Conagra Brands (NYSE:CAG) Hits New 1-Year Low on Analyst Downgrade

Conagra Brands (NYSE:CAG) hit a new 52-week low on Thursday after BNP Paribas Exane lowered their price target on the stock from $16.00 to $14.00. BNP Paribas Exane currently has a neutral rating on the stock. Conagra Brands traded as low as $13.14 and last traded at $13.2850, with a volume of 3384341 shares changing hands. The stock had previously closed at $13.76.

CAG has been the subject of a number of other research reports. Wells Fargo & Company decreased their price objective on shares of Conagra Brands from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Conagra Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. The Goldman Sachs Group decreased their price target on shares of Conagra Brands from $17.00 to $15.00 and set a “sell” rating for the company in a report on Thursday, April 2nd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Conagra Brands from $18.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Finally, Barclays cut their target price on shares of Conagra Brands from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, twelve have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Conagra Brands has an average rating of “Reduce” and an average target price of $15.60.

Insiders Place Their Bets

In related news, Director John J. Mulligan bought 17,500 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were bought at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the purchase, the director owned 20,728 shares of the company’s stock, valued at $296,617.68. This represents a 542.13% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Lenny purchased 25,000 shares of the stock in a transaction dated Tuesday, April 14th. The shares were purchased at an average price of $14.34 per share, with a total value of $358,500.00. Following the transaction, the director directly owned 229,340 shares of the company’s stock, valued at approximately $3,288,735.60. The trade was a 12.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Conagra Brands

Several large investors have recently made changes to their positions in CAG. Western Wealth Management LLC bought a new stake in shares of Conagra Brands during the first quarter valued at approximately $238,000. Kentucky Retirement Systems grew its holdings in Conagra Brands by 16.6% in the 1st quarter. Kentucky Retirement Systems now owns 34,831 shares of the company’s stock worth $548,000 after buying an additional 4,951 shares in the last quarter. Janus Henderson Group PLC increased its position in Conagra Brands by 3.7% in the 1st quarter. Janus Henderson Group PLC now owns 219,654 shares of the company’s stock valued at $3,450,000 after acquiring an additional 7,762 shares during the period. Bull Harbor Capital LLC acquired a new stake in Conagra Brands in the 1st quarter valued at approximately $158,000. Finally, Parvin Asset Management LLC raised its stake in Conagra Brands by 278.6% during the 1st quarter. Parvin Asset Management LLC now owns 14,065 shares of the company’s stock valued at $221,000 after acquiring an additional 10,350 shares in the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Stock Down 3.3%

The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. The stock has a 50-day simple moving average of $14.96 and a 200-day simple moving average of $16.82. The company has a market cap of $6.37 billion and a price-to-earnings ratio of -132.99.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the business posted $0.51 earnings per share. Conagra Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. As a group, analysts predict that Conagra Brands will post 1.7 EPS for the current year.

Conagra Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $1.40 annualized dividend and a yield of 10.5%. Conagra Brands’s dividend payout ratio (DPR) is presently -1,400.00%.

About Conagra Brands

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.