Conagra Brands (CAG) Shares Gap Up on Better-Than-Expected Earnings
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.
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.
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.
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.
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