Conagra Brands (NYSE:CAG) Issues Quarterly Earnings Results

Conagra Brands (NYSE:CAG - Get Free Report) released its earnings results on Thursday. The company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.05), RTT News reports. Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The business had revenue of $2,781,800 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the company posted $0.61 EPS. The company's quarterly revenue was down 4.3% compared to the same quarter last year.

Conagra Brands Stock Down 0.5%

Shares of CAG traded down $0.10 during midday trading on Friday, hitting $19.39. 20,158,823 shares of the company's stock traded hands, compared to its average volume of 5,966,177. Conagra Brands has a 1 year low of $18.82 and a 1 year high of $33.24. The firm's fifty day moving average is $21.96 and its 200-day moving average is $24.45. The company has a current ratio of 0.71, a quick ratio of 0.23 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.83 and a beta of 0.11.

Conagra Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Wednesday, July 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, July 30th. This represents a $1.40 annualized dividend and a dividend yield of 7.22%. Conagra Brands's dividend payout ratio is presently 205.88%.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAG. United Services Automobile Association purchased a new position in Conagra Brands in the 1st quarter worth $225,000. NewEdge Advisors LLC raised its stake in Conagra Brands by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 23,541 shares of the company's stock worth $628,000 after acquiring an additional 954 shares during the last quarter. Empowered Funds LLC raised its stake in Conagra Brands by 5.9% in the 1st quarter. Empowered Funds LLC now owns 36,356 shares of the company's stock worth $970,000 after acquiring an additional 2,038 shares during the last quarter. Finally, Woodline Partners LP raised its stake in Conagra Brands by 40.7% in the 1st quarter. Woodline Partners LP now owns 40,326 shares of the company's stock worth $1,075,000 after acquiring an additional 11,664 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CAG shares. Morgan Stanley dropped their price objective on Conagra Brands from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Friday. Evercore ISI dropped their target price on Conagra Brands from $26.00 to $24.00 and set an "in-line" rating on the stock in a research report on Friday. Bank of America cut Conagra Brands from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $27.00 to $20.00 in a research report on Thursday, June 12th. UBS Group dropped their target price on Conagra Brands from $21.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, Royal Bank Of Canada dropped their target price on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Conagra Brands has a consensus rating of "Hold" and a consensus price target of $22.73.

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.