Conagra Brands (NYSE:CAG) Price Target Lowered to $13.00 at Evercore

by · The Cerbat Gem

Conagra Brands (NYSE:CAG – Get Free Report) had its target price decreased by stock analysts at Evercore from $18.00 to $13.00 in a note issued to investors on Wednesday,MarketScreener reports. Evercore’s price objective indicates a potential downside of 1.50% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Sanford C. Bernstein reiterated an “underperform” rating and set a $12.00 target price (down from $16.00) on shares of Conagra Brands in a research report on Wednesday, June 3rd. Wells Fargo & Company lowered their price target on Conagra Brands from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Monday, May 18th. Jefferies Financial Group dropped their price target on Conagra Brands from $15.00 to $13.00 and set a “hold” rating for the company in a research note on Wednesday, May 27th. Royal Bank Of Canada reduced their price objective on shares of Conagra Brands from $20.00 to $17.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Conagra Brands from $17.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, June 5th. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $14.33.

Check Out Our Latest Analysis on CAG

Conagra Brands Trading Up 0.4%

Shares of Conagra Brands stock opened at $13.20 on Wednesday. The company has a 50 day simple moving average of $14.18 and a two-hundred day simple moving average of $16.42. Conagra Brands has a 1 year low of $12.53 and a 1 year high of $22.55. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The firm has a market cap of $6.31 billion, a PE ratio of -132.21 and a beta of -0.02.

Conagra Brands (NYSE:CAG – Get Free Report) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business posted $0.51 earnings per share. Conagra Brands’s quarterly revenue was down 1.9% compared to the same quarter last year. Analysts expect that Conagra Brands will post 1.7 earnings per share for the current fiscal year.

Insider Transactions at Conagra Brands

In other news, Director John J. Mulligan acquired 17,500 shares of the firm’s stock in a transaction on Tuesday, April 14th. The stock was acquired at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the transaction, the director owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Lenny bought 25,000 shares of the company’s stock in a transaction dated Tuesday, April 14th. The shares were acquired at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the completion of the transaction, the director directly owned 229,340 shares in the company, valued at approximately $3,288,735.60. This trade represents a 12.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Conagra Brands

Several large investors have recently modified their holdings of CAG. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Conagra Brands by 24.8% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company’s stock worth $11,442,000 after purchasing an additional 131,287 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Conagra Brands by 23.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company’s stock worth $140,659,000 after acquiring an additional 1,554,725 shares during the last quarter. Leonteq Securities AG purchased a new stake in shares of Conagra Brands in the 4th quarter valued at approximately $2,415,000. Sound Income Strategies LLC raised its holdings in shares of Conagra Brands by 153.4% in the 4th quarter. Sound Income Strategies LLC now owns 406,666 shares of the company’s stock valued at $6,897,000 after purchasing an additional 246,178 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Conagra Brands by 15.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,021,478 shares of the company’s stock worth $55,323,000 after purchasing an additional 408,597 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Company Profile

(Get Free Report)

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.

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