Conagra Brands, Inc. (NYSE:CAG – Get Rating) – Investment analysts at Jefferies Financial Group reduced their FY2022 EPS estimates for Conagra Brands in a research report issued to clients and investors on Thursday, April 7th. Jefferies Financial Group analyst R. Dickerson now anticipates that the company will earn $2.35 per share for the year, down from their previous estimate of $2.50. Jefferies Financial Group also issued estimates for Conagra Brands’ Q3 2023 earnings at $0.66 EPS, Q4 2023 earnings at $0.67 EPS, Q2 2024 earnings at $0.79 EPS and FY2024 earnings at $2.90 EPS.
CAG has been the topic of a number of other research reports. Consumer Edge downgraded Conagra Brands from an “overweight” rating to an “equal weight” rating and set a $34.00 price objective on the stock. in a research note on Tuesday, March 8th. UBS Group assumed coverage on Conagra Brands in a research note on Wednesday, March 30th. They issued a “neutral” rating and a $34.00 price objective on the stock. StockNews.com started coverage on Conagra Brands in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley boosted their target price on Conagra Brands from $35.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, January 7th. Finally, Evercore ISI started coverage on Conagra Brands in a research report on Friday, April 8th. They set a “buy” rating and a $40.00 target price on the stock. Thirteen investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.46.
Conagra Brands (NYSE:CAG – Get Rating) last released its quarterly earnings data on Thursday, April 7th. The company reported $0.58 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.58. Conagra Brands had a return on equity of 12.46% and a net margin of 9.14%. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the previous year, the company posted $0.59 EPS. The company’s revenue was up 5.1% compared to the same quarter last year.
Hedge funds have recently modified their holdings of the business. Mutual of America Capital Management LLC raised its position in shares of Conagra Brands by 0.5% in the 4th quarter. Mutual of America Capital Management LLC now owns 63,650 shares of the company’s stock worth $2,174,000 after buying an additional 289 shares during the period. Huntington National Bank raised its position in Conagra Brands by 5.1% in the third quarter. Huntington National Bank now owns 6,732 shares of the company’s stock valued at $228,000 after purchasing an additional 326 shares during the period. Empirical Finance LLC raised its position in Conagra Brands by 1.2% in the third quarter. Empirical Finance LLC now owns 30,109 shares of the company’s stock valued at $1,020,000 after purchasing an additional 358 shares during the period. First Republic Investment Management Inc. raised its position in Conagra Brands by 1.3% in the third quarter. First Republic Investment Management Inc. now owns 27,951 shares of the company’s stock valued at $947,000 after purchasing an additional 372 shares during the period. Finally, McIlrath & Eck LLC raised its position in Conagra Brands by 21.1% in the third quarter. McIlrath & Eck LLC now owns 2,275 shares of the company’s stock valued at $77,000 after purchasing an additional 396 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.
In other Conagra Brands news, COO Darren Serrao sold 11,700 shares of the company’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $34.49, for a total value of $403,533.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Thomas M. Mcgough sold 40,802 shares of the company’s stock in a transaction on Thursday, January 20th. The stock was sold at an average price of $35.96, for a total value of $1,467,239.92. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.
Conagra Brands Company Profile (Get Rating)
Conagra Brands, Inc engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks, Refrigerated and Frozen, International, and Foodservice. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States.
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