Citigroup Cuts Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its price objective dropped by equities research analysts at Citigroup from $31.00 to $29.00 in a research note issued on Wednesday. The firm currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 3.39% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $29.00 target price on shares of Conagra Brands in a research note on Thursday, October 3rd. Wells Fargo & Company raised their price objective on shares of Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Bank of America dropped their target price on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Finally, BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research 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 given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $31.50.

Conagra Brands Trading Up 1.2 %

Shares of NYSE CAG opened at $28.05 on Wednesday. Conagra Brands has a 1 year low of $26.21 and a 1 year high of $33.24. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. The firm has a 50-day moving average of $28.42 and a 200 day moving average of $29.61. The stock has a market cap of $13.39 billion, a P/E ratio of 27.23, a price-to-earnings-growth ratio of 2.80 and a beta of 0.31.

Conagra Brands (NYSE:CAG) last released its earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Conagra Brands’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 earnings per share. As a group, sell-side analysts expect that Conagra Brands will post 2.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Conagra Brands

A number of hedge funds have recently added to or reduced their stakes in the stock. Inspire Trust Co. N.A. boosted its holdings in shares of Conagra Brands by 14.7% in the third quarter. Inspire Trust Co. N.A. now owns 85,587 shares of the company’s stock worth $2,783,000 after buying an additional 11,000 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Conagra Brands during the 3rd quarter worth $196,000. Sanctuary Advisors LLC grew its position in shares of Conagra Brands by 526.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 167,181 shares of the company’s stock valued at $5,437,000 after acquiring an additional 140,512 shares during the period. Hohimer Wealth Management LLC increased its stake in shares of Conagra Brands by 0.5% in the 3rd quarter. Hohimer Wealth Management LLC now owns 134,073 shares of the company’s stock worth $4,360,000 after purchasing an additional 642 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in Conagra Brands by 6.4% in the 3rd quarter. Toronto Dominion Bank now owns 253,442 shares of the company’s stock worth $8,242,000 after purchasing an additional 15,325 shares during the period. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

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.