Berenberg Bank Initiates Coverage on Conagra Brands (NYSE:CAG)

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Equities research analysts at Berenberg Bank initiated coverage on shares of Conagra Brands (NYSE:CAG) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm set a “hold” rating and a $29.00 price target on the stock. Berenberg Bank’s price objective would suggest a potential upside of 0.66% from the stock’s previous close.

CAG has been the subject of several other reports. Barclays set a $33.00 price objective on Conagra Brands and gave the stock a “buy” rating in a research note on Friday, September 27th. Royal Bank of Canada began coverage on Conagra Brands in a research note on Thursday, October 17th. They issued a “sector perform” rating and a $30.00 price objective for the company. Goldman Sachs Group downgraded Conagra Brands from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $33.00 to $31.00 in a research note on Friday, September 6th. Citigroup increased their price objective on Conagra Brands from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, ValuEngine raised Conagra Brands from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $33.00.

Shares of NYSE:CAG traded up $0.37 during midday trading on Thursday, reaching $28.81. The company had a trading volume of 3,317,035 shares, compared to its average volume of 3,320,415. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.40 and a current ratio of 1.11. Conagra Brands has a 1-year low of $20.22 and a 1-year high of $33.75. The firm has a market cap of $13.78 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 1.91 and a beta of 0.84. The company has a fifty day simple moving average of $28.08 and a two-hundred day simple moving average of $28.60.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, September 26th. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.04. Conagra Brands had a return on equity of 12.34% and a net margin of 6.68%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.48 billion. During the same quarter last year, the company posted $0.47 EPS. Conagra Brands’s revenue for the quarter was up 30.3% on a year-over-year basis. Analysts expect that Conagra Brands will post 2.12 EPS for the current year.

In other news, EVP Colleen Batcheler sold 25,458 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $30.00, for a total transaction of $763,740.00. Following the completion of the sale, the executive vice president now directly owns 169,873 shares of the company’s stock, valued at approximately $5,096,190. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Thomas M. Mcgough sold 26,099 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $31.00, for a total value of $809,069.00. Following the sale, the chief operating officer now directly owns 145,869 shares of the company’s stock, valued at $4,521,939. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of CAG. Private Capital Group LLC raised its stake in shares of Conagra Brands by 16.2% in the 2nd quarter. Private Capital Group LLC now owns 2,520 shares of the company’s stock valued at $90,000 after acquiring an additional 351 shares in the last quarter. Securian Asset Management Inc raised its stake in shares of Conagra Brands by 0.7% in the 2nd quarter. Securian Asset Management Inc now owns 50,008 shares of the company’s stock valued at $1,326,000 after acquiring an additional 361 shares in the last quarter. Stephens Inc. AR raised its stake in shares of Conagra Brands by 1.7% in the 3rd quarter. Stephens Inc. AR now owns 23,188 shares of the company’s stock valued at $711,000 after acquiring an additional 390 shares in the last quarter. Hartford Investment Management Co. raised its stake in shares of Conagra Brands by 0.3% in the 2nd quarter. Hartford Investment Management Co. now owns 133,048 shares of the company’s stock valued at $3,528,000 after acquiring an additional 401 shares in the last quarter. Finally, Old North State Trust LLC raised its stake in shares of Conagra Brands by 20.7% in the 2nd quarter. Old North State Trust LLC now owns 2,358 shares of the company’s stock valued at $63,000 after acquiring an additional 405 shares in the last quarter. 86.40% of the stock is owned by institutional investors.

Conagra Brands Company Profile

Conagra Brands, Inc, together with its subsidiaries, operates as a food company in North America. The company operates through Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments. The Grocery & Snacks segment primarily offers shelf stable food products in various retail channels in the United States.

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Analyst Recommendations for Conagra Brands (NYSE:CAG)

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