Wells Fargo & Company Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price target reduced by research analysts at Wells Fargo & Company from $31.00 to $30.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 9.61% from the company’s current price.

CAG has been the topic of several other research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $29.00 target price on shares of Conagra Brands in a report on Thursday, October 3rd. Bank of America decreased their price objective on Conagra Brands from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Citigroup dropped their target price on Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Wednesday, December 11th. Finally, BNP Paribas raised Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $31.38.

Conagra Brands Trading Down 1.8 %

NYSE CAG opened at $27.37 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The stock’s 50-day simple moving average is $28.31 and its two-hundred day simple moving average is $29.55. Conagra Brands has a twelve month low of $26.21 and a twelve month high of $33.24. The company has a market capitalization of $13.06 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 2.91 and a beta of 0.31.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The business’s quarterly revenue was down 3.8% on a year-over-year basis. Research analysts forecast that Conagra Brands will post 2.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Conagra Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. boosted its holdings in Conagra Brands by 21,015.0% in the third quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock valued at $346,495,000 after acquiring an additional 10,604,367 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of Conagra Brands by 106.4% in the 3rd quarter. Two Sigma Advisers LP now owns 6,077,000 shares of the company’s stock worth $197,624,000 after purchasing an additional 3,133,200 shares during the period. Marshall Wace LLP boosted its stake in shares of Conagra Brands by 1,362.6% during the 2nd quarter. Marshall Wace LLP now owns 2,406,743 shares of the company’s stock valued at $68,400,000 after purchasing an additional 2,242,186 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Conagra Brands during the third quarter valued at about $65,932,000. Finally, Federated Hermes Inc. raised its stake in Conagra Brands by 20.5% in the second quarter. Federated Hermes Inc. now owns 11,013,503 shares of the company’s stock worth $313,004,000 after buying an additional 1,871,238 shares in the last quarter. Institutional investors own 83.75% 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.