JPMorgan Chase & Co. Cuts Conagra Brands (NYSE:CAG) Price Target to $14.00

Key Points

• JPMorgan Chase & Co. cut its price target on Conagra Brands from $17 to $14 and kept a neutral rating on the stock. The new target still implies about 8% upside from the prior close.
• Other analysts have also turned cautious on Conagra, with recent target cuts and mostly Hold or Sell ratings. MarketBeat says the overall consensus is a Reduce with a $14.67 average price target.
• Conagra shares were trading around $12.95, near their 1-year low of $12.53. The company recently missed EPS expectations by a penny, though revenue came in slightly above estimates.

Conagra Brands (NYSE:CAG - Get Free Report) had its target price decreased by JPMorgan Chase & Co. from $17.00 to $14.00 in a report issued on Friday,MarketScreener reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 8.08% from the company's previous close.

CAG has been the subject of several other research reports. The Goldman Sachs Group decreased their price objective on Conagra Brands from $17.00 to $15.00 and set a "sell" rating for the company in a report on Thursday, April 2nd. Jefferies Financial Group reduced their price target on Conagra Brands from $15.00 to $13.00 and set a "hold" rating for the company in a research report on Wednesday, May 27th. BTIG Research started coverage on Conagra Brands in a report on Monday, April 13th. They issued a "neutral" rating for the company. Sanford C. Bernstein restated an "underperform" rating and issued a $12.00 price objective (down from $16.00) on shares of Conagra Brands in a research report on Wednesday. Finally, TD Cowen dropped their price objective on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a research note on Wednesday, March 25th. One research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and six have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $14.67.

Conagra Brands Stock Up 2.2%

NYSE:CAG opened at $12.95 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The company's fifty day moving average price is $14.32 and its 200-day moving average price is $16.51. Conagra Brands has a 1-year low of $12.53 and a 1-year high of $22.58. The firm has a market capitalization of $6.20 billion, a P/E ratio of -129.52 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last posted its earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The company's revenue for the quarter was down 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Conagra Brands will post 1.7 EPS for the current year.

Insider Activity at Conagra Brands

In other Conagra Brands news, Director John J. Mulligan bought 17,500 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 20,728 shares of the company's stock, valued at approximately $296,617.68. This represents a 542.13% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard H. Lenny purchased 25,000 shares of the company's stock in a transaction that occurred on Tuesday, April 14th. The stock was bought at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the purchase, the director directly owned 229,340 shares in the company, valued at $3,288,735.60. This trade represents a 12.23% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.57% of the company's stock.

Institutional Trading of Conagra Brands

Several institutional investors have recently modified their holdings of CAG. Bell Investment Advisors Inc raised its position in shares of Conagra Brands by 156.9% during the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company's stock worth $26,000 after purchasing an additional 1,029 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new stake in Conagra Brands in the 2nd quarter worth about $26,000. Harbour Investments Inc. increased its stake in Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company's stock worth $27,000 after buying an additional 701 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Conagra Brands during the second quarter valued at approximately $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Conagra Brands in the third quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Company Profile

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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