JPMorgan Chase & Co. Initiates Coverage on Conagra Brands (NYSE:CAG)

Key Points

• JPMorgan Chase & Co. has reiterated a "neutral" rating on Conagra Brands (CAG) with a revised price target of $20.00, down from $25.00, indicating a potential upside of 3.92% from the previous close.
• Multiple analysts have reduced their price targets for Conagra Brands, with the average target now at $22.17, while the stock’s current trading price is around $19.25.
• Conagra Brands reported an EPS of $0.56 for the last quarter, missing estimates by $0.05, and experienced a 4.3% decline in year-over-year revenue.

Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of Conagra Brands (NYSE:CAG - Get Free Report) in a report issued on Wednesday, MarketBeat reports. The firm set a "neutral" rating and a $20.00 price target on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 1.66% from the company's previous close.

A number of other analysts have also recently weighed in on CAG. Stifel Nicolaus reduced their target price on shares of Conagra Brands from $26.00 to $21.00 and set a "hold" rating for the company in a report on Friday, July 11th. Sanford C. Bernstein set a $21.00 price objective on shares of Conagra Brands and gave the stock a "market perform" rating in a report on Friday, July 11th. Morgan Stanley reduced their price target on shares of Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Friday, July 11th. Royal Bank Of Canada dropped their price target on shares of Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating for the company in a research note on Friday, July 11th. Finally, UBS Group lowered their price objective on shares of Conagra Brands from $21.00 to $20.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $22.17.

Conagra Brands Trading Up 1.9%

NYSE CAG traded up $0.3730 during mid-day trading on Wednesday, reaching $19.6730. 12,181,329 shares of the stock were exchanged, compared to its average volume of 10,600,031. Conagra Brands has a 1-year low of $18.18 and a 1-year high of $33.24. The business's fifty day simple moving average is $19.82 and its 200 day simple moving average is $22.97. The stock has a market capitalization of $9.42 billion, a PE ratio of 8.23, a PEG ratio of 1.85 and a beta of 0.08. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.05). The business had revenue of $2,781,800 billion for the quarter, compared to analyst estimates of $2.88 billion. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The business's revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.61 EPS. On average, research analysts anticipate that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CAG. Quaker Wealth Management LLC raised its position in shares of Conagra Brands by 202.3% in the 2nd quarter. Quaker Wealth Management LLC now owns 1,227 shares of the company's stock worth $25,000 after purchasing an additional 2,427 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in shares of Conagra Brands during the 1st quarter valued at about $26,000. CYBER HORNET ETFs LLC purchased a new position in shares of Conagra Brands during the 2nd quarter valued at about $26,000. Capital Advisors Ltd. LLC lifted its holdings in Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock worth $27,000 after purchasing an additional 452 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Conagra Brands during the 1st quarter worth approximately $27,000. 83.75% of the stock is currently owned by institutional investors.

About Conagra Brands

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.