Q3 2018 EPS Estimates for Conagra Brands Inc (CAG) Decreased by Analyst
Conagra Brands Inc (NYSE:CAG) – Equities researchers at Jefferies Group cut their Q3 2018 earnings per share (EPS) estimates for Conagra Brands in a report released on Monday. Jefferies Group analyst A. Jagdale now forecasts that the company will post earnings of $0.52 per share for the quarter, down from their prior forecast of $0.53. Jefferies Group also issued estimates for Conagra Brands’ Q4 2018 earnings at $0.40 EPS, FY2018 earnings at $1.93 EPS, Q2 2019 earnings at $0.60 EPS, Q3 2019 earnings at $0.58 EPS, Q4 2019 earnings at $0.45 EPS, FY2019 earnings at $2.12 EPS, Q1 2020 earnings at $0.54 EPS, Q2 2020 earnings at $0.65 EPS and FY2020 earnings at $2.28 EPS.
CAG has been the topic of a number of other research reports. Credit Suisse Group set a $40.00 target price on Conagra Brands and gave the company a “hold” rating in a research report on Monday, December 25th. Stifel Nicolaus lifted their target price on Conagra Brands from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, December 22nd. Sanford C. Bernstein raised Conagra Brands from an “underperform” rating to a “market perform” rating in a research report on Thursday, December 14th. UBS Group raised Conagra Brands from a “sell” rating to a “neutral” rating and lifted their target price for the company from $33.00 to $37.00 in a research report on Tuesday, December 12th. Finally, Zacks Investment Research raised Conagra Brands from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $41.00.
Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, December 21st. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.03. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.07 billion. Conagra Brands had a return on equity of 19.58% and a net margin of 9.04%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Tuesday, January 30th will be given a dividend of $0.213 per share. This represents a $0.85 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Monday, January 29th. This is an increase from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s payout ratio is 50.90%.
In other Conagra Brands news, EVP Colleen Batcheler sold 120,451 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $37.50, for a total transaction of $4,516,912.50. Following the transaction, the executive vice president now owns 211,514 shares of the company’s stock, valued at $7,931,775. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Robert G. Wise sold 23,170 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $37.87, for a total value of $877,447.90. Following the transaction, the senior vice president now directly owns 51,859 shares in the company, valued at approximately $1,963,900.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 154,121 shares of company stock worth $5,793,780. Company insiders own 0.79% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Synovus Financial Corp increased its position in Conagra Brands by 52.9% during the third quarter. Synovus Financial Corp now owns 13,585 shares of the company’s stock worth $458,000 after buying an additional 4,701 shares during the last quarter. Keeley Teton Advisors LLC boosted its holdings in shares of Conagra Brands by 21.4% during the third quarter. Keeley Teton Advisors LLC now owns 62,218 shares of the company’s stock worth $2,099,000 after acquiring an additional 10,967 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Conagra Brands by 482.0% during the third quarter. Victory Capital Management Inc. now owns 289,392 shares of the company’s stock worth $9,764,000 after acquiring an additional 239,667 shares during the period. Norinchukin Bank The boosted its holdings in shares of Conagra Brands by 10.3% during the third quarter. Norinchukin Bank The now owns 30,938 shares of the company’s stock worth $1,044,000 after acquiring an additional 2,886 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in shares of Conagra Brands by 11.9% during the third quarter. Mackenzie Financial Corp now owns 319,445 shares of the company’s stock worth $10,778,000 after acquiring an additional 33,848 shares during the period. 80.25% of the stock is currently owned by hedge funds and other institutional investors.
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Conagra Brands Company Profile
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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