Conagra Brands (NYSE:CAG) Releases Earnings Results, Beats Expectations By $0.05 EPS

Conagra Brands (NYSE:CAG) posted its quarterly earnings results on Thursday. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.05, Briefing.com reports. The business had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.01 billion. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. Conagra Brands’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 earnings per share. Conagra Brands updated its FY24 guidance to $2.60-2.65 EPS and its FY 2024 guidance to 2.600-2.650 EPS.

Conagra Brands Stock Up 1.5 %

CAG traded up $0.45 during trading hours on Friday, hitting $31.09. 10,127,616 shares of the company’s stock were exchanged, compared to its average volume of 4,888,247. Conagra Brands has a 1-year low of $25.16 and a 1-year high of $38.78. The stock’s 50-day moving average is $28.52 and its two-hundred day moving average is $28.35. The stock has a market cap of $14.86 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 3.26 and a beta of 0.42. The company has a quick ratio of 0.31, a current ratio of 0.95 and a debt-to-equity ratio of 0.81.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CAG. Citigroup upped their target price on shares of Conagra Brands from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday. Evercore ISI downgraded shares of Conagra Brands from an “outperform” rating to an “in-line” rating and set a $32.00 target price for the company. in a research note on Monday, December 11th. Stifel Nicolaus upped their target price on shares of Conagra Brands from $29.00 to $32.00 and gave the company a “hold” rating in a research note on Friday. Wells Fargo & Company upped their target price on shares of Conagra Brands from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Royal Bank of Canada reduced their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “sector perform” rating for the company in a report on Wednesday, January 3rd. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.93.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CAG. Vanguard Group Inc. lifted its stake in Conagra Brands by 1.5% in the first quarter. Vanguard Group Inc. now owns 54,738,710 shares of the company’s stock valued at $1,837,578,000 after acquiring an additional 786,816 shares during the last quarter. State Street Corp raised its position in shares of Conagra Brands by 12.8% in the first quarter. State Street Corp now owns 23,556,766 shares of the company’s stock valued at $790,801,000 after purchasing an additional 2,671,720 shares during the period. Geode Capital Management LLC raised its position in shares of Conagra Brands by 1.7% in the first quarter. Geode Capital Management LLC now owns 9,849,556 shares of the company’s stock valued at $369,112,000 after purchasing an additional 167,385 shares during the period. Invesco Ltd. raised its position in shares of Conagra Brands by 10.7% in the first quarter. Invesco Ltd. now owns 8,716,615 shares of the company’s stock valued at $292,616,000 after purchasing an additional 841,538 shares during the period. Finally, Morgan Stanley raised its position in shares of Conagra Brands by 16.8% in the fourth quarter. Morgan Stanley now owns 7,216,280 shares of the company’s stock valued at $279,270,000 after purchasing an additional 1,040,339 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

Conagra Brands Company Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels.