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

Conagra Brands (NYSE:CAG) had its target price decreased by Bank of America from $31.00 to $29.00 in a report published on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

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

Conagra Brands Stock Performance

Shares of CAG stock opened at $27.11 on Friday. The company’s 50-day moving average is $28.26 and its 200 day moving average is $29.54. The company has a market capitalization of $12.94 billion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 2.91 and a beta of 0.31. Conagra Brands has a one year low of $26.21 and a one year high of $33.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $3.15 billion. During the same period in the prior year, the firm posted $0.71 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. Sell-side analysts expect that Conagra Brands will post 2.58 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

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

Institutional Trading of Conagra Brands

Several hedge funds and other institutional investors have recently bought and sold shares of CAG. Innealta Capital LLC purchased a new stake in shares of Conagra Brands in the second quarter valued at $25,000. Chilton Capital Management LLC purchased a new position in shares of Conagra Brands during the second quarter valued at approximately $25,000. Hexagon Capital Partners LLC grew its position in Conagra Brands by 82.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after acquiring an additional 420 shares during the last quarter. Abich Financial Wealth Management LLC purchased a new position in Conagra Brands in the 3rd quarter worth about $47,000. Finally, Kennebec Savings Bank bought a new stake in shares of Conagra Brands during the third quarter valued at approximately $59,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.