Conagra Brands (NYSE:CAG) Price Target Cut to $23.00 by Analysts at Wells Fargo & Company

Conagra Brands (NYSE:CAG) had its price objective trimmed by Wells Fargo & Company from $27.00 to $23.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently issued reports on CAG. JPMorgan Chase & Co. dropped their price target on shares of Conagra Brands from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 6th. Stifel Nicolaus lowered their price objective on Conagra Brands from $28.00 to $26.00 and set a “hold” rating on the stock in a report on Wednesday, February 19th. Barclays decreased their target price on Conagra Brands from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, May 12th. Morgan Stanley initiated coverage on Conagra Brands in a research note on Monday, March 24th. They issued an “equal weight” rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group cut shares of Conagra Brands from a “buy” rating to a “neutral” rating and reduced their target price for the company from $33.00 to $26.00 in a research report on Monday, February 24th. Nine investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Conagra Brands has an average rating of “Hold” and a consensus price target of $27.10.

Conagra Brands Price Performance

NYSE:CAG opened at $22.51 on Monday. The company has a quick ratio of 0.22, a current ratio of 0.70 and a debt-to-equity ratio of 0.71. Conagra Brands has a 52 week low of $21.98 and a 52 week high of $33.24. The stock’s 50-day moving average price is $24.22 and its 200-day moving average price is $25.64. The stock has a market capitalization of $10.75 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 1.76 and a beta of 0.18.

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

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, April 28th were paid a $0.35 dividend. The ex-dividend date was Monday, April 28th. This represents a $1.40 annualized dividend and a dividend yield of 6.22%. Conagra Brands’s dividend payout ratio (DPR) is 205.88%.

Institutional Trading of Conagra Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in Conagra Brands in the first quarter worth approximately $26,000. Capital Advisors Ltd. LLC lifted its stake in shares of Conagra Brands by 82.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,001 shares of the company’s stock valued at $27,000 after purchasing an additional 452 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Conagra Brands during the 1st quarter worth $27,000. Golden State Wealth Management LLC grew its holdings in shares of Conagra Brands by 235.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,056 shares of the company’s stock worth $28,000 after purchasing an additional 741 shares during the period. Finally, Riverview Trust Co purchased a new stake in Conagra Brands in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 83.75% of the company’s stock.

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.