Conagra Brands (NYSE:CAG) Shares Up 4.5% – What’s Next?

Conagra Brands (NYSE:CAG)’s share price shot up 4.5% during mid-day trading on Monday . The company traded as high as $14.50 and last traded at $14.4470. 1,601,085 shares were traded during mid-day trading, a decline of 90% from the average session volume of 15,799,813 shares. The stock had previously closed at $13.83.

Analyst Upgrades and Downgrades

Several research analysts have commented on CAG shares. Sanford C. Bernstein reiterated an “underperform” rating and set a $12.00 price target (down from $16.00) on shares of Conagra Brands in a report on Wednesday, June 3rd. BNP Paribas Exane reduced their price objective on shares of Conagra Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, May 21st. Royal Bank Of Canada decreased their price objective on shares of Conagra Brands from $17.00 to $16.00 and set a “sector perform” rating for the company in a research report on Thursday, June 25th. UBS Group lowered their target price on shares of Conagra Brands from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, June 2nd. Finally, TD Cowen dropped their target price on Conagra Brands from $18.00 to $14.00 and set a “hold” rating on the stock in a report on Wednesday, March 25th. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, Conagra Brands has a consensus rating of “Reduce” and an average target price of $14.00.

Conagra Brands Stock Performance

The firm has a 50 day moving average of $13.60 and a two-hundred day moving average of $15.80. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.90 and a quick ratio of 0.30. The stock has a market cap of $6.89 billion, a PE ratio of -143.89 and a beta of -0.02.

Insider Buying and Selling

In related news, Director Richard H. Lenny bought 25,000 shares of the stock in a transaction dated Tuesday, April 14th. The stock was acquired at an average price of $14.34 per share, for a total transaction of $358,500.00. Following the acquisition, the director owned 229,340 shares in the company, valued at approximately $3,288,735.60. This represents a 12.23% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John J. Mulligan bought 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The stock was bought at an average cost of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the transaction, the director directly owned 20,728 shares in the company, valued at approximately $296,617.68. The trade was a 542.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Conagra Brands

A number of institutional investors and hedge funds have recently bought and sold shares of CAG. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Conagra Brands by 24.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 661,029 shares of the company’s stock worth $11,442,000 after buying an additional 131,287 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Conagra Brands by 23.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,125,901 shares of the company’s stock worth $140,659,000 after buying an additional 1,554,725 shares during the period. Leonteq Securities AG purchased a new stake in Conagra Brands in the fourth quarter valued at approximately $2,415,000. Sound Income Strategies LLC lifted its stake in Conagra Brands by 153.4% in the fourth quarter. Sound Income Strategies LLC now owns 406,666 shares of the company’s stock valued at $6,897,000 after buying an additional 246,178 shares during the last quarter. Finally, Marathon Trading Investment Management LLC purchased a new stake in Conagra Brands in the fourth quarter valued at approximately $1,367,000. 83.75% of the stock is owned by hedge funds and other institutional investors.

About Conagra Brands

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.