JPMorgan Chase & Co. Lowers Conagra Brands (NYSE:CAG) Price Target to $29.00

Conagra Brands (NYSE:CAG) had its target price cut by JPMorgan Chase & Co. from $30.00 to $29.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Bank of America lowered their price objective on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 price objective on shares of Conagra Brands in a research report on Friday, December 20th. Finally, Citigroup decreased their target price on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $30.56.

Conagra Brands Stock Down 0.1 %

Shares of Conagra Brands stock opened at $27.65 on Friday. Conagra Brands has a 1 year low of $26.21 and a 1 year high of $33.24. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. The company has a 50-day moving average of $27.81 and a 200 day moving average of $29.42. The firm has a market cap of $13.20 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 2.91 and a beta of 0.29.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Thursday, December 19th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Conagra Brands will post 2.58 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Monday, January 27th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.06%. The ex-dividend date of this dividend is Monday, January 27th. Conagra Brands’s dividend payout ratio is currently 137.25%.

Institutional Trading of Conagra Brands

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its holdings in Conagra Brands by 82.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after buying an additional 420 shares during the period. Abich Financial Wealth Management LLC bought a new stake in Conagra Brands during the third quarter valued at about $47,000. Kennebec Savings Bank purchased a new position in shares of Conagra Brands in the third quarter valued at about $59,000. Quarry LP boosted its stake in shares of Conagra Brands by 229.7% in the third quarter. Quarry LP now owns 1,820 shares of the company’s stock worth $59,000 after acquiring an additional 1,268 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its position in shares of Conagra Brands by 27,057.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,901 shares of the company’s stock worth $62,000 after purchasing an additional 1,894 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

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.