Conagra Brands (NYSE:CAG) Reaches New 52-Week Low Following Analyst Downgrade

Conagra Brands, Inc. (NYSE:CAG - Get Free Report)'s share price reached a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $29.00 to $26.00. Barclays currently has an overweight rating on the stock. Conagra Brands traded as low as $22.98 and last traded at $22.98, with a volume of 964929 shares trading hands. The stock had previously closed at $23.35.

A number of other analysts have also recently issued reports on CAG. Morgan Stanley assumed coverage on shares of Conagra Brands in a research note on Monday, March 24th. They set an "equal weight" rating and a $27.00 target price for the company. The Goldman Sachs Group cut shares of Conagra Brands from a "buy" rating to a "neutral" rating and cut their target price for the stock from $33.00 to $26.00 in a research note on Monday, February 24th. JPMorgan Chase & Co. cut their target price on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Stifel Nicolaus lowered their price target on shares of Conagra Brands from $28.00 to $26.00 and set a "hold" rating on the stock in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company decreased their target price on shares of Conagra Brands from $28.00 to $27.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. Nine analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $27.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. lifted its position in shares of Conagra Brands by 0.6% in the 4th quarter. Bessemer Group Inc. now owns 78,038 shares of the company's stock worth $2,166,000 after purchasing an additional 429 shares during the period. Grove Bank & Trust lifted its position in shares of Conagra Brands by 65.4% during the 4th quarter. Grove Bank & Trust now owns 1,131 shares of the company's stock valued at $31,000 after acquiring an additional 447 shares during the period. Beacon Investment Advisory Services Inc. lifted its position in shares of Conagra Brands by 3.2% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 14,548 shares of the company's stock valued at $388,000 after acquiring an additional 450 shares during the period. Capital Advisors Ltd. LLC lifted its position in shares of Conagra Brands by 82.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company's stock valued at $27,000 after acquiring an additional 452 shares during the period. Finally, Summit Financial Wealth Advisors LLC lifted its position in shares of Conagra Brands by 1.3% during the 4th quarter. Summit Financial Wealth Advisors LLC now owns 40,455 shares of the company's stock valued at $1,030,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Stock Up 0.8%

The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The stock's 50-day moving average is $25.44 and its 200-day moving average is $26.33. The company has a market cap of $11.11 billion, a price-to-earnings ratio of 22.82, a P/E/G ratio of 1.76 and a beta of 0.18.

Conagra Brands (NYSE:CAG - Get Free Report) last released its earnings results on Thursday, April 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. The firm's revenue was down 6.3% on a year-over-year basis. On average, analysts anticipate that Conagra Brands, Inc. will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Monday, April 28th will be paid a dividend of $0.35 per share. The ex-dividend date is Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a yield of 6.01%. Conagra Brands's dividend payout ratio (DPR) is presently 205.88%.

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.