Conagra Brands (NYSE:CAG) Downgraded to “Sell” Rating by The Goldman Sachs Group

The Goldman Sachs Group lowered shares of Conagra Brands (NYSE:CAG) from a neutral rating to a sell rating in a report published on Monday morning, Marketbeat reports. They currently have $21.00 target price on the stock, down from their prior target price of $26.00.

A number of other brokerages have also commented on CAG. Wells Fargo & Company decreased their price objective on shares of Conagra Brands from $27.00 to $23.00 and set an “equal weight” rating on the stock in a report on Monday, June 2nd. Stifel Nicolaus lowered their price target on shares of Conagra Brands from $28.00 to $26.00 and set a “hold” rating for the company in a report on Wednesday, February 19th. Morgan Stanley initiated coverage on shares of Conagra Brands in a research report on Monday, March 24th. They issued an “equal weight” rating and a $27.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on Conagra Brands from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 6th. Finally, Barclays lowered their target price on Conagra Brands from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.60.

Conagra Brands Stock Performance

NYSE CAG opened at $22.39 on Monday. Conagra Brands has a 1-year low of $21.98 and a 1-year high of $33.24. The company has a 50 day moving average of $23.97 and a 200-day moving average of $25.53. The company has a current ratio of 0.70, a quick ratio of 0.22 and a debt-to-equity ratio of 0.71. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 21.95, a PEG ratio of 1.76 and a beta of 0.14.

Conagra Brands (NYSE:CAG) last released its quarterly earnings results on Thursday, April 3rd. The company reported $0.51 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 the consensus estimate of $2.92 billion. During the same quarter last year, the company earned $0.69 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. On average, equities analysts forecast that Conagra Brands will post 2.35 earnings per share for the current fiscal year.

Conagra Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, April 28th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 6.25%. The ex-dividend date was Monday, April 28th. Conagra Brands’s payout ratio is 205.88%.

Hedge Funds Weigh In On Conagra Brands

Institutional investors have recently modified their holdings of the stock. Inspire Investing LLC raised its position in shares of Conagra Brands by 6.3% in the 1st quarter. Inspire Investing LLC now owns 54,092 shares of the company’s stock valued at $1,443,000 after acquiring an additional 3,209 shares during the period. WBI Investments LLC raised its holdings in Conagra Brands by 9.1% in the first quarter. WBI Investments LLC now owns 113,135 shares of the company’s stock worth $3,017,000 after purchasing an additional 9,419 shares during the period. Intech Investment Management LLC boosted its position in shares of Conagra Brands by 50.6% during the first quarter. Intech Investment Management LLC now owns 140,485 shares of the company’s stock worth $3,747,000 after purchasing an additional 47,186 shares in the last quarter. Bayforest Capital Ltd boosted its position in shares of Conagra Brands by 217.7% during the first quarter. Bayforest Capital Ltd now owns 13,327 shares of the company’s stock worth $355,000 after purchasing an additional 9,132 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Conagra Brands by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,622,873 shares of the company’s stock valued at $96,622,000 after buying an additional 41,886 shares during the period. 83.75% of the stock is currently owned by institutional investors and hedge funds.

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.