Evercore ISI Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Key Points

• Evercore ISI has lowered its price target for Conagra Brands from $24.00 to $23.00, signaling a pessimistic outlook despite a potential upside of 25.85% from the stock's current price.
• Multiple brokerages have issued negative ratings and reduced price targets for Conagra Brands, with the average consensus target sitting at $22.08.
• Conagra reported a quarterly earnings miss with $0.56 EPS, below the consensus estimate of $0.61, and experienced a 4.3% drop in revenue compared to the previous year.

Conagra Brands (NYSE:CAG - Get Free Report) had its price objective decreased by stock analysts at Evercore ISI from $24.00 to $23.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. Evercore ISI's price objective points to a potential upside of 25.85% from the stock's current price.

Several other brokerages have also recently weighed in on CAG. Royal Bank Of Canada reduced their price objective on Conagra Brands from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research note on Friday, July 11th. The Goldman Sachs Group lowered Conagra Brands from a "neutral" rating to a "sell" rating and dropped their target price for the company from $26.00 to $21.00 in a research report on Monday, June 9th. Bank of America lowered Conagra Brands from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $27.00 to $20.00 in a report on Thursday, June 12th. Sanford C. Bernstein set a $21.00 price target on Conagra Brands and gave the company a "market perform" rating in a report on Friday, July 11th. Finally, UBS Group lowered their price target on Conagra Brands from $20.00 to $19.00 and set a "neutral" rating for the company in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $22.08.

Conagra Brands Price Performance

NYSE CAG opened at $18.28 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.24 and a current ratio of 0.71. The business's fifty day moving average is $19.07 and its 200 day moving average is $21.99. The company has a market capitalization of $8.75 billion, a PE ratio of 7.65, a price-to-earnings-growth ratio of 1.75 and a beta of 0.07. Conagra Brands has a fifty-two week low of $18.12 and a fifty-two week high of $32.90.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its quarterly earnings results on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the business earned $0.61 earnings per share. Conagra Brands's revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that Conagra Brands will post 2.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Valeo Financial Advisors LLC lifted its stake in Conagra Brands by 27.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 16,063 shares of the company's stock valued at $329,000 after buying an additional 3,456 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Conagra Brands by 14.1% in the 2nd quarter. Osaic Holdings Inc. now owns 115,550 shares of the company's stock valued at $2,373,000 after acquiring an additional 14,285 shares during the last quarter. State of Wyoming raised its holdings in Conagra Brands by 23.8% in the 2nd quarter. State of Wyoming now owns 18,659 shares of the company's stock valued at $382,000 after acquiring an additional 3,586 shares during the last quarter. Nomura Holdings Inc. raised its holdings in Conagra Brands by 360.8% in the 2nd quarter. Nomura Holdings Inc. now owns 69,369 shares of the company's stock valued at $1,420,000 after acquiring an additional 54,315 shares during the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands in the 2nd quarter valued at about $26,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

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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