Conagra Brands (NYSE:CAG) Trading Up 2.7% – Still a Buy?

Conagra Brands, Inc. (NYSE:CAG) was up 2.7% during mid-day trading on Friday . The company traded as high as $27.35 and last traded at $27.50. Approximately 1,826,352 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 5,093,265 shares. The stock had previously closed at $26.78.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAG. Bank of America dropped their target price on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Barclays cut their price target on Conagra Brands from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Monday, December 23rd. Morgan Stanley began coverage on Conagra Brands in a research note on Monday, March 24th. They issued an “equal weight” rating and a $27.00 price target for the company. Wells Fargo & Company cut their price objective on shares of Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Finally, Stifel Nicolaus decreased their target price on shares of Conagra Brands from $28.00 to $26.00 and set a “hold” rating for the company in a research report on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $28.20.

Conagra Brands Stock Down 0.3 %

The firm has a market cap of $12.75 billion, a P/E ratio of 26.19, a price-to-earnings-growth ratio of 1.76 and a beta of 0.18. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average of $25.74 and a 200-day moving average of $27.44.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the business posted $0.69 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities research analysts anticipate that Conagra Brands, Inc. will post 2.35 earnings per share for the current year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Monday, April 28th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a yield of 5.24%. Conagra Brands’s dividend payout ratio is currently 137.25%.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds have recently made changes to their positions in CAG. Norges Bank bought a new stake in shares of Conagra Brands during the 4th quarter valued at about $168,877,000. Massachusetts Financial Services Co. MA bought a new position in shares of Conagra Brands during the 4th quarter worth approximately $110,704,000. Two Sigma Advisers LP grew its position in shares of Conagra Brands by 33.9% during the 4th quarter. Two Sigma Advisers LP now owns 8,135,000 shares of the company’s stock worth $225,746,000 after buying an additional 2,058,000 shares during the period. Deutsche Bank AG increased its stake in shares of Conagra Brands by 51.6% in the 4th quarter. Deutsche Bank AG now owns 5,664,293 shares of the company’s stock valued at $157,184,000 after acquiring an additional 1,928,883 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Conagra Brands by 18.5% during the 4th quarter. Invesco Ltd. now owns 11,161,355 shares of the company’s stock valued at $309,728,000 after acquiring an additional 1,745,319 shares during the period. 83.75% of the stock is currently owned by 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.