Conagra Brands (NYSE:CAG) Upgraded to Strong-Buy at BNP Paribas

BNP Paribas upgraded shares of Conagra Brands (NYSE:CAG) to a strong-buy rating in a research report report published on Thursday morning, Zacks.com reports.

A number of other brokerages have also weighed in on CAG. Bank of America dropped their target price on shares of Conagra Brands from $34.00 to $33.00 and set a neutral rating for the company in a research report on Thursday. Evercore ISI cut their price objective on Conagra Brands from $32.00 to $31.00 and set a neutral rating for the company in a research report on Friday, July 12th. Wells Fargo & Company decreased their target price on Conagra Brands from $32.00 to $31.00 and set an equal weight rating on the stock in a research report on Wednesday, July 10th. The Goldman Sachs Group began coverage on Conagra Brands in a report on Monday, August 12th. They set a buy rating and a $36.00 price target for the company. Finally, Citigroup reduced their price target on shares of Conagra Brands from $32.00 to $30.00 and set a neutral rating on the stock in a research report on Friday, June 28th. Nine analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $31.00.

Conagra Brands Stock Performance

Shares of Conagra Brands stock traded up $0.16 during trading on Thursday, hitting $29.51. 5,341,172 shares of the company’s stock traded hands, compared to its average volume of 4,800,442. Conagra Brands has a 1 year low of $25.16 and a 1 year high of $33.24. The business has a 50-day simple moving average of $31.29 and a 200-day simple moving average of $30.26. The stock has a market capitalization of $14.11 billion, a P/E ratio of 40.43, a PEG ratio of 2.95 and a beta of 0.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.97 and a quick ratio of 0.33.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the previous year, the business earned $0.66 EPS. The business’s revenue was down 3.8% compared to the same quarter last year. As a group, analysts forecast that Conagra Brands will post 2.61 EPS for the current year.

Conagra Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.40 dividend on an annualized basis and a yield of 4.74%. Conagra Brands’s dividend payout ratio is presently 191.78%.

Insider Activity

In related news, COO Thomas M. Mcgough sold 40,000 shares of the business’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 transaction of $1,211,600.00. Following the completion of the transaction, the chief operating officer now owns 161,443 shares in the company, valued at $4,890,108.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Conagra Brands

Institutional investors and hedge funds have recently bought and sold shares of the company. Chilton Capital Management LLC acquired a new position in shares of Conagra Brands during the second quarter valued at about $25,000. Innealta Capital LLC purchased a new position in shares of Conagra Brands in the second quarter worth $25,000. Whittier Trust Co. raised its holdings in shares of Conagra Brands by 144.4% in the first quarter. Whittier Trust Co. now owns 1,415 shares of the company’s stock worth $42,000 after buying an additional 836 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Conagra Brands during the first quarter worth $44,000. Finally, Security National Bank purchased a new stake in shares of Conagra Brands during the fourth quarter valued at $48,000. 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.