Conagra Brands (NYSE:CAG) Given New $15.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley cut its price target on Conagra to $15.00 from $17.00 and kept an "equal weight" rating, implying only about a 3.6% upside from the prior close.
• Analyst consensus is weak: MarketBeat shows an average target of $15.80 with 1 Buy, 13 Hold and 4 Sell ratings and an overall average rating of "Reduce."
• Two directors bought stock recently — Richard H. Lenny purchased 25,000 shares at $14.34 and John J. Mulligan bought 17,500 shares at $14.31 — while the share price trades near its 12‑month low around $14.04–$14.49.

Conagra Brands (NYSE:CAG - Get Free Report) had its price target reduced by analysts at Morgan Stanley from $17.00 to $15.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 3.56% from the company's previous close.

Several other brokerages also recently issued reports on CAG. Wall Street Zen upgraded Conagra Brands from a "sell" rating to a "hold" rating in a research report on Saturday, February 21st. JPMorgan Chase & Co. cut their target price on Conagra Brands from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, March 20th. TD Cowen cut their target price on Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft cut their target price on Conagra Brands from $18.00 to $14.00 and set a "hold" rating for the company in a research report on Monday, March 30th. Finally, Stifel Nicolaus cut their target price on Conagra Brands from $17.00 to $15.00 and set a "hold" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $15.80.

Conagra Brands Stock Performance

Shares of NYSE CAG opened at $14.49 on Thursday. 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 50 day simple moving average of $16.75 and a 200-day simple moving average of $17.38. The company has a market cap of $6.93 billion, a PE ratio of -144.84 and a beta of 0.04. Conagra Brands has a 12-month low of $14.04 and a 12-month high of $25.58.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 1st. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business 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 business's quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. On average, equities research analysts forecast that Conagra Brands will post 1.7 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard H. Lenny bought 25,000 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were bought at an average cost of $14.34 per share, with a total value of $358,500.00. Following the purchase, the director directly owned 229,340 shares in the company, valued at $3,288,735.60. This trade represents a 12.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John J. Mulligan bought 17,500 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were purchased at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the purchase, the director owned 20,728 shares in the company, valued at approximately $296,617.68. This trade represents a 542.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.57% of the company's stock.

Institutional Trading of Conagra Brands

Large investors have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc raised its stake in Conagra Brands by 156.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company's stock valued at $26,000 after purchasing an additional 1,029 shares during the period. CYBER HORNET ETFs LLC acquired a new position in shares of Conagra Brands in the second quarter worth $26,000. Harbour Investments Inc. increased its stake in shares of Conagra Brands by 80.4% in the fourth quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after acquiring an additional 701 shares during the last quarter. True Wealth Design LLC increased its stake in shares of Conagra Brands by 844.4% in the third quarter. True Wealth Design LLC now owns 1,596 shares of the company's stock worth $29,000 after acquiring an additional 1,427 shares during the last quarter. Finally, MUFG Securities EMEA plc acquired a new position in shares of Conagra Brands in the second quarter worth $29,000. 83.75% of the stock is owned by institutional investors and hedge funds.

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.

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