JPMorgan Chase & Co. Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $19.00 to $17.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 11.53% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Zacks Research raised Conagra Brands from a “strong sell” rating to a “hold” rating in a report on Friday, February 20th. Jefferies Financial Group decreased their target price on Conagra Brands from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Thursday, December 11th. TD Cowen reissued a “hold” rating on shares of Conagra Brands in a research note on Monday, December 22nd. Wells Fargo & Company reiterated an “underweight” rating and set a $15.00 target price (down from $20.00) on shares of Conagra Brands in a report on Thursday, March 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Conagra Brands from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Monday, December 22nd. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $18.57.

Conagra Brands Stock Performance

Shares of NYSE:CAG traded down $0.16 during midday trading on Friday, reaching $15.24. 10,496,237 shares of the company’s stock traded hands, compared to its average volume of 13,837,362. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.28 and a current ratio of 0.89. Conagra Brands has a one year low of $15.13 and a one year high of $27.68. The company has a market cap of $7.29 billion, a price-to-earnings ratio of -69.25 and a beta of -0.02. The stock has a 50 day moving average of $18.12 and a 200 day moving average of $18.00.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Friday, December 19th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.01. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3 billion. Conagra Brands had a negative net margin of 0.87% and a positive return on equity of 10.59%. The business’s quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, equities research analysts anticipate that Conagra Brands will post 2.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. CYBER HORNET ETFs LLC purchased a new position in Conagra Brands in the 2nd quarter worth approximately $26,000. Harbour Investments Inc. increased its position in shares of Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock worth $27,000 after purchasing an additional 701 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Conagra Brands by 844.4% in the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company’s stock valued at $29,000 after acquiring an additional 1,427 shares during the period. MUFG Securities EMEA plc acquired a new position in Conagra Brands during the second quarter worth $29,000. Finally, Spire Wealth Management boosted its holdings in Conagra Brands by 249.0% during the 3rd quarter. Spire Wealth Management now owns 1,724 shares of the company’s stock valued at $32,000 after acquiring an additional 1,230 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

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.