JPMorgan Chase & Co. Cuts Conagra Brands (NYSE:CAG) Price Target to $17.00

Conagra Brands (NYSE:CAG) had its price target decreased by JPMorgan Chase & Co. from $19.00 to $17.00 in a report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

CAG has been the subject of several other reports. Stifel Nicolaus reduced their price objective on Conagra Brands from $21.00 to $19.00 and set a “hold” rating for the company in a research report on Thursday, December 11th. Bank of America dropped their target price on shares of Conagra Brands from $18.00 to $17.00 and set an “underperform” rating on the stock in a research report on Monday, December 22nd. TD Cowen reissued a “hold” rating on shares of Conagra Brands in a report on Monday, December 22nd. The Goldman Sachs Group decreased their price target on shares of Conagra Brands from $18.00 to $16.00 and set a “sell” rating on the stock in a research report on Monday, November 24th. Finally, Evercore dropped their price objective on shares of Conagra Brands from $22.00 to $19.00 in a report on Friday, January 9th. One analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $18.57.

Conagra Brands Price Performance

NYSE CAG opened at $15.16 on Friday. Conagra Brands has a twelve month low of $15.06 and a twelve month high of $27.68. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.28 and a current ratio of 0.89. The stock has a market capitalization of $7.25 billion, a PE ratio of -68.89 and a beta of -0.02. The stock has a 50-day simple moving average of $18.08 and a 200 day simple moving average of $17.96.

Conagra Brands (NYSE:CAG) last released its earnings results on Friday, December 19th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3 billion. Conagra Brands had a positive return on equity of 10.59% and a negative net margin of 0.87%.The company’s revenue was down 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. Research analysts anticipate that Conagra Brands will post 2.35 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. CYBER HORNET ETFs LLC acquired a new position in shares of Conagra Brands in the 2nd quarter valued at $26,000. Harbour Investments Inc. lifted its holdings in shares of Conagra Brands by 80.4% during the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock worth $27,000 after acquiring an additional 701 shares during the period. True Wealth Design LLC boosted its position in shares of Conagra Brands by 844.4% during the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company’s stock valued at $29,000 after acquiring an additional 1,427 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in Conagra Brands in the second quarter valued at about $29,000. Finally, Spire Wealth Management increased its stake in Conagra Brands by 249.0% in the third quarter. Spire Wealth Management now owns 1,724 shares of the company’s stock valued at $32,000 after acquiring an additional 1,230 shares during the period. 83.75% of the stock is owned by institutional investors.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.