Conagra Brands (NYSE:CAG) Price Target Cut to $33.00 by Analysts at Bank of America

Conagra Brands (NYSE:CAG) had its target price cut by investment analysts at Bank of America from $34.00 to $33.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 11.83% from the stock’s previous close.

CAG has been the topic of a number of other reports. Evercore ISI decreased their target price on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a 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 report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a report on Thursday. Stifel Nicolaus lowered 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. Finally, Citigroup lowered their price target on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.00.

Conagra Brands Price Performance

Shares of CAG traded down $0.57 during midday trading on Thursday, reaching $29.51. The stock had a trading volume of 3,476,494 shares, compared to its average volume of 4,773,145. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.97 and a quick ratio of 0.33. The company has a market capitalization of $14.11 billion, a P/E ratio of 40.42, a P/E/G ratio of 2.95 and a beta of 0.32. The firm’s 50 day moving average price is $31.29 and its 200-day moving average price is $30.26. Conagra Brands has a 52 week low of $25.16 and a 52 week high of $33.24.

Conagra Brands (NYSE:CAG) last issued its 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). The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. Conagra Brands had a return on equity of 14.31% and a net margin of 2.88%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. On average, analysts forecast that Conagra Brands will post 2.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Conagra Brands

In other Conagra Brands news, COO Thomas M. Mcgough sold 40,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total value of $1,211,600.00. Following the transaction, the chief operating officer now owns 161,443 shares in the company, valued at $4,890,108.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Conagra Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Conagra Brands by 7.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 5,220 shares of the company’s stock worth $155,000 after buying an additional 373 shares during the last quarter. Czech National Bank raised its holdings in Conagra Brands by 0.5% in the 1st quarter. Czech National Bank now owns 84,105 shares of the company’s stock valued at $2,493,000 after acquiring an additional 392 shares in the last quarter. Summit Financial Wealth Advisors LLC raised its holdings in Conagra Brands by 1.1% in the 1st quarter. Summit Financial Wealth Advisors LLC now owns 39,955 shares of the company’s stock valued at $1,184,000 after acquiring an additional 430 shares in the last quarter. Courier Capital LLC raised its holdings in Conagra Brands by 1.7% in the 2nd quarter. Courier Capital LLC now owns 26,707 shares of the company’s stock valued at $759,000 after acquiring an additional 438 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in Conagra Brands by 4.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 11,265 shares of the company’s stock valued at $334,000 after acquiring an additional 445 shares in the last quarter. Institutional investors and hedge funds 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.