Royal Bank Of Canada Cuts Conagra Brands (NYSE:CAG) Price Target to $16.00

Conagra Brands (NYSE:CAG) had its target price dropped by research analysts at Royal Bank Of Canada from $17.00 to $16.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 14.87% from the company’s previous close.

Several other brokerages have also weighed in on CAG. BTIG Research began coverage on Conagra Brands in a research report on Monday, April 13th. They issued a “neutral” rating on the stock. Weiss Ratings upgraded shares of Conagra Brands from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, June 11th. Morgan Stanley dropped their price objective on shares of Conagra Brands from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, June 5th. BNP Paribas Exane cut their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 21st. Finally, Barclays reduced their target price on shares of Conagra Brands from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $14.13.

Conagra Brands Trading Up 2.3%

CAG opened at $13.93 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. The firm’s 50 day moving average is $13.72 and its 200-day moving average is $16.10. The firm has a market capitalization of $6.66 billion, a P/E ratio of -137.99, a P/E/G ratio of -0.83 and a beta of -0.02. Conagra Brands has a 52-week low of $12.53 and a 52-week high of $21.37.

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

Insider Activity

In other Conagra Brands news, Director Richard H. Lenny acquired 25,000 shares of the stock in a transaction dated Tuesday, April 14th. The shares were bought at an average price of $14.34 per share, with a total value of $358,500.00. Following the purchase, the director directly owned 229,340 shares of the company’s stock, valued at approximately $3,288,735.60. This trade represents a 12.23% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John J. Mulligan bought 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The stock was acquired at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the acquisition, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. This represents a 542.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Conagra Brands

Institutional investors have recently bought and sold shares of the stock. Bell Investment Advisors Inc lifted its position in shares of Conagra Brands by 156.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock valued at $26,000 after acquiring an additional 1,029 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Conagra Brands during the 2nd quarter valued at about $26,000. Harbour Investments Inc. grew its stake in shares of Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock valued at $27,000 after buying an additional 701 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Conagra Brands in the 2nd quarter valued at approximately $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Conagra Brands in the third quarter worth approximately $33,000. Hedge funds and other institutional investors 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.