Bank of America Has Lowered Expectations for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price target reduced by Bank of America from $31.00 to $29.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 6.97% from the stock’s previous close.

A number of other research analysts have also recently commented on CAG. Citigroup decreased their target price on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 11th. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company cut their target price on Conagra Brands from $31.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $29.00 price target on shares of Conagra Brands in a research report on Friday. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $30.88.

Conagra Brands Stock Performance

Conagra Brands stock opened at $27.11 on Friday. The firm has a 50 day simple moving average of $28.21 and a 200-day simple moving average of $29.52. The stock has a market cap of $12.94 billion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 2.91 and a beta of 0.31. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33. Conagra Brands has a 1-year low of $26.21 and a 1-year high of $33.24.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the business posted $0.71 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. On average, analysts expect that Conagra Brands will post 2.58 EPS for the current year.

Institutional Investors Weigh In On Conagra Brands

Several large investors have recently bought and sold shares of CAG. Integrated Wealth Concepts LLC grew its position in shares of Conagra Brands by 110.8% during the third quarter. Integrated Wealth Concepts LLC now owns 36,768 shares of the company’s stock worth $1,196,000 after buying an additional 19,329 shares in the last quarter. Aigen Investment Management LP acquired a new position in Conagra Brands during the 3rd quarter worth approximately $1,020,000. Pacer Advisors Inc. grew its holdings in Conagra Brands by 21,015.0% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654,828 shares of the company’s stock worth $346,495,000 after acquiring an additional 10,604,367 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Conagra Brands in the 3rd quarter valued at approximately $967,000. Finally, Swedbank AB raised its holdings in shares of Conagra Brands by 3.1% in the 3rd quarter. Swedbank AB now owns 674,465 shares of the company’s stock valued at $21,934,000 after purchasing an additional 20,384 shares in the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.

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.