Bank of America Has Lowered Expectations for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price objective lowered by investment analysts at Bank of America from $31.00 to $29.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 6.62% from the stock’s current price.

Other equities analysts have also issued reports about the company. Wells Fargo & Company decreased their target price on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday. Royal Bank of Canada restated a “sector perform” rating and issued a $29.00 target price on shares of Conagra Brands in a research note on Friday. Citigroup decreased their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Wednesday, December 11th. Finally, BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Conagra Brands currently has a consensus rating of “Hold” and an average price target of $30.88.

Conagra Brands Price Performance

Conagra Brands stock traded up $0.39 during mid-day trading on Friday, reaching $27.20. The company had a trading volume of 2,607,486 shares, compared to its average volume of 4,788,889. Conagra Brands has a fifty-two week low of $26.21 and a fifty-two week high of $33.24. The company has a market cap of $12.98 billion, a P/E ratio of 26.41, a P/E/G ratio of 2.91 and a beta of 0.31. The business has a fifty day simple moving average of $28.26 and a 200 day simple moving average of $29.54. 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 (NYSE:CAG) last released 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. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. Conagra Brands’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities research analysts predict that Conagra Brands will post 2.58 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in Conagra Brands by 0.6% in the third quarter. Principal Financial Group Inc. now owns 573,789 shares of the company’s stock valued at $18,660,000 after buying an additional 3,597 shares in the last quarter. Inspire Trust Co. N.A. lifted its position in shares of Conagra Brands by 14.7% during the third quarter. Inspire Trust Co. N.A. now owns 85,587 shares of the company’s stock worth $2,783,000 after acquiring an additional 11,000 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Conagra Brands in the 3rd quarter valued at about $196,000. Sanctuary Advisors LLC lifted its stake in Conagra Brands by 526.9% during the third quarter. Sanctuary Advisors LLC now owns 167,181 shares of the company’s stock worth $5,437,000 after purchasing an additional 140,512 shares during the last quarter. Finally, Hohimer Wealth Management LLC boosted its stake in shares of Conagra Brands by 0.5% during the third quarter. Hohimer Wealth Management LLC now owns 134,073 shares of the company’s stock valued at $4,360,000 after purchasing an additional 642 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.