous close.

Several other brokerages have also recently commented on CAG. Wells Fargo & Company dropped their price target on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday. Citigroup reduced their price target on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 11th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Bank of America decreased their price objective on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.38.

Conagra Brands Stock Down 0.7 %

Shares of CAG stock opened at $26.61 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. Conagra Brands has a twelve month low of $26.21 and a twelve month high of $33.24. The stock has a 50 day moving average of $28.26 and a 200 day moving average of $29.54. The stock has a market cap of $12.70 billion, a P/E ratio of 25.83, a P/E/G ratio of 2.91 and a beta of 0.31.

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

Institutional Investors Weigh In On Conagra Brands

Several hedge funds have recently made changes to their positions in CAG. State Street Corp raised its holdings in Conagra Brands by 7.4% during the third quarter. State Street Corp now owns 24,484,277 shares of the company’s stock worth $796,229,000 after purchasing an additional 1,691,945 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Conagra Brands by 1.7% in the third quarter. Geode Capital Management LLC now owns 11,514,152 shares of the company’s stock valued at $373,180,000 after purchasing an additional 196,100 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Conagra Brands by 20.5% during the 2nd 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. Pacer Advisors Inc. lifted its stake 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 valued at $346,495,000 after buying an additional 10,604,367 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in Conagra Brands by 2.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 6,290,625 shares of the company’s stock valued at $204,571,000 after buying an additional 122,590 shares during 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.