Conagra Brands Inc. (CAG) Expected to Earn Q2 2018 Earnings of $0.52 Per Share
Conagra Brands Inc. (NYSE:CAG) – Analysts at Jefferies Group dropped their Q2 2018 earnings estimates for Conagra Brands in a research report issued on Thursday. Jefferies Group analyst A. Jagdale now anticipates that the company will post earnings per share of $0.52 for the quarter, down from their previous estimate of $0.53. Jefferies Group currently has a “Buy” rating and a $40.00 target price on the stock. Jefferies Group also issued estimates for Conagra Brands’ Q4 2018 earnings at $0.41 EPS, Q4 2019 earnings at $0.46 EPS, Q1 2020 earnings at $0.53 EPS and FY2021 earnings at $2.43 EPS.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, September 28th. The company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.37 EPS.
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CAG has been the topic of several other research reports. BidaskClub downgraded Conagra Brands from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 26th. Credit Suisse Group dropped their target price on Conagra Brands from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, September 25th. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 target price (down previously from $44.00) on shares of Conagra Brands in a research report on Wednesday, June 28th. Morgan Stanley dropped their target price on Conagra Brands from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, September 25th. Finally, Zacks Investment Research upgraded Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Conagra Brands currently has an average rating of “Hold” and a consensus target price of $41.31.
Conagra Brands (CAG) opened at 34.08 on Friday. The firm has a 50-day moving average price of $33.84 and a 200 day moving average price of $36.57. Conagra Brands has a one year low of $32.16 and a one year high of $41.68. The firm has a market capitalization of $14.15 billion, a PE ratio of 24.50 and a beta of 0.31.
Hedge funds have recently modified their holdings of the stock. Waldron LP bought a new position in Conagra Brands in the first quarter valued at $216,000. UBS Asset Management Americas Inc. increased its stake in Conagra Brands by 16.0% in the first quarter. UBS Asset Management Americas Inc. now owns 1,432,465 shares of the company’s stock valued at $57,786,000 after acquiring an additional 197,614 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Conagra Brands by 0.9% in the first quarter. Ameriprise Financial Inc. now owns 185,287 shares of the company’s stock valued at $7,476,000 after acquiring an additional 1,671 shares during the last quarter. State of Wisconsin Investment Board bought a new position in Conagra Brands in the first quarter valued at $1,825,000. Finally, Nordea Investment Management AB increased its stake in Conagra Brands by 18.0% in the first quarter. Nordea Investment Management AB now owns 21,529 shares of the company’s stock valued at $868,000 after acquiring an additional 3,278 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.
In related news, Director Ruth Ann Marshall sold 6,046 shares of the stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the sale, the director now owns 89,260 shares in the company, valued at $2,965,217.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.79% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, October 13th will be given a $0.2125 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.49%. Conagra Brands’s dividend payout ratio (DPR) is presently 60.28%.
Conagra Brands declared that its board has approved a share buyback plan on Thursday, June 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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