Conagra Brands (NYSE:CAG) Sets New 12-Month Low on Analyst Downgrade

Conagra Brands, Inc. (NYSE:CAG - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $26.00 to $25.00. JPMorgan Chase & Co. currently has a neutral 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.

Several other research analysts have also weighed in on the company. Wells Fargo & Company lowered their price objective on Conagra Brands from $28.00 to $27.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 18th. Barclays lifted their price objective on Conagra Brands from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Monday, April 7th. The Goldman Sachs Group downgraded 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. Stifel Nicolaus cut their price target on Conagra Brands from $28.00 to $26.00 and set a "hold" rating on the stock in a report on Wednesday, February 19th. Finally, Morgan Stanley started coverage on shares of Conagra Brands in a research note on Monday, March 24th. They issued an "equal weight" rating and a $27.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $27.80.

Institutional Trading of Conagra Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brookstone Capital Management boosted its stake in Conagra Brands by 18.4% in the 4th quarter. Brookstone Capital Management now owns 399,454 shares of the company's stock worth $11,085,000 after buying an additional 62,187 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Conagra Brands by 41.0% in the 4th quarter. State of Alaska Department of Revenue now owns 78,414 shares of the company's stock worth $2,175,000 after buying an additional 22,790 shares during the period. Sound Income Strategies LLC increased its stake in Conagra Brands by 13.2% during the fourth quarter. Sound Income Strategies LLC now owns 135,352 shares of the company's stock worth $3,756,000 after acquiring an additional 15,834 shares during the last quarter. Machina Capital S.A.S. acquired a new stake in Conagra Brands during the 4th quarter worth approximately $558,000. Finally, Forsta AP Fonden lifted its holdings in shares of Conagra Brands by 8.9% during the 4th quarter. Forsta AP Fonden now owns 123,600 shares of the company's stock valued at $3,430,000 after acquiring an additional 10,100 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company's stock.

Conagra Brands Price Performance

The company has a market cap of $10.96 billion, a PE ratio of 22.51, a P/E/G ratio of 1.76 and a beta of 0.18. The company has a 50-day moving average price of $25.59 and a two-hundred day moving average price of $26.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.70 and a quick ratio of 0.22.

Conagra Brands (NYSE:CAG - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter last year, the company posted $0.69 EPS. The business's revenue for the quarter was down 6.3% compared to the same quarter last year. Sell-side analysts expect that Conagra Brands, Inc. will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Monday, April 28th will be issued a $0.35 dividend. The ex-dividend date is Monday, April 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.10%. Conagra Brands's payout ratio is currently 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.

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