Conagra Brands (NYSE:CAG) Sets New 12-Month Low at $28.35

Conagra Brands, Inc. (NYSE:CAG)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $28.35 and last traded at $28.38, with a volume of 521890 shares traded. The stock had previously closed at $28.63.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CAG. TD Cowen initiated coverage on shares of Conagra Brands in a research report on Wednesday. They set a “market perform” rating and a $32.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on Conagra Brands from $38.00 to $37.00 and set a “neutral” rating for the company in a research report on Monday, August 21st. Jefferies Financial Group cut their target price on Conagra Brands from $38.00 to $35.00 in a research note on Friday, July 14th. Stifel Nicolaus lowered their price target on Conagra Brands from $43.00 to $36.00 in a research report on Friday, July 14th. Finally, Morgan Stanley downgraded shares of Conagra Brands from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $46.00 to $37.00 in a research report on Monday, July 17th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Conagra Brands currently has a consensus rating of “Hold” and a consensus target price of $37.62.

Conagra Brands Stock Down 0.8 %

The company has a quick ratio of 0.26, a current ratio of 0.76 and a debt-to-equity ratio of 0.80. The company has a market cap of $13.55 billion, a PE ratio of 20.15, a PEG ratio of 2.90 and a beta of 0.55. The company’s fifty day moving average is $31.36 and its 200-day moving average is $34.42.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, July 13th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3 billion. Conagra Brands had a return on equity of 15.19% and a net margin of 5.57%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the business posted $0.65 EPS. On average, analysts predict that Conagra Brands, Inc. will post 2.72 EPS for the current year.

Conagra Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Monday, July 31st were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $1.40 annualized dividend and a dividend yield of 4.93%. This is a positive change from Conagra Brands’s previous quarterly dividend of $0.33. Conagra Brands’s dividend payout ratio is presently 98.59%.

Insider Buying and Selling

In other Conagra Brands news, COO Thomas M. Mcgough sold 75,522 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $33.07, for a total value of $2,497,512.54. Following the transaction, the chief operating officer now directly owns 157,125 shares in the company, valued at $5,196,123.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CAG. Vanguard Group Inc. raised its stake in Conagra Brands by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 54,738,710 shares of the company’s stock worth $1,837,578,000 after acquiring an additional 786,816 shares during the period. BlackRock Inc. raised its position in shares of Conagra Brands by 2.2% during the 2nd quarter. BlackRock Inc. now owns 44,038,412 shares of the company’s stock valued at $1,484,975,000 after purchasing an additional 931,636 shares during the period. State Street Corp raised its position in shares of Conagra Brands by 12.8% during the 1st quarter. State Street Corp now owns 23,556,766 shares of the company’s stock valued at $790,801,000 after purchasing an additional 2,671,720 shares during the period. Nordea Investment Management AB boosted its holdings in Conagra Brands by 114.1% in the 2nd quarter. Nordea Investment Management AB now owns 14,735,860 shares of the company’s stock worth $491,736,000 after buying an additional 7,854,021 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in Conagra Brands by 1.5% in the 1st quarter. Macquarie Group Ltd. now owns 14,025,360 shares of the company’s stock worth $526,755,000 after buying an additional 212,269 shares during the period. Institutional investors own 84.27% of the company’s stock.

Conagra Brands Company Profile

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.