Conagra Brands (NYSE:CAG) Trading 3.2% Higher After Better-Than-Expected Earnings

Posted by Defense World Staff on Apr 6th, 2023

Conagra Brands, Inc. (NYSE:CAG – Get Rating)’s stock price was up 3.2% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $38.86 and last traded at $38.79. Approximately 4,996,712 shares changed hands during trading, an increase of 11% from the average daily volume of 4,505,614 shares. The stock had previously closed at $37.58.

The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.12. Conagra Brands had a net margin of 5.66% and a return on equity of 14.38%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the firm posted $0.58 EPS. The business’s quarterly revenue was up 5.9% on a year-over-year basis.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Conagra Brands from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, January 6th. Bank of America cut their price target on shares of Conagra Brands to $40.00 in a research note on Monday, March 6th. UBS Group cut their price target on shares of Conagra Brands from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, March 31st. Royal Bank of Canada upped their price target on shares of Conagra Brands from $35.00 to $38.00 and gave the company a “sector perform” rating in a research note on Friday, January 6th. Finally, Evercore ISI upped their price objective on shares of Conagra Brands from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, December 29th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $40.36.

Insider Buying and Selling at Conagra Brands

In other Conagra Brands news, SVP Robert G. Wise sold 50,000 shares of Conagra Brands stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $40.90, for a total transaction of $2,045,000.00. Following the completion of the sale, the senior vice president now directly owns 22,717 shares in the company, valued at $929,125.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Securian Asset Management Inc. boosted its stake in shares of Conagra Brands by 0.7% in the third quarter. Securian Asset Management Inc. now owns 39,071 shares of the company’s stock valued at $1,275,000 after purchasing an additional 286 shares during the period. Czech National Bank lifted its stake in Conagra Brands by 0.5% in the fourth quarter. Czech National Bank now owns 56,097 shares of the company’s stock worth $2,171,000 after acquiring an additional 295 shares during the last quarter. Fortitude Advisory Group L.L.C. lifted its stake in Conagra Brands by 3.7% in the second quarter. Fortitude Advisory Group L.L.C. now owns 8,265 shares of the company’s stock worth $283,000 after acquiring an additional 298 shares during the last quarter. Utah Retirement Systems lifted its stake in Conagra Brands by 0.4% in the third quarter. Utah Retirement Systems now owns 83,870 shares of the company’s stock worth $2,737,000 after acquiring an additional 300 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Conagra Brands by 1.0% in the fourth quarter. Louisiana State Employees Retirement System now owns 31,000 shares of the company’s stock worth $1,200,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 81.08% of the company’s stock.

Conagra Brands Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.92, a current ratio of 0.92 and a quick ratio of 0.29. The company has a market cap of $18.24 billion, a PE ratio of 27.14, a P/E/G ratio of 2.27 and a beta of 0.56. The business’s 50 day moving average is $36.41 and its 200-day moving average is $36.53.

Conagra Brands Company Profile

(Get Rating)

Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks, Refrigerated and Frozen, International, and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.

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