Citigroup Trims Conagra Brands (NYSE:CAG) Target Price to $30.00

Conagra Brands (NYSE:CAG) had its target price cut by Citigroup from $32.00 to $30.00 in a research report released on Friday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also issued reports on CAG. Wells Fargo & Company increased their target price on shares of Conagra Brands from $30.00 to $32.00 and gave the stock an equal weight rating in a research report on Friday, April 5th. Barclays increased their price target on shares of Conagra Brands from $31.00 to $34.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus increased their price target on shares of Conagra Brands from $29.00 to $32.00 and gave the stock a hold rating in a research report on Friday, April 5th. Ten investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Conagra Brands currently has an average rating of Hold and an average target price of $33.00.

Conagra Brands Price Performance

CAG opened at $28.42 on Friday. The company has a fifty day moving average price of $29.98 and a two-hundred day moving average price of $29.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.33 and a current ratio of 0.95. Conagra Brands has a 52 week low of $25.16 and a 52 week high of $34.38. The firm has a market capitalization of $13.59 billion, a PE ratio of 14.28, a P/E/G ratio of 2.76 and a beta of 0.32.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, April 4th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05. The firm had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.01 billion. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 EPS. As a group, analysts anticipate that Conagra Brands will post 2.62 earnings per share for the current year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Tuesday, April 30th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date was Monday, April 29th. Conagra Brands’s payout ratio is 70.35%.

Insider Transactions at Conagra Brands

In related news, EVP Charisse Brock sold 15,444 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $30.37, for a total transaction of $469,034.28. Following the transaction, the executive vice president now owns 113,254 shares of the company’s stock, valued at approximately $3,439,523.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Conagra Brands

Several institutional investors and hedge funds have recently modified their holdings of CAG. First United Bank & Trust purchased a new position in Conagra Brands during the 4th quarter valued at about $26,000. Naples Money Management LLC purchased a new position in Conagra Brands during the 4th quarter valued at about $26,000. Advantage Trust Co purchased a new position in Conagra Brands during the 4th quarter valued at about $34,000. Parkside Financial Bank & Trust lifted its position in Conagra Brands by 48.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,397 shares of the company’s stock valued at $40,000 after acquiring an additional 454 shares during the period. Finally, Whittier Trust Co. lifted its position in Conagra Brands by 144.4% during the 1st quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock valued at $42,000 after acquiring an additional 836 shares during the period. 83.75% of the stock is owned by hedge funds and other institutional investors.

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.