Conagra Brands (NYSE:CAG) Given New $29.00 Price Target at Bank of America

Conagra Brands (NYSE:CAG) had its target price decreased by Bank of America from $31.00 to $29.00 in a report issued on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the company. BNP Paribas raised Conagra Brands to a “strong-buy” rating in a report on Thursday, October 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $29.00 target price on shares of Conagra Brands in a research note on Friday. Citigroup dropped their price target on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company reduced their price objective on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Conagra Brands presently has an average rating of “Hold” and a consensus target price of $30.88.

Conagra Brands Stock Performance

Shares of CAG opened at $27.11 on Friday. The stock’s 50-day simple moving average is $28.26 and its 200 day simple moving average is $29.54. Conagra Brands has a 52-week low of $26.21 and a 52-week high of $33.24. The stock has a market capitalization of $12.94 billion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 2.91 and a beta of 0.31. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.33 and a current ratio of 0.94.

Conagra Brands (NYSE:CAG) last released its quarterly earnings data on Thursday, December 19th. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. Conagra Brands’s revenue was down .4% compared to the same quarter last year. During the same period last year, the business earned $0.71 earnings per share. Research analysts forecast that Conagra Brands will post 2.58 EPS for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Monday, January 27th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Monday, January 27th. Conagra Brands’s payout ratio is 135.92%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Courier Capital LLC boosted its holdings in Conagra Brands by 1.3% in the third quarter. Courier Capital LLC now owns 27,062 shares of the company’s stock valued at $880,000 after acquiring an additional 355 shares in the last quarter. CWM LLC boosted its position in Conagra Brands by 0.4% during the 3rd quarter. CWM LLC now owns 87,222 shares of the company’s stock valued at $2,836,000 after acquiring an additional 359 shares in the last quarter. Empirical Finance LLC raised its position in shares of Conagra Brands by 2.3% in the 3rd quarter. Empirical Finance LLC now owns 16,379 shares of the company’s stock worth $533,000 after acquiring an additional 362 shares in the last quarter. Arkadios Wealth Advisors raised its position in shares of Conagra Brands by 0.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 52,769 shares of the company’s stock worth $1,716,000 after acquiring an additional 376 shares in the last quarter. Finally, Bridgewater Advisors Inc. lifted its stake in shares of Conagra Brands by 1.5% in the 3rd quarter. Bridgewater Advisors Inc. now owns 25,224 shares of the company’s stock valued at $820,000 after purchasing an additional 376 shares during the period. Institutional investors 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.