Conagra Brands Inc (NYSE:CAG) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $34.29, but opened at $35.45. Conagra Brands shares last traded at $35.99, with a volume of 2064351 shares traded.

The company reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.05. Conagra Brands had a return on equity of 19.58% and a net margin of 9.04%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the business posted $0.48 EPS. Conagra Brands’s revenue for the quarter was up .7% on a year-over-year basis.

How to Become a New Pot Stock Millionaire

CAG has been the topic of several recent research reports. Credit Suisse Group set a $40.00 price objective on Conagra Brands and gave the company a “hold” rating in a report on Monday, December 25th. Stifel Nicolaus raised their price objective on Conagra Brands from $38.00 to $42.00 and gave the company a “buy” rating in a report on Friday, December 22nd. Sanford C. Bernstein raised Conagra Brands from an “underperform” rating to a “market perform” rating in a report on Thursday, December 14th. Jefferies Group reissued a “buy” rating and set a $44.00 price objective on shares of Conagra Brands in a report on Thursday. Finally, Zacks Investment Research downgraded Conagra Brands from a “buy” rating to a “hold” rating in a report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Conagra Brands currently has a consensus rating of “Hold” and an average price target of $41.67.

In related news, Director Joie A. Gregor sold 5,250 shares of the firm’s stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $38.04, for a total transaction of $199,710.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Robert G. Wise sold 23,170 shares of the firm’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $37.87, for a total value of $877,447.90. Following the transaction, the senior vice president now directly owns 51,859 shares of the company’s stock, valued at $1,963,900.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,670 shares of company stock valued at $1,276,868. 0.79% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in CAG. Vantage Investment Advisors LLC raised its position in Conagra Brands by 625.7% during the 4th quarter. Vantage Investment Advisors LLC now owns 2,990 shares of the company’s stock worth $113,000 after purchasing an additional 2,578 shares during the last quarter. NuWave Investment Management LLC bought a new position in Conagra Brands during the 4th quarter worth $114,000. Envestnet Asset Management Inc. raised its position in Conagra Brands by 94.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,954 shares of the company’s stock worth $149,000 after purchasing an additional 1,923 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Conagra Brands during the 4th quarter worth $161,000. Finally, Strategic Financial Services Inc bought a new position in Conagra Brands during the 4th quarter worth $203,000. 79.87% of the stock is owned by institutional investors and hedge funds.

The company has a market cap of $14,159.36, a PE ratio of 21.55, a PEG ratio of 2.23 and a beta of 0.32. The company has a quick ratio of 0.54, a current ratio of 1.11 and a debt-to-equity ratio of 0.86.

ILLEGAL ACTIVITY WARNING: This story was first published by Watch List News and is owned by of Watch List News. If you are reading this story on another site, it was illegally copied and reposted in violation of U.S. & international copyright law. The correct version of this story can be read at https://www.watchlistnews.com/conagra-brands-cag-shares-gap-up-on-better-than-expected-earnings/1961283.html.

Conagra Brands Company Profile

Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.

Receive News & Ratings for Conagra Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Conagra Brands and related companies with MarketBeat.com's FREE daily email newsletter.