JPMorgan Chase & Co. Cuts Conagra Brands (NYSE:CAG) Price Target to $17.00

Conagra Brands (NYSE:CAG) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $19.00 to $17.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 11.53% from the stock’s previous close.

CAG has been the topic of a number of other reports. UBS Group reaffirmed a “neutral” rating and issued a $20.00 price objective on shares of Conagra Brands in a report on Friday, February 13th. Wall Street Zen upgraded shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. Zacks Research upgraded shares of Conagra Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. The Goldman Sachs Group cut their target price on Conagra Brands from $18.00 to $16.00 and set a “sell” rating on the stock in a research report on Monday, November 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Conagra Brands from $19.00 to $18.00 and set a “hold” rating for the company in a report on Monday, December 22nd. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $18.57.

Conagra Brands Trading Down 1.0%

NYSE CAG traded down $0.16 during trading on Friday, reaching $15.24. 10,496,237 shares of the stock traded hands, compared to its average volume of 13,837,362. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of -69.25 and a beta of -0.02. Conagra Brands has a fifty-two week low of $15.13 and a fifty-two week high of $27.68. The company has a quick ratio of 0.28, a current ratio of 0.89 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $18.12 and its 200 day moving average price is $18.00.

Conagra Brands (NYSE:CAG) last announced its quarterly earnings results on Friday, December 19th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Conagra Brands had a negative net margin of 0.87% and a positive return on equity of 10.59%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The business’s revenue was down 6.8% on a year-over-year basis. Analysts predict that Conagra Brands will post 2.35 EPS for the current year.

Hedge Funds Weigh In On Conagra Brands

Several large investors have recently modified their holdings of CAG. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Conagra Brands by 45.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 342,942 shares of the company’s stock valued at $6,485,000 after acquiring an additional 106,891 shares in the last quarter. Hsbc Holdings PLC raised its position in Conagra Brands by 20.0% in the 2nd quarter. Hsbc Holdings PLC now owns 1,251,371 shares of the company’s stock worth $25,578,000 after purchasing an additional 208,450 shares during the period. AE Wealth Management LLC lifted its stake in shares of Conagra Brands by 13.7% in the 3rd quarter. AE Wealth Management LLC now owns 720,093 shares of the company’s stock valued at $13,185,000 after acquiring an additional 86,604 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Conagra Brands by 15.6% in the third quarter. JPMorgan Chase & Co. now owns 3,021,478 shares of the company’s stock valued at $55,323,000 after purchasing an additional 408,597 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in Conagra Brands during the 3rd quarter valued at $7,310,000. Hedge funds and other institutional investors own 83.75% of the company’s stock.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.