Conagra Brands Inc. (CAG) Earns “Buy” Rating from Royal Bank Of Canada
Other equities research analysts have also issued reports about the stock. BidaskClub lowered shares of Conagra Brands from a sell rating to a strong sell rating in a report on Saturday, August 26th. Zacks Investment Research raised shares of Conagra Brands from a sell rating to a hold rating in a research note on Friday, June 2nd. Credit Suisse Group dropped their price target on shares of Conagra Brands from $39.00 to $37.00 and set a neutral rating for the company in a research note on Monday, September 25th. Morgan Stanley cut their price target on shares of Conagra Brands from $42.00 to $40.00 and set an overweight rating on the stock in a report on Monday, September 25th. Finally, J P Morgan Chase & Co reiterated an overweight rating and set a $42.00 price target (down previously from $44.00) on shares of Conagra Brands in a report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Conagra Brands presently has a consensus rating of Hold and an average price target of $41.70.
Conagra Brands (NYSE CAG) opened at 33.74 on Friday. The company has a market cap of $14.01 billion, a PE ratio of 24.26 and a beta of 0.33. The company has a 50-day moving average of $34.12 and a 200 day moving average of $37.15. Conagra Brands has a 52-week low of $32.16 and a 52-week high of $41.68.
Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, September 28th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.79 billion. Conagra Brands had a return on equity of 18.35% and a net margin of 7.83%. The firm’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Equities research analysts predict that Conagra Brands will post $1.86 EPS for the current year.
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Conagra Brands announced that its Board of Directors has authorized a share buyback program on Thursday, June 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be issued a $0.2125 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.85 annualized dividend and a yield of 2.52%. Conagra Brands’s payout ratio is 60.28%.
In other news, Director Ruth Ann Marshall sold 6,046 shares of Conagra Brands stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the transaction, the director now directly owns 89,260 shares of the company’s stock, valued at approximately $2,965,217.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.79% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in Conagra Brands by 2,749.9% during the first quarter. BlackRock Inc. now owns 26,966,885 shares of the company’s stock worth $1,087,846,000 after purchasing an additional 26,020,645 shares during the period. Janus Henderson Group PLC increased its holdings in Conagra Brands by 10,072.6% in the second quarter. Janus Henderson Group PLC now owns 6,144,061 shares of the company’s stock worth $219,711,000 after purchasing an additional 6,083,663 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Conagra Brands by 380.8% in the first quarter. Alliancebernstein L.P. now owns 3,787,509 shares of the company’s stock worth $152,788,000 after purchasing an additional 2,999,723 shares in the last quarter. AJO LP increased its holdings in Conagra Brands by 757.3% in the second quarter. AJO LP now owns 3,118,724 shares of the company’s stock worth $111,526,000 after purchasing an additional 2,754,930 shares in the last quarter. Finally, Numeric Investors LLC lifted its stake in Conagra Brands by 75.2% in the second quarter. Numeric Investors LLC now owns 3,077,000 shares of the company’s stock valued at $110,034,000 after buying an additional 1,321,100 shares during the period. Institutional investors own 78.38% of the company’s stock.
About Conagra Brands
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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