Conagra Brands (CAG) Trading 12.8% Higher After Better-Than-Expected Earnings
Shares of Conagra Brands Inc (NYSE:CAG) traded up 12.8% on Thursday following a better than expected earnings announcement. The company traded as high as $26.17 and last traded at $25.82. 28,421,721 shares traded hands during mid-day trading, an increase of 229% from the average session volume of 8,636,588 shares. The stock had previously closed at $22.90.
The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.75 billion. Conagra Brands had a return on equity of 19.45% and a net margin of 9.07%. Conagra Brands’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period last year, the company earned $0.61 EPS.
A number of analysts have weighed in on the company. Credit Suisse Group set a $35.00 price target on Conagra Brands and gave the stock a “hold” rating in a report on Monday, November 26th. TheStreet downgraded Conagra Brands from a “b-” rating to a “c+” rating in a report on Monday, December 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $44.00 price target on shares of Conagra Brands in a report on Wednesday, December 19th. ValuEngine downgraded Conagra Brands from a “hold” rating to a “sell” rating in a report on Friday, December 21st. Finally, Zacks Investment Research downgraded Conagra Brands from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $41.40.
The company has a market cap of $11.08 billion, a PE ratio of 12.24, a PEG ratio of 1.58 and a beta of 0.74. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.47 and a quick ratio of 0.69.
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About Conagra Brands (NYSE:CAG)
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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