JPMorgan Chase & Co. Cuts Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its price target cut by JPMorgan Chase & Co. from $30.00 to $29.00 in a research report report published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently issued reports on CAG. Wells Fargo & Company decreased their price objective on shares of Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Citigroup dropped their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $29.00 price objective on shares of Conagra Brands in a report on Friday, December 20th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Barclays cut their target price on shares of Conagra Brands from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Monday, December 23rd. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Conagra Brands currently has an average rating of “Hold” and an average price target of $30.56.

Conagra Brands Price Performance

Shares of NYSE CAG opened at $27.65 on Friday. The stock has a market cap of $13.20 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 2.91 and a beta of 0.29. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94. Conagra Brands has a fifty-two week low of $26.21 and a fifty-two week high of $33.24. The firm’s 50-day simple moving average is $27.81 and its 200 day simple moving average is $29.42.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, December 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. The company had revenue of $3.20 billion for 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 quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, research analysts anticipate that Conagra Brands will post 2.58 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Monday, January 27th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.06%. Conagra Brands’s dividend payout ratio is 137.25%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its holdings in Conagra Brands by 82.8% during the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after acquiring an additional 420 shares during the period. Abich Financial Wealth Management LLC bought a new position in Conagra Brands during the 3rd quarter valued at approximately $47,000. Kennebec Savings Bank bought a new position in shares of Conagra Brands during the third quarter valued at approximately $59,000. Quarry LP lifted its stake in Conagra Brands by 229.7% in the third quarter. Quarry LP now owns 1,820 shares of the company’s stock worth $59,000 after acquiring an additional 1,268 shares during the period. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Conagra Brands by 27,057.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,901 shares of the company’s stock valued at $62,000 after acquiring an additional 1,894 shares in the last quarter. 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.