Conagra Brands (NYSE:CAG) Issues Earnings Results, Beats Estimates By $0.05 EPS

Conagra Brands (NYSE:CAG) issued its quarterly earnings data on Thursday. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.05, Briefing.com reports. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3.01 billion. Conagra Brands had a net margin of 7.86% and a return on equity of 14.25%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 earnings per share. Conagra Brands updated its FY24 guidance to $2.60-2.65 EPS and its FY 2024 guidance to 2.600-2.650 EPS.

Conagra Brands Stock Performance

Shares of NYSE CAG opened at $31.09 on Friday. The firm has a fifty day moving average price of $28.52 and a 200-day moving average price of $28.35. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.31. The stock has a market cap of $14.86 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 3.26 and a beta of 0.42. Conagra Brands has a 1 year low of $25.16 and a 1 year high of $38.78.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CAG shares. Stifel Nicolaus increased their price objective on shares of Conagra Brands from $29.00 to $32.00 and gave the company a “hold” rating in a research report on Friday. Citigroup increased their price target on shares of Conagra Brands from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday. Wells Fargo & Company increased their price target on shares of Conagra Brands from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday. Royal Bank of Canada decreased their price target on shares of Conagra Brands from $32.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 3rd. Finally, Evercore ISI downgraded shares of Conagra Brands from an “outperform” rating to an “in-line” rating and set a $32.00 price target on the stock. in a research report on Monday, December 11th. Ten investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.93.

Institutional Trading of Conagra Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new position in Conagra Brands during the second quarter valued at $35,000. Clear Street Markets LLC grew its stake in Conagra Brands by 93.2% during the first quarter. Clear Street Markets LLC now owns 935 shares of the company’s stock valued at $35,000 after acquiring an additional 451 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new position in Conagra Brands during the fourth quarter valued at $39,000. First Capital Advisors Group LLC. purchased a new position in Conagra Brands during the second quarter valued at $62,000. Finally, Ossiam grew its stake in Conagra Brands by 496.2% during the fourth quarter. Ossiam now owns 3,297 shares of the company’s stock valued at $94,000 after acquiring an additional 2,744 shares in the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.

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.