Wells Fargo & Company Cuts Conagra Brands (NYSE:CAG) Price Target to $23.00

Conagra Brands (NYSE:CAG - Get Free Report) had its target price dropped by Wells Fargo & Company from $27.00 to $23.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 3.07% from the stock's previous close.

CAG has been the subject of several other research reports. Barclays reduced their price objective on shares of Conagra Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Stifel Nicolaus reduced their price objective on shares of Conagra Brands from $28.00 to $26.00 and set a "hold" rating for the company in a report on Wednesday, February 19th. The Goldman Sachs Group downgraded shares of Conagra Brands from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $33.00 to $26.00 in a report on Monday, February 24th. Morgan Stanley began coverage on shares of Conagra Brands in a report on Monday, March 24th. They issued an "equal weight" rating and a $27.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Conagra Brands from $26.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Nine equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Conagra Brands has an average rating of "Hold" and a consensus price target of $27.10.

Conagra Brands Stock Performance

Shares of CAG traded down $0.19 during midday trading on Monday, hitting $22.32. 2,422,508 shares of the stock traded hands, compared to its average volume of 5,431,695. Conagra Brands has a 1-year low of $21.98 and a 1-year high of $33.24. The firm has a market capitalization of $10.65 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.76 and a beta of 0.18. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.22 and a current ratio of 0.70. The business's 50 day moving average price is $24.22 and its two-hundred day moving average price is $25.64.

Conagra Brands (NYSE:CAG - Get Free Report) last issued its quarterly earnings data on Thursday, April 3rd. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.92 billion. Conagra Brands had a net margin of 4.13% and a return on equity of 13.76%. Conagra Brands's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Equities research analysts predict that Conagra Brands will post 2.35 EPS for the current fiscal year.

Institutional Trading of Conagra Brands

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC raised its holdings in Conagra Brands by 6.3% during the 1st quarter. Inspire Investing LLC now owns 54,092 shares of the company's stock worth $1,443,000 after buying an additional 3,209 shares during the period. WBI Investments LLC raised its holdings in Conagra Brands by 9.1% during the 1st quarter. WBI Investments LLC now owns 113,135 shares of the company's stock worth $3,017,000 after buying an additional 9,419 shares during the period. Intech Investment Management LLC raised its holdings in Conagra Brands by 50.6% during the 1st quarter. Intech Investment Management LLC now owns 140,485 shares of the company's stock worth $3,747,000 after buying an additional 47,186 shares during the period. Bayforest Capital Ltd raised its holdings in Conagra Brands by 217.7% during the 1st quarter. Bayforest Capital Ltd now owns 13,327 shares of the company's stock worth $355,000 after buying an additional 9,132 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Conagra Brands by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,622,873 shares of the company's stock worth $96,622,000 after buying an additional 41,886 shares during the period. Institutional investors and hedge funds own 83.75% of the company's stock.

Conagra Brands Company Profile

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.