Conagra Brands (NYSE:CAG) Price Target Cut to $24.00 by Analysts at Evercore ISI

Conagra Brands (NYSE:CAG) had its target price decreased by Evercore ISI from $26.00 to $24.00 in a report published on Friday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

CAG has been the topic of several other research reports. The Goldman Sachs Group downgraded shares of Conagra Brands from a “neutral” rating to a “sell” rating and reduced their target price for the company from $26.00 to $21.00 in a research note on Monday, June 9th. UBS Group cut their price target on shares of Conagra Brands from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Tuesday, July 1st. Royal Bank Of Canada decreased their price objective on shares of Conagra Brands from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research note on Friday. Bank of America cut shares of Conagra Brands from a “neutral” rating to an “underperform” rating and cut their target price for the company from $27.00 to $20.00 in a research note on Thursday, June 12th. Finally, Morgan Stanley reduced their target price on Conagra Brands from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.73.

Conagra Brands Trading Down 0.5%

CAG stock opened at $19.39 on Friday. Conagra Brands has a 1-year low of $18.82 and a 1-year high of $33.24. The firm has a market cap of $9.26 billion, a P/E ratio of 8.11, a P/E/G ratio of 1.84 and a beta of 0.11. The business’s 50 day moving average is $21.96 and its 200-day moving average is $24.47. The company has a current ratio of 0.71, a quick ratio of 0.23 and a debt-to-equity ratio of 0.70.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Thursday, July 10th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.05). Conagra Brands had a net margin of 9.92% and a return on equity of 12.52%. The company had revenue of $2,781,800 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the firm earned $0.61 EPS. Conagra Brands’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities analysts anticipate that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders of record on Wednesday, July 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, July 30th. This represents a $1.40 dividend on an annualized basis and a yield of 7.22%. Conagra Brands’s payout ratio is 205.88%.

Institutional Investors Weigh In On Conagra Brands

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its holdings in Conagra Brands by 13.7% in the second quarter. Farther Finance Advisors LLC now owns 11,375 shares of the company’s stock valued at $233,000 after acquiring an additional 1,372 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in Conagra Brands by 21.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 198,864 shares of the company’s stock valued at $4,071,000 after purchasing an additional 34,577 shares during the period. Wright Investors Service Inc. bought a new position in shares of Conagra Brands in the 2nd quarter valued at about $419,000. Assenagon Asset Management S.A. boosted its stake in shares of Conagra Brands by 3.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,262,215 shares of the company’s stock valued at $25,838,000 after purchasing an additional 45,794 shares during the last quarter. Finally, Bell Bank grew its position in shares of Conagra Brands by 9.4% during the 2nd quarter. Bell Bank now owns 340,176 shares of the company’s stock worth $6,963,000 after buying an additional 29,345 shares during the period. 83.75% of the stock is owned by institutional investors and hedge funds.

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.