Conagra Brands (NYSE:CAG) Price Target Cut to $16.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut its price target on Conagra Brands to $16 from $17 and kept a sector perform rating, implying about 14.9% upside from the current share price.
• Analyst sentiment remains cautious overall, with the stock carrying a consensus rating of “Reduce” and an average price target of $14.13 across covering analysts.
• Conagra recently reported mixed quarterly results: EPS of $0.39 missed estimates by a penny, while revenue of $2.79 billion slightly beat expectations; the company also saw two directors buy shares in April.

Conagra Brands (NYSE:CAG - Get Free Report) had its price objective cut by Royal Bank Of Canada from $17.00 to $16.00 in a research report issued on Thursday,MarketScreener reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 14.87% from the company's current price.

Other analysts have also recently issued reports about the company. BTIG Research assumed coverage on Conagra Brands in a report on Monday, April 13th. They issued a "neutral" rating for the company. Barclays reduced their price objective on Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Morgan Stanley decreased their price objective on shares of Conagra Brands from $15.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Friday, June 5th. JPMorgan Chase & Co. dropped their target price on shares of Conagra Brands from $17.00 to $14.00 and set a "neutral" rating for the company in a report on Friday, June 5th. Finally, The Goldman Sachs Group cut their target price on shares of Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a research report on Thursday, April 2nd. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $14.13.

Conagra Brands Stock Up 2.3%

CAG stock opened at $13.93 on Thursday. The stock has a market cap of $6.66 billion, a P/E ratio of -137.99, a PEG ratio of -0.83 and a beta of -0.02. The company has a current ratio of 0.90, a quick ratio of 0.30 and a debt-to-equity ratio of 0.79. Conagra Brands has a twelve month low of $12.53 and a twelve month high of $21.37. The company's 50 day moving average is $13.72 and its two-hundred day moving average is $16.10.

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

Insider Transactions at Conagra Brands

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

Institutional Investors Weigh In On Conagra Brands

Hedge funds and other institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC purchased a new stake in Conagra Brands during the first quarter valued at about $238,000. Caerus Investment Advisors LLC purchased a new position in shares of Conagra Brands in the 1st quarter worth about $263,000. First Nebraska Trust Co purchased a new position in shares of Conagra Brands in the 1st quarter worth about $1,497,000. Summit Financial Wealth Advisors LLC lifted its stake in shares of Conagra Brands by 6.8% in the 1st quarter. Summit Financial Wealth Advisors LLC now owns 43,307 shares of the company's stock valued at $681,000 after purchasing an additional 2,758 shares in the last quarter. Finally, Summitry LLC lifted its stake in shares of Conagra Brands by 104.6% in the 1st quarter. Summitry LLC now owns 46,300 shares of the company's stock valued at $728,000 after purchasing an additional 23,665 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

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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