Conagra Brands (NYSE:CAG) Price Target Cut to $31.00 by Analysts at Evercore ISI

Conagra Brands (NYSE:CAG) had its target price reduced by equities research analysts at Evercore ISI from $32.00 to $31.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Evercore ISI’s price target suggests a potential upside of 9.27% from the stock’s previous close.

A number of other research firms also recently issued reports on CAG. Wells Fargo & Company dropped their price objective on shares of Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday. Stifel Nicolaus dropped their price objective on shares of Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a report on Friday. Barclays lifted their price objective on shares of Conagra Brands from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Citigroup decreased their target price on shares of Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Conagra Brands presently has an average rating of “Hold” and a consensus price target of $32.15.

Conagra Brands Stock Down 1.5 %

Shares of NYSE:CAG opened at $28.37 on Friday. The firm has a fifty day moving average price of $29.50 and a two-hundred day moving average price of $29.21. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.33. Conagra Brands has a one year low of $25.16 and a one year high of $33.60. The company has a market cap of $13.56 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 2.80 and a beta of 0.32.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, July 11th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the firm earned $0.62 EPS. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. Analysts anticipate that Conagra Brands will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Charisse Brock sold 15,444 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $30.37, for a total transaction of $469,034.28. Following the sale, the executive vice president now owns 113,254 shares of the company’s stock, valued at $3,439,523.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CAG. Norges Bank purchased a new position in shares of Conagra Brands during the fourth quarter valued at approximately $140,473,000. AMF Tjanstepension AB purchased a new position in shares of Conagra Brands during the first quarter valued at approximately $47,980,000. Federated Hermes Inc. raised its holdings in shares of Conagra Brands by 18.7% during the fourth quarter. Federated Hermes Inc. now owns 8,426,955 shares of the company’s stock valued at $241,517,000 after purchasing an additional 1,330,249 shares during the last quarter. Junto Capital Management LP purchased a new position in shares of Conagra Brands during the fourth quarter valued at approximately $36,069,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Conagra Brands by 368.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,016,249 shares of the company’s stock valued at $29,126,000 after purchasing an additional 799,175 shares during the last quarter. Institutional investors 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.