Conagra Brands (NYSE:CAG) Shares Gap Down to $32.72

Shares of Conagra Brands, Inc. (NYSE:CAG) gapped down prior to trading on Wednesday . The stock had previously closed at $32.72, but opened at $30.09. Conagra Brands shares last traded at $30.16, with a volume of 1,006,000 shares.

Analysts Set New Price Targets

A number of research firms have commented on CAG. Stifel Nicolaus decreased their price target on Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Bank of America boosted their price target on Conagra Brands from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. Citigroup reduced their price objective on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Royal Bank of Canada reduced their price target on Conagra Brands from $30.00 to $29.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Finally, Barclays dropped their price objective on shares of Conagra Brands from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $31.10.

Conagra Brands Trading Down 9.9 %

The business has a fifty day moving average price of $31.28 and a 200 day moving average price of $30.27. The firm has a market capitalization of $14.09 billion, a price-to-earnings ratio of 41.29, a P/E/G ratio of 2.95 and a beta of 0.32. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.33 and a current ratio of 0.97.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The business’s revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Conagra Brands, Inc. will post 2.61 earnings per share for the current year.

Conagra Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, October 31st will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s dividend payout ratio is currently 191.78%.

Insider Buying and Selling at Conagra Brands

In related news, COO Thomas M. Mcgough sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $30.29, for a total value of $1,211,600.00. Following the completion of the sale, the chief operating officer now owns 161,443 shares in the company, valued at approximately $4,890,108.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Innealta Capital LLC acquired a new stake in shares of Conagra Brands during the second quarter worth approximately $25,000. Chilton Capital Management LLC bought a new stake in shares of Conagra Brands in the second quarter worth about $25,000. Whittier Trust Co. increased its position in shares of Conagra Brands by 144.4% during the first quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock worth $42,000 after acquiring an additional 836 shares in the last quarter. LRI Investments LLC bought a new stake in Conagra Brands in the 1st quarter valued at approximately $42,000. Finally, Security National Bank bought a new stake in Conagra Brands during the 4th quarter worth about $48,000. 83.75% of the stock is owned by institutional investors and hedge funds.

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.