Royal Bank of Canada Lowers Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its price target decreased by equities research analysts at Royal Bank of Canada from $30.00 to $29.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 2.29% from the company’s previous close.

Several other equities analysts have also recently issued reports on CAG. Evercore ISI decreased their price target on shares of Conagra Brands from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday. Stifel Nicolaus lowered their target price on Conagra Brands from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Friday. Citigroup cut their target price on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Barclays raised their price objective on Conagra Brands from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, Wells Fargo & Company reduced 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. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.00.

Conagra Brands Stock Down 0.1 %

Shares of NYSE:CAG opened at $28.35 on Friday. Conagra Brands has a 52-week low of $25.16 and a 52-week high of $33.60. The company has a market capitalization of $13.55 billion, a PE ratio of 38.84, a price-to-earnings-growth ratio of 2.81 and a beta of 0.32. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.33 and a current ratio of 0.95. The company has a fifty day moving average of $29.46 and a 200-day moving average of $29.22.

Conagra Brands (NYSE:CAG) last posted its 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. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.93 billion. Conagra Brands had a return on equity of 14.09% and a net margin of 2.88%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company earned $0.62 earnings per share. On average, equities analysts predict that Conagra Brands will post 2.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Charisse Brock sold 15,444 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $30.37, for a total value of $469,034.28. Following the transaction, the executive vice president now owns 113,254 shares in the company, valued at $3,439,523.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Conagra Brands

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Conagra Brands in the 4th quarter worth about $140,473,000. AMF Tjanstepension AB purchased a new position in shares of Conagra Brands in the 1st quarter worth approximately $47,980,000. Federated Hermes Inc. boosted its stake in shares of Conagra Brands by 18.7% in the 4th quarter. Federated Hermes Inc. now owns 8,426,955 shares of the company’s stock worth $241,517,000 after buying an additional 1,330,249 shares during the last quarter. Junto Capital Management LP bought a new position in shares of Conagra Brands in the fourth quarter valued at approximately $36,069,000. Finally, Assenagon Asset Management S.A. increased its position 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 acquiring an additional 799,175 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.