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

Conagra Brands (NYSE:CAG) had its price target decreased by Citigroup from $31.00 to $29.00 in a report published on Wednesday morning. Citigroup currently has a neutral rating on the stock.

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

Conagra Brands Stock Performance

Shares of CAG opened at $28.20 on Wednesday. The firm has a 50-day moving average price of $28.40 and a 200 day moving average price of $29.59. 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 firm has a market capitalization of $13.46 billion, a PE ratio of 27.37, a P/E/G ratio of 2.86 and a beta of 0.31. Conagra Brands has a 52-week low of $26.21 and a 52-week high of $33.24.

Conagra Brands (NYSE:CAG) last released its earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Conagra Brands will post 2.58 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Monday, January 27th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 4.97%. Conagra Brands’s dividend payout ratio (DPR) is currently 135.92%.

Institutional Trading of Conagra Brands

Several hedge funds and other institutional investors have recently modified their holdings of CAG. Pacer Advisors Inc. lifted its stake in Conagra Brands by 21,015.0% in the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock worth $346,495,000 after acquiring an additional 10,604,367 shares in the last quarter. Two Sigma Advisers LP grew its stake in Conagra Brands by 106.4% during the 3rd quarter. Two Sigma Advisers LP now owns 6,077,000 shares of the company’s stock valued at $197,624,000 after acquiring an additional 3,133,200 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Conagra Brands by 1,362.6% in the 2nd quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock valued at $68,400,000 after purchasing an additional 2,242,186 shares during the period. Holocene Advisors LP purchased a new stake in shares of Conagra Brands in the third quarter worth approximately $65,932,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Conagra Brands by 20.5% during the second quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after purchasing an additional 1,871,238 shares during the period. 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.