Wells Fargo & Company Cuts Conagra Brands (NYSE:CAG) Price Target to $22.00

Conagra Brands (NYSE:CAG - Free Report) had its target price trimmed by Wells Fargo & Company from $23.00 to $22.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other analysts have also issued research reports about the stock. UBS Group lowered their target price on shares of Conagra Brands from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Tuesday, July 1st. Bank of America lowered shares of Conagra Brands from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $27.00 to $20.00 in a research note on Thursday, June 12th. The Goldman Sachs Group lowered shares of Conagra Brands from a "neutral" rating to a "sell" rating and lowered their target price for the company from $26.00 to $21.00 in a research note on Monday, June 9th. Morgan Stanley set a $22.00 price target on shares of Conagra Brands in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Conagra Brands currently has a consensus rating of "Hold" and an average price target of $22.73.

Conagra Brands Stock Performance

CAG stock traded down $0.10 during trading on Wednesday, hitting $19.39. 20,158,823 shares of the company's stock traded hands, compared to its average volume of 5,966,177. The company has a quick ratio of 0.23, a current ratio of 0.71 and a debt-to-equity ratio of 0.70. Conagra Brands has a 52 week low of $18.82 and a 52 week high of $33.24. The stock has a fifty day moving average price of $21.96 and a two-hundred day moving average price of $24.45. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.83 and a beta of 0.11.

Conagra Brands (NYSE:CAG - Get Free Report) last released its earnings results on Thursday, July 10th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate 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 $2,781,800 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the firm earned $0.61 EPS. The firm's revenue for the quarter was down 4.3% on a year-over-year basis. As a group, equities analysts anticipate that Conagra Brands will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Wednesday, July 30th will be given a $0.35 dividend. The ex-dividend date is Wednesday, July 30th. This represents a $1.40 dividend on an annualized basis and a yield of 7.22%. Conagra Brands's dividend payout ratio is presently 205.88%.

Hedge Funds Weigh In On Conagra Brands

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC grew its position in Conagra Brands by 13.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 11,375 shares of the company's stock valued at $233,000 after buying an additional 1,372 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Conagra Brands by 21.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 198,864 shares of the company's stock valued at $4,071,000 after buying an additional 34,577 shares in the last quarter. Wright Investors Service Inc. bought a new position in Conagra Brands in the 2nd quarter valued at about $419,000. Assenagon Asset Management S.A. grew its position in Conagra Brands by 3.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,262,215 shares of the company's stock valued at $25,838,000 after buying an additional 45,794 shares in the last quarter. Finally, Bell Bank grew its position in Conagra Brands by 9.4% in the 2nd quarter. Bell Bank now owns 340,176 shares of the company's stock valued at $6,963,000 after buying an additional 29,345 shares in the last quarter. Institutional investors own 83.75% of the company's stock.

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.