Conagra Brands (NYSE:CAG) Hits New 12-Month Low – Here’s Why

Shares of Conagra Brands, Inc. (NYSE:CAG) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $26.27 and last traded at $26.44, with a volume of 2636744 shares trading hands. The stock had previously closed at $27.45.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CAG shares. Wells Fargo & Company boosted their price objective on shares of Conagra Brands from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. The Goldman Sachs Group started coverage on Conagra Brands in a research note on Monday, August 12th. They set a “buy” rating and a $36.00 price objective for the company. BNP Paribas upgraded Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Thursday, October 3rd. Finally, Bank of America cut their price objective on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $31.63.

Conagra Brands Trading Down 2.7 %

The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 2.85 and a beta of 0.34. 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’s fifty day moving average price is $30.20 and its 200-day moving average price is $30.03.

Conagra Brands (NYSE:CAG) last posted its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 EPS. On average, research analysts expect that Conagra Brands, Inc. will post 2.59 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.40 annualized dividend and a yield of 5.24%. Conagra Brands’s payout ratio is presently 135.92%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Innealta Capital LLC purchased a new position in Conagra Brands during the 2nd quarter worth approximately $25,000. Chilton Capital Management LLC purchased a new position in shares of Conagra Brands during the second quarter worth $25,000. Hexagon Capital Partners LLC raised its holdings in shares of Conagra Brands by 82.8% during the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock worth $30,000 after purchasing an additional 420 shares during the last quarter. LRI Investments LLC acquired a new position in Conagra Brands during the first quarter valued at $42,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in Conagra Brands in the third quarter valued at $47,000. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

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.