Conagra Brands (CAG) Upgraded to “Neutral” by UBS
UBS upgraded shares of Conagra Brands (NYSE:CAG) from a sell rating to a neutral rating in a research note released on Tuesday morning. The firm currently has $37.00 price objective on the stock, up from their prior price objective of $33.00.
Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada reissued a buy rating and set a $45.00 price objective on shares of Conagra Brands in a research note on Friday, September 29th. Zacks Investment Research raised shares of Conagra Brands from a hold rating to a buy rating and set a $40.00 price objective on the stock in a research note on Wednesday, November 22nd. Stifel Nicolaus raised shares of Conagra Brands from a hold rating to a buy rating and upped their price objective for the company from $36.00 to $38.00 in a research note on Sunday, October 29th. They noted that the move was a valuation call. Jefferies Group reissued a buy rating and set a $40.00 price objective on shares of Conagra Brands in a research note on Tuesday, October 3rd. Finally, Credit Suisse Group reduced their price objective on shares of Conagra Brands from $39.00 to $37.00 and set a neutral rating on the stock in a research note on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Conagra Brands has an average rating of Buy and an average target price of $40.37.
Conagra Brands (NYSE CAG) traded up $0.31 during mid-day trading on Tuesday, hitting $37.55. 3,399,900 shares of the stock traded hands, compared to its average volume of 3,472,043. The firm has a market capitalization of $15,212.47, a price-to-earnings ratio of 20.69, a PEG ratio of 2.81 and a beta of 0.37. Conagra Brands has a twelve month low of $32.16 and a twelve month high of $41.68. The company has a quick ratio of 0.51, a current ratio of 1.03 and a debt-to-equity ratio of 0.71.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Tuesday, January 30th will be paid a dividend of $0.213 per share. The ex-dividend date of this dividend is Monday, January 29th. This represents a $0.85 dividend on an annualized basis and a yield of 2.27%. This is an increase from Conagra Brands’s previous quarterly dividend of $0.21. Conagra Brands’s dividend payout ratio (DPR) is currently 60.28%.
In other Conagra Brands news, EVP Colleen Batcheler sold 120,451 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $37.50, for a total transaction of $4,516,912.50. Following the transaction, the executive vice president now owns 211,514 shares of the company’s stock, valued at $7,931,775. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.79% of the company’s stock.
A number of large investors have recently bought and sold shares of CAG. Janus Henderson Group PLC raised its stake in shares of Conagra Brands by 10,072.6% in the 2nd quarter. Janus Henderson Group PLC now owns 6,144,061 shares of the company’s stock valued at $219,711,000 after acquiring an additional 6,083,663 shares during the period. American Century Companies Inc. raised its stake in shares of Conagra Brands by 64.0% in the 3rd quarter. American Century Companies Inc. now owns 11,938,659 shares of the company’s stock valued at $402,810,000 after acquiring an additional 4,660,867 shares during the period. AJO LP raised its stake in shares of Conagra Brands by 757.3% in the 2nd quarter. AJO LP now owns 3,118,724 shares of the company’s stock valued at $111,526,000 after acquiring an additional 2,754,930 shares during the period. Alliancebernstein L.P. raised its stake in shares of Conagra Brands by 49.8% in the 2nd quarter. Alliancebernstein L.P. now owns 5,674,123 shares of the company’s stock valued at $202,907,000 after acquiring an additional 1,886,614 shares during the period. Finally, Numeric Investors LLC raised its stake in shares of Conagra Brands by 75.2% in the 2nd quarter. Numeric Investors LLC now owns 3,077,000 shares of the company’s stock valued at $110,034,000 after acquiring an additional 1,321,100 shares during the period. 79.03% of the stock is currently owned by institutional investors.
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Conagra Brands Company Profile
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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