Conagra Brands’ (CAG) Sector Perform Rating Reiterated at Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada reaffirmed their sector perform rating on shares of Conagra Brands (NYSE:CAG – Free Report) in a research report report published on Friday morning,Benzinga reports. Royal Bank of Canada currently has a $29.00 price target on the stock.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company cut their target price on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday. Citigroup cut their price target on 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 shares of Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Bank of America cut their price target on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Six investment 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 stock. According to data from MarketBeat.com, Conagra Brands has an average rating of “Hold” and an average price target of $30.88.

Check Out Our Latest Stock Analysis on Conagra Brands

Conagra Brands Price Performance

NYSE:CAG opened at $27.11 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. The firm has a market cap of $12.94 billion, a price-to-earnings ratio of 26.32, a P/E/G ratio of 2.91 and a beta of 0.31. Conagra Brands has a 52 week low of $26.21 and a 52 week high of $33.24. The firm’s 50-day simple moving average is $28.26 and its 200 day simple moving average is $29.54.

Conagra Brands (NYSE:CAG – Get Free Report) last issued 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 analysts’ expectations of $3.15 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, sell-side analysts predict that Conagra Brands will post 2.58 earnings per share for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Monday, January 27th will be issued a $0.35 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.40 annualized dividend and a yield of 5.16%. Conagra Brands’s payout ratio is 135.92%.

Institutional Trading of Conagra Brands

Large investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC boosted its position in shares of Conagra Brands by 110.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 36,768 shares of the company’s stock valued at $1,196,000 after purchasing an additional 19,329 shares in the last quarter. Aigen Investment Management LP bought a new position in shares of Conagra Brands during the 3rd quarter worth approximately $1,020,000. Pacer Advisors Inc. grew its position in shares of Conagra Brands by 21,015.0% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock worth $346,495,000 after buying an additional 10,604,367 shares during the period. Ontario Teachers Pension Plan Board acquired a new stake in shares of Conagra Brands during the 3rd quarter worth approximately $967,000. Finally, Swedbank AB increased its stake in shares of Conagra Brands by 3.1% in the 3rd quarter. Swedbank AB now owns 674,465 shares of the company’s stock valued at $21,934,000 after acquiring an additional 20,384 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

About Conagra Brands

(Get Free Report)

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.

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