Conagra Brands (NYSE:CAG) Given New $29.00 Price Target at JPMorgan Chase & Co.

Conagra Brands (NYSE:CAG) had its price objective lowered by JPMorgan Chase & Co. from $30.00 to $29.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

Conagra Brands Price Performance

CAG stock opened at $27.65 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.33 and a debt-to-equity ratio of 0.86. The firm’s 50-day moving average price is $27.81 and its two-hundred day moving average price is $29.41. The stock has a market capitalization of $13.20 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 2.91 and a beta of 0.29. Conagra Brands has a 12-month low of $26.21 and a 12-month high of $33.24.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, December 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the business earned $0.71 EPS. Conagra Brands’s revenue was down .4% compared to the same quarter last year. As a group, equities analysts predict that Conagra Brands will post 2.58 earnings per share for the current year.

Conagra Brands Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date of this dividend is Monday, January 27th. Conagra Brands’s payout ratio is 137.25%.

Hedge Funds Weigh In On Conagra Brands

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in Conagra Brands by 7.4% during the 3rd quarter. State Street Corp now owns 24,484,277 shares of the company’s stock valued at $796,229,000 after purchasing an additional 1,691,945 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Conagra Brands by 1.7% during the third quarter. Geode Capital Management LLC now owns 11,514,152 shares of the company’s stock valued at $373,180,000 after acquiring an additional 196,100 shares in the last quarter. Federated Hermes Inc. raised its holdings in Conagra Brands by 20.5% in the 2nd quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after acquiring an additional 1,871,238 shares during the last quarter. Pacer Advisors Inc. raised its holdings 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 during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in Conagra Brands by 2.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 6,290,625 shares of the company’s stock valued at $204,571,000 after acquiring an additional 122,590 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors.

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.