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Conagra Brands (NYSE:CAG) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Tuesday, June 30, 2020 | MarketBeat

Conagra Brands (NYSE:CAG) announced its earnings results on Tuesday. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09, MarketWatch Earnings reports. Conagra Brands had a net margin of 7.37% and a return on equity of 12.08%. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the firm earned $0.36 EPS. The firm's revenue for the quarter was up 25.8% on a year-over-year basis.

Shares of Conagra Brands stock traded up $1.47 during trading hours on Tuesday, hitting $35.17. The company had a trading volume of 8,408,142 shares, compared to its average volume of 4,646,951. The company has a market cap of $16.41 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 2.02 and a beta of 0.82. The company's 50-day moving average is $33.56 and its two-hundred day moving average is $31.78. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.87 and a quick ratio of 0.34. Conagra Brands has a twelve month low of $22.83 and a twelve month high of $35.79.

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Thursday, April 30th were issued a $0.2125 dividend. This represents a $0.85 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Wednesday, April 29th. Conagra Brands's payout ratio is 42.29%.

In related news, Director Jana Partners Llc sold 274,341 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $34.60, for a total transaction of $9,492,198.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas M. Mcgough sold 80,615 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $35.00, for a total transaction of $2,821,525.00. Following the sale, the insider now owns 226,484 shares of the company's stock, valued at approximately $7,926,940. The disclosure for this sale can be found here. In the last quarter, insiders have sold 367,911 shares of company stock valued at $12,745,447. 0.84% of the stock is owned by company insiders.

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group raised shares of Conagra Brands from a "hold" rating to a "buy" rating and set a $41.00 target price on the stock in a research note on Monday, June 22nd. Standpoint Research cut shares of Conagra Brands from a "buy" rating to a "hold" rating in a report on Monday, May 18th. Credit Suisse Group boosted their price target on shares of Conagra Brands from $35.00 to $36.00 and gave the stock a "neutral" rating in a report on Friday, May 15th. Cfra reiterated a "strong-buy" rating and set a $35.00 price target (up previously from $33.00) on shares of Conagra Brands in a report on Tuesday, March 31st. Finally, Royal Bank of Canada reiterated a "hold" rating and set a $34.00 price target on shares of Conagra Brands in a report on Wednesday, April 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of "Hold" and an average price target of $34.38.

About Conagra Brands

Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.

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Earnings History for Conagra Brands (NYSE:CAG)

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