Wells Fargo & Company Has Lowered Expectations for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price objective dropped by equities research analysts at Wells Fargo & Company from $31.00 to $30.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.76% from the stock’s previous close.

Several other research firms have also recently commented on CAG. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Citigroup lowered their target price on shares of Conagra Brands from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday, December 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $29.00 target price on shares of Conagra Brands in a research note on Thursday, October 3rd. Finally, Bank of America lowered their target price on shares of Conagra Brands from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Conagra Brands presently has an average rating of “Hold” and a consensus target price of $31.38.

Conagra Brands Price Performance

Shares of CAG traded down $0.06 during mid-day trading on Tuesday, reaching $27.84. 330,529 shares of the company’s stock were exchanged, compared to its average volume of 4,751,144. The company has a quick ratio of 0.33, a current ratio of 0.94 and a debt-to-equity ratio of 0.86. The company has a 50-day simple moving average of $28.37 and a two-hundred day simple moving average of $29.58. Conagra Brands has a 52-week low of $26.21 and a 52-week high of $33.24. The company has a market cap of $13.29 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 2.86 and a beta of 0.31.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a return on equity of 13.71% and a net margin of 4.14%. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, sell-side analysts predict that Conagra Brands will post 2.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Conagra Brands

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Courier Capital LLC increased its position in shares of Conagra Brands by 1.3% in the 3rd quarter. Courier Capital LLC now owns 27,062 shares of the company’s stock worth $880,000 after purchasing an additional 355 shares during the last quarter. CWM LLC grew its position in Conagra Brands by 0.4% in the 3rd quarter. CWM LLC now owns 87,222 shares of the company’s stock worth $2,836,000 after purchasing an additional 359 shares during the last quarter. Empirical Finance LLC grew its position in Conagra Brands by 2.3% in the 3rd quarter. Empirical Finance LLC now owns 16,379 shares of the company’s stock worth $533,000 after purchasing an additional 362 shares during the last quarter. Arkadios Wealth Advisors grew its position in Conagra Brands by 0.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 52,769 shares of the company’s stock worth $1,716,000 after purchasing an additional 376 shares during the last quarter. Finally, Bridgewater Advisors Inc. lifted its stake in shares of Conagra Brands by 1.5% in the 3rd quarter. Bridgewater Advisors Inc. now owns 25,224 shares of the company’s stock worth $820,000 after acquiring an additional 376 shares during the period. 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.