Bank of America Cuts Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its price target cut by Bank of America from $31.00 to $29.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently weighed in on CAG. 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. Wells Fargo & Company cut their price objective on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Citigroup lowered their target price on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday, December 11th. Six equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.88.

Conagra Brands Trading Up 1.1 %

CAG opened at $27.11 on Friday. Conagra Brands has a 52 week low of $26.21 and a 52 week high of $33.24. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The business has a fifty day simple moving average of $28.21 and a 200-day simple moving average of $29.51. The firm has a market cap of $12.94 billion, a P/E ratio of 26.32, a P/E/G ratio of 2.91 and a beta of 0.31.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, December 19th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. Conagra Brands’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the business posted $0.71 EPS. On average, equities analysts expect that Conagra Brands will post 2.58 earnings per share for the current year.

Conagra Brands Dividend Announcement

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

Institutional Investors Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC boosted its holdings in Conagra Brands by 110.8% in the third quarter. Integrated Wealth Concepts LLC now owns 36,768 shares of the company’s stock valued at $1,196,000 after purchasing an additional 19,329 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of Conagra Brands during the 3rd quarter worth approximately $1,020,000. Pacer Advisors Inc. boosted its holdings in shares of Conagra Brands by 21,015.0% in the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after buying an additional 10,604,367 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Conagra Brands in the 3rd quarter valued at $967,000. Finally, Swedbank AB grew its position in shares of Conagra Brands by 3.1% in the 3rd quarter. Swedbank AB now owns 674,465 shares of the company’s stock valued at $21,934,000 after buying an additional 20,384 shares during 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.