Conagra Brands (NYSE:CAG) Hits New 52-Week Low on Analyst Downgrade

Conagra Brands, Inc. (NYSE:CAG)’s share price hit a new 52-week low during trading on Tuesday after Barclays lowered their price target on the stock from $29.00 to $26.00. Barclays currently has an overweight rating on the stock. Conagra Brands traded as low as $22.63 and last traded at $22.99, with a volume of 1076700 shares. The stock had previously closed at $23.31.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Conagra Brands from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, May 6th. The Goldman Sachs Group lowered Conagra Brands from a “buy” rating to a “neutral” rating and cut their price target for the company from $33.00 to $26.00 in a report on Monday, February 24th. Stifel Nicolaus dropped their target price on Conagra Brands from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Wednesday, February 19th. Morgan Stanley began coverage on shares of Conagra Brands in a research note on Monday, March 24th. They set an “equal weight” rating and a $27.00 price target for the company. Finally, Wells Fargo & Company lowered their price target on shares of Conagra Brands from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Nine analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $27.50.

Hedge Funds Weigh In On Conagra Brands

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. increased its position in shares of Conagra Brands by 0.6% in the fourth quarter. Bessemer Group Inc. now owns 78,038 shares of the company’s stock worth $2,166,000 after purchasing an additional 429 shares during the period. Grove Bank & Trust lifted its holdings in shares of Conagra Brands by 65.4% in the fourth quarter. Grove Bank & Trust now owns 1,131 shares of the company’s stock worth $31,000 after acquiring an additional 447 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its position in Conagra Brands by 3.2% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 14,548 shares of the company’s stock worth $388,000 after purchasing an additional 450 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in Conagra Brands by 82.3% in the first quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company’s stock valued at $27,000 after buying an additional 452 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC increased its holdings in shares of Conagra Brands by 1.3% during the fourth quarter. Summit Financial Wealth Advisors LLC now owns 40,455 shares of the company’s stock worth $1,030,000 after buying an additional 500 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Conagra Brands Price Performance

The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. The company has a market cap of $10.96 billion, a price-to-earnings ratio of 22.51, a P/E/G ratio of 1.76 and a beta of 0.18. The company has a 50 day moving average price of $25.40 and a 200-day moving average price of $26.29.

Conagra Brands (NYSE:CAG) last announced its earnings results on Thursday, April 3rd. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.92 billion. Conagra Brands had a return on equity of 13.76% and a net margin of 4.13%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.69 earnings per share. As a group, equities research analysts predict that Conagra Brands, Inc. will post 2.35 EPS for the current fiscal year.

Conagra Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Monday, April 28th will be given a dividend of $0.35 per share. The ex-dividend date is Monday, April 28th. This represents a $1.40 annualized dividend and a dividend yield of 6.10%. Conagra Brands’s payout ratio is 205.88%.

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.