Conagra Brands Inc. (CAG) Receives Buy Rating from Jefferies Group LLC
Conagra Brands Inc. (NYSE:CAG)‘s stock had its “buy” rating reissued by analysts at Jefferies Group LLC in a research report issued on Tuesday. They currently have a $40.00 target price on the stock. Jefferies Group LLC’s price target indicates a potential upside of 19.72% from the stock’s previous close.
Other analysts have also recently issued research reports about the stock. Credit Suisse Group reiterated a “hold” rating and issued a $39.00 price target on shares of Conagra Brands in a research note on Friday, August 11th. BidaskClub raised shares of Conagra Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, August 12th. UBS AG restated a “sell” rating and set a $33.00 price objective (down previously from $35.00) on shares of Conagra Brands in a research report on Friday, June 30th. Morgan Stanley cut their price objective on Conagra Brands from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, September 25th. Finally, Zacks Investment Research upgraded Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $41.45.
Conagra Brands (NYSE:CAG) traded up 0.21% on Tuesday, reaching $33.41. The company had a trading volume of 3,899,597 shares. The stock has a market capitalization of $13.87 billion, a PE ratio of 24.02 and a beta of 0.31. The stock’s 50 day moving average price is $33.94 and its 200-day moving average price is $36.66. Conagra Brands has a 12-month low of $32.16 and a 12-month high of $41.68.
Conagra Brands (NYSE:CAG) last released its earnings results on Thursday, September 28th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. Conagra Brands had a net margin of 7.83% and a return on equity of 18.35%. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm earned $0.37 earnings per share. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. Equities analysts expect that Conagra Brands will post $1.88 earnings per share for the current fiscal year.
Conagra Brands announced that its board has initiated a stock repurchase plan on Thursday, June 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Ruth Ann Marshall sold 6,046 shares of Conagra Brands stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $33.22, for a total value of $200,848.12. Following the completion of the transaction, the director now owns 89,260 shares in the company, valued at approximately $2,965,217.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.79% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. IndexIQ Advisors LLC boosted its stake in Conagra Brands by 0.4% during the second quarter. IndexIQ Advisors LLC now owns 9,828 shares of the company’s stock worth $352,000 after buying an additional 36 shares during the period. Conning Inc. increased its position in Conagra Brands by 0.6% during the second quarter. Conning Inc. now owns 11,616 shares of the company’s stock valued at $415,000 after acquiring an additional 70 shares during the last quarter. Keel Point LLC increased its position in Conagra Brands by 1.2% during the first quarter. Keel Point LLC now owns 8,379 shares of the company’s stock valued at $338,000 after acquiring an additional 96 shares during the last quarter. Curbstone Financial Management Corp increased its position in Conagra Brands by 1.5% during the second quarter. Curbstone Financial Management Corp now owns 6,800 shares of the company’s stock valued at $243,000 after acquiring an additional 100 shares during the last quarter. Finally, Advantus Capital Management Inc increased its position in Conagra Brands by 0.3% during the first quarter. Advantus Capital Management Inc now owns 41,534 shares of the company’s stock valued at $1,675,000 after acquiring an additional 109 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.
Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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