Zacks Investment Research upgraded shares of Conagra Brands (NYSE:CAG) from a sell rating to a hold rating in a research report report published on Monday morning, Zacks.com reports. Zacks Investment Research currently has $29.00 price target on the stock.
According to Zacks, “Conagra has outperformed the industry in the past six months. The company is gaining from the buyout of Pinnacle Foods, which boosted the top line during fourth-quarter fiscal 2019. The company is on track with the integration of the buyout. Further, it is striving to boost capabilities across the frozen and snacking businesses. Management is also progressing well with the value-over-volume strategy and plans to implement the same in the Pinnacle Foods portfolio. On the flip side, adverse impacts of divestitures were major deterrents during the fourth quarter, wherein the top and the bottom line missed the Zacks Consensus Estimate. The company is struggling against dismal performance in the Foodservice unit. These along with adverse currency and rising input cost woes have been limiting the company’s growth.”
Several other brokerages have also recently commented on CAG. ValuEngine upgraded shares of William Lyon Homes from a strong sell rating to a sell rating in a report on Wednesday, April 10th. Credit Suisse Group increased their price target on shares of Delta Air Lines from $37.00 to $68.00 and gave the stock an outperform rating in a research report on Thursday, April 11th. Bank of America set a $35.00 price target on shares of Conagra Brands and gave the stock a buy rating in a research report on Friday, June 28th. Goldman Sachs Group reissued a buy rating on shares of FRESENIUS SE &/S in a research report on Friday, March 22nd. Finally, UBS Group set a $170.00 price target on shares of United Rentals and gave the stock a buy rating in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $35.23.
Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, June 27th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Conagra Brands had a return on equity of 13.74% and a net margin of 7.11%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the previous year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 32.9% compared to the same quarter last year. On average, equities analysts anticipate that Conagra Brands will post 2.11 earnings per share for the current year.
In related news, Director Ruth Ann Marshall sold 6,717 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $31.00, for a total transaction of $208,227.00. Following the transaction, the director now owns 99,897 shares of the company’s stock, valued at $3,096,807. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joie A. Gregor acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were acquired at an average cost of $29.99 per share, for a total transaction of $299,900.00. Following the transaction, the director now owns 145,440 shares of the company’s stock, valued at approximately $4,361,745.60. The disclosure for this purchase can be found here. Insiders sold 12,717 shares of company stock valued at $374,577 over the last three months. 0.92% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CAG. Princeton Global Asset Management LLC bought a new position in Conagra Brands during the fourth quarter valued at approximately $26,000. 1832 Asset Management L.P. bought a new position in Conagra Brands during the fourth quarter valued at approximately $28,000. Investors Research Corp bought a new position in Conagra Brands during the first quarter valued at approximately $28,000. Kaizen Advisory LLC raised its position in Conagra Brands by 47.3% during the fourth quarter. Kaizen Advisory LLC now owns 1,380 shares of the company’s stock valued at $29,000 after acquiring an additional 443 shares in the last quarter. Finally, Ellis Investment Partners LLC bought a new position in Conagra Brands during the first quarter valued at approximately $33,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.
About Conagra Brands
Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.
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