Conagra Brands (NYSE:CAG) Given New $13.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley cut its price target on Conagra Brands from $15 to $13 and kept an equal weight rating, implying only minimal upside from the current share price.
• Other analysts have also turned cautious, with multiple firms lowering targets; the stock now has an overall Reduce consensus and an average price target of $14.67.
• Conagra recently reported quarterly earnings of $0.39 per share, slightly missing estimates, while revenue of $2.79 billion topped expectations but still declined 1.9% year over year.

Conagra Brands (NYSE:CAG - Get Free Report) had its price target decreased by equities researchers at Morgan Stanley from $15.00 to $13.00 in a research note issued to investors on Friday,MarketScreener reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 0.36% from the company's current price.

Other research analysts have also issued research reports about the stock. Sanford C. Bernstein restated an "underperform" rating and issued a $12.00 price target (down from $16.00) on shares of Conagra Brands in a research report on Wednesday. Jefferies Financial Group reduced their price objective on Conagra Brands from $15.00 to $13.00 and set a "hold" rating for the company in a research note on Wednesday, May 27th. Royal Bank Of Canada decreased their target price on Conagra Brands from $20.00 to $17.00 and set a "sector perform" rating on the stock in a report on Thursday, April 2nd. The Goldman Sachs Group cut their target price on Conagra Brands from $17.00 to $15.00 and set a "sell" rating on the stock in a research report on Thursday, April 2nd. Finally, Wells Fargo & Company reduced their target price on Conagra Brands from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Monday, May 18th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $14.67.

Conagra Brands Price Performance

Shares of Conagra Brands stock opened at $12.95 on Friday. Conagra Brands has a 52 week low of $12.53 and a 52 week high of $22.58. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. The stock has a market cap of $6.20 billion, a PE ratio of -129.68 and a beta of -0.02. The company's 50-day moving average price is $14.32 and its two-hundred day moving average price is $16.51.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the business posted $0.51 EPS. The business's revenue for the quarter was down 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Conagra Brands will post 1.7 EPS for the current fiscal year.

Insider Transactions at Conagra Brands

In other Conagra Brands news, Director Richard H. Lenny bought 25,000 shares of the company's stock in a transaction dated Tuesday, April 14th. The shares were bought at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John J. Mulligan purchased 17,500 shares of Conagra Brands stock in a transaction dated Tuesday, April 14th. The stock was bought at an average cost of $14.31 per share, with a total value of $250,425.00. Following the completion of the transaction, the director directly owned 20,728 shares of the company's stock, valued at $296,617.68. This represents a 542.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caerus Investment Advisors LLC acquired a new stake in shares of Conagra Brands during the 1st quarter valued at $263,000. First Nebraska Trust Co acquired a new position in shares of Conagra Brands in the first quarter worth $1,497,000. Summit Financial Wealth Advisors LLC raised its holdings in shares of Conagra Brands by 6.8% during the first quarter. Summit Financial Wealth Advisors LLC now owns 43,307 shares of the company's stock worth $681,000 after acquiring an additional 2,758 shares in the last quarter. Summitry LLC raised its holdings in shares of Conagra Brands by 104.6% during the first quarter. Summitry LLC now owns 46,300 shares of the company's stock worth $728,000 after acquiring an additional 23,665 shares in the last quarter. Finally, Essential Partners LLC boosted its position in Conagra Brands by 92.8% during the first quarter. Essential Partners LLC now owns 3,468 shares of the company's stock valued at $55,000 after purchasing an additional 1,669 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

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.

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