BNP Paribas Exane Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Key Points

• BNP Paribas Exane cut its price target on Conagra Brands from $16 to $14 while keeping a neutral rating, implying only about 6% upside from the current share price.
• Analyst sentiment remains weak overall: among covering analysts, one rates the stock a Buy, 12 rate it Hold, and five rate it Sell, with a consensus rating of “Reduce” and an average target of $15.60.
• Recent results were mixed, as Conagra reported $0.39 EPS versus the $0.40 estimate and revenue of $2.79 billion, while the stock traded near $13.20, close to its 52-week low.

Conagra Brands (NYSE:CAG - Get Free Report) had its price objective reduced by BNP Paribas Exane from $16.00 to $14.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm presently has a "neutral" rating on the stock. BNP Paribas Exane's target price would indicate a potential upside of 6.07% from the stock's current price.

CAG has been the topic of several other research reports. Sanford C. Bernstein decreased their target price on Conagra Brands from $18.00 to $16.00 and set a "market perform" rating on the stock in a research report on Thursday, April 2nd. Jefferies Financial Group reduced their price target on Conagra Brands from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Monday, March 30th. BTIG Research started coverage on Conagra Brands in a research report on Monday, April 13th. They set a "neutral" rating on the stock. Evercore dropped their target price on Conagra Brands from $19.00 to $18.00 in a report on Thursday, April 2nd. Finally, Morgan Stanley reduced their target price on shares of Conagra Brands from $17.00 to $15.00 and set an "equal weight" rating for the company in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, Conagra Brands has a consensus rating of "Reduce" and an average price target of $15.60.

Conagra Brands Trading Down 4.1%

Conagra Brands stock opened at $13.20 on Thursday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The firm has a 50-day moving average of $14.96 and a 200-day moving average of $16.82. The company has a market cap of $6.31 billion and a price-to-earnings ratio of -132.77. Conagra Brands has a one year low of $13.42 and a one year high of $23.09.

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

Insider Activity at Conagra Brands

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

Hedge Funds Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Western Wealth Management LLC purchased a new position in Conagra Brands in the 1st quarter worth $238,000. Kentucky Retirement Systems boosted its stake in shares of Conagra Brands by 16.6% during the 1st quarter. Kentucky Retirement Systems now owns 34,831 shares of the company's stock valued at $548,000 after purchasing an additional 4,951 shares in the last quarter. Janus Henderson Group PLC boosted its position in Conagra Brands by 3.7% during the 1st quarter. Janus Henderson Group PLC now owns 219,654 shares of the company's stock valued at $3,450,000 after acquiring an additional 7,762 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Conagra Brands during the 1st quarter worth approximately $158,000. Finally, Parvin Asset Management LLC lifted its stake in shares of Conagra Brands by 278.6% in the 1st quarter. Parvin Asset Management LLC now owns 14,065 shares of the company's stock valued at $221,000 after purchasing an additional 10,350 shares during the period. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.