Conagra Brands (NYSE:CAG) Issues Quarterly 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, topping the consensus estimate of $0.64 by $0.05, Briefing.com reports. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.01 billion. Conagra Brands had a return on equity of 14.25% and a net margin of 7.86%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $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 Trading Up 1.5 %

NYSE:CAG opened at $31.09 on Friday. The firm 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. The stock has a fifty day moving average price of $28.52 and a 200 day moving average price of $28.35. Conagra Brands has a 12-month low of $25.16 and a 12-month high of $38.78. The company has a current ratio of 0.95, a quick ratio of 0.31 and a debt-to-equity ratio of 0.81.

Institutional Trading of Conagra Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of CAG. Coppell Advisory Solutions LLC acquired a new stake in Conagra Brands in the second quarter valued at $35,000. Clear Street Markets LLC increased its position in shares of Conagra Brands by 93.2% during the first quarter. Clear Street Markets LLC now owns 935 shares of the company’s stock worth $35,000 after purchasing an additional 451 shares in the last quarter. Coppell Advisory Solutions Corp. acquired a new stake in shares of Conagra Brands during the fourth quarter worth about $39,000. First Capital Advisors Group LLC. acquired a new stake in shares of Conagra Brands during the second quarter worth about $62,000. Finally, Ossiam increased its position in shares of Conagra Brands by 496.2% during the fourth quarter. Ossiam now owns 3,297 shares of the company’s stock worth $94,000 after purchasing an additional 2,744 shares in the last quarter. 83.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CAG has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on 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 lowered their price target on Conagra Brands from $32.00 to $30.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 3rd. Citigroup raised their price target on Conagra Brands from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday. Evercore ISI lowered Conagra Brands from an “outperform” rating to an “in-line” rating and set a $32.00 price target for the company. in a research report on Monday, December 11th. Finally, Stifel Nicolaus raised their price target on Conagra Brands from $29.00 to $32.00 and gave the stock a “hold” rating in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $32.93.

About Conagra Brands

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.