UBS Group Cuts Conagra Brands (NYSE:CAG) Price Target to $13.00

Key Points

• UBS Group lowered its price target on Conagra Brands from $16 to $13 while keeping a neutral rating. The new target implies essentially flat upside from the stock’s current price.
• Analyst sentiment on CAG remains cautious overall, with the stock carrying a consensus “Reduce” rating and a consensus price target of $15.27. Several other firms have also recently cut targets or maintained hold/neutral views.
• Conagra’s latest results were mixed: quarterly EPS came in slightly below estimates at $0.39, while revenue of $2.79 billion beat expectations. The company also showed weak liquidity metrics and the stock was trading near its 52-week low of $13.10.

Conagra Brands (NYSE:CAG - Get Free Report) had its price target reduced by UBS Group from $16.00 to $13.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's target price suggests a potential upside of 0.04% from the company's current price.

CAG has been the subject of several other reports. Barclays reduced their target price on Conagra Brands from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, April 2nd. Sanford C. Bernstein cut their price objective on Conagra Brands from $18.00 to $16.00 and set a "market perform" rating on the stock in a report on Thursday, April 2nd. BTIG Research started coverage on shares of Conagra Brands in a report on Monday, April 13th. They issued a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft cut their price target on shares of Conagra Brands from $18.00 to $14.00 and set a "hold" rating on the stock in a report on Monday, March 30th. Finally, Weiss Ratings lowered shares of Conagra Brands from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $15.27.

Conagra Brands Price Performance

Conagra Brands stock opened at $13.00 on Tuesday. The firm has a fifty day moving average of $14.48 and a 200-day moving average of $16.61. Conagra Brands has a 52-week low of $13.10 and a 52-week high of $22.81. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $6.22 billion, a P/E ratio of -131.43 and a beta of -0.02.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its earnings results on Wednesday, April 1st. The company reported $0.39 EPS for the quarter, missing the consensus estimate 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 company had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. The business's quarterly revenue was down 1.9% compared to the same quarter last year. As a group, analysts predict 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 Conagra Brands stock in a transaction on Tuesday, April 14th. The stock was purchased at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the purchase, the director directly owned 20,728 shares of the company's stock, valued at $296,617.68. The trade was a 542.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Lenny purchased 25,000 shares of the company's stock in a transaction dated Tuesday, April 14th. The shares were acquired at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the purchase, the director owned 229,340 shares in the company, valued at $3,288,735.60. The trade was a 12.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of Conagra Brands

Large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC raised its position in shares of Conagra Brands by 4.2% in the first quarter. NewEdge Advisors LLC now owns 23,541 shares of the company's stock valued at $628,000 after purchasing an additional 954 shares during the period. United Services Automobile Association acquired a new position in Conagra Brands in the 1st quarter valued at $225,000. Empowered Funds LLC grew its stake in Conagra Brands by 5.9% in the 1st quarter. Empowered Funds LLC now owns 36,356 shares of the company's stock valued at $970,000 after buying an additional 2,038 shares during the last quarter. Woodline Partners LP raised its holdings in Conagra Brands by 40.7% in the 1st quarter. Woodline Partners LP now owns 40,326 shares of the company's stock worth $1,075,000 after acquiring an additional 11,664 shares during the period. Finally, Gamco Investors INC. ET AL lifted its position in Conagra Brands by 3.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 50,450 shares of the company's stock worth $1,033,000 after acquiring an additional 1,900 shares during the last quarter. Institutional investors own 83.75% of the company's stock.

About Conagra Brands

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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