Conagra Brands (NYSE:CAG – Get Free Report) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $17.00 to $14.00 in a note issued to investors on Friday,MarketScreener reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 8.08% from the stock’s previous close.
Other research analysts have also recently issued reports about the company. Weiss Ratings cut Conagra Brands from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Evercore cut their price target on Conagra Brands from $19.00 to $18.00 in a report on Thursday, April 2nd. BNP Paribas Exane reduced their price objective on Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 21st. Jefferies Financial Group lowered their price objective on Conagra Brands from $15.00 to $13.00 and set a “hold” rating on the stock in a research note on Wednesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Conagra Brands from $18.00 to $14.00 and set a “hold” rating for the company in a report on Monday, March 30th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Conagra Brands has a consensus rating of “Reduce” and an average price target of $14.67.
Read Our Latest Stock Analysis on CAG
Conagra Brands Price Performance
Conagra Brands (NYSE:CAG – Get Free Report) last posted its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Conagra Brands had a positive return on equity of 10.15% and a negative net margin of 0.39%.The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the firm posted $0.51 earnings per share. The business’s revenue was down 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Conagra Brands will post 1.7 EPS for the current fiscal year.
Insider Buying and Selling
In other Conagra Brands news, Director John J. Mulligan purchased 17,500 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The shares were acquired at an average price of $14.31 per share, with a total value of $250,425.00. Following the purchase, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. This trade represents a 542.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard H. Lenny purchased 25,000 shares of the stock in a transaction dated Tuesday, April 14th. The shares were acquired at an average price of $14.34 per share, with a total value of $358,500.00. Following the completion of the acquisition, the director owned 229,340 shares in the company, valued at approximately $3,288,735.60. This trade represents a 12.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.57% of the company’s stock.
Institutional Trading of Conagra Brands
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in Conagra Brands in the fourth quarter valued at about $145,656,000. Two Sigma Investments LP raised its stake in shares of Conagra Brands by 239.6% in the 3rd quarter. Two Sigma Investments LP now owns 8,347,163 shares of the company’s stock valued at $152,837,000 after acquiring an additional 5,889,542 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Conagra Brands by 245.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,734,061 shares of the company’s stock worth $141,611,000 after acquiring an additional 5,495,503 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Conagra Brands by 216.2% during the 3rd quarter. AQR Capital Management LLC now owns 7,459,654 shares of the company’s stock worth $135,318,000 after purchasing an additional 5,100,424 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in shares of Conagra Brands by 241.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 5,915,490 shares of the company’s stock worth $108,313,000 after purchasing an additional 4,185,486 shares during the period. 83.75% of the stock is currently owned by hedge funds and other institutional investors.
About Conagra Brands
Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.
Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.
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