Barclays Lowers Conagra Brands (NYSE:CAG) Price Target to $33.00

Conagra Brands (NYSE:CAG) had its target price reduced by investment analysts at Barclays from $34.00 to $33.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 16.40% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Royal Bank of Canada decreased their price target on shares of Conagra Brands from $30.00 to $29.00 and set a “sector perform” rating on the stock in a research report on Friday. Stifel Nicolaus decreased their target price on Conagra Brands from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Friday. Wells Fargo & Company cut their price target on Conagra Brands from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday. Evercore ISI decreased their price objective on Conagra Brands from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Citigroup cut their price objective on Conagra Brands from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $32.00.

Conagra Brands Stock Performance

CAG stock opened at $28.35 on Friday. 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 1 year low of $25.16 and a 1 year high of $33.60. The company has a market cap of $13.55 billion, a P/E ratio of 38.84, a price-to-earnings-growth ratio of 2.81 and a beta of 0.32. The stock’s fifty day moving average price is $29.46 and its 200-day moving average price is $29.22.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, July 11th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. Conagra Brands had a return on equity of 14.09% and a net margin of 2.88%. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the firm posted $0.62 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, equities analysts forecast that Conagra Brands will post 2.61 earnings per share for the current year.

Insider Activity

In related news, EVP Charisse Brock sold 15,444 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $30.37, for a total transaction of $469,034.28. Following the completion of the transaction, the executive vice president now owns 113,254 shares in the company, valued at $3,439,523.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Conagra Brands during the 4th quarter worth approximately $140,473,000. AMF Tjanstepension AB bought a new position in Conagra Brands during the first quarter valued at $47,980,000. Federated Hermes Inc. grew 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 in the last quarter. Junto Capital Management LP bought a new stake in shares of Conagra Brands in the 4th quarter worth about $36,069,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Conagra Brands by 368.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,016,249 shares of the company’s stock valued at $29,126,000 after buying an additional 799,175 shares in the last quarter. 83.75% of the stock is owned by 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.