Morgan Stanley Issues Pessimistic Forecast for Conagra Brands (NYSE:CAG) Stock Price

Conagra Brands (NYSE:CAG) had its price target cut by equities research analysts at Morgan Stanley from $17.00 to $15.00 in a report released on Thursday, MarketBeat reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 5.89% from the company’s previous close.

CAG has been the subject of a number of other reports. Stifel Nicolaus reduced their target price on shares of Conagra Brands from $17.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday. Zacks Research raised shares of Conagra Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, February 20th. BTIG Research assumed coverage on shares of Conagra Brands in a research report on Monday, April 13th. They set a “neutral” rating for the company. Jefferies Financial Group reduced their target price on shares of Conagra Brands from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Finally, TD Cowen dropped their price target on shares of Conagra Brands from $18.00 to $14.00 and set a “hold” rating on the stock in a research note on Wednesday, March 25th. One equities research analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Conagra Brands has an average rating of “Reduce” and a consensus target price of $15.80.

Conagra Brands Stock Down 1.7%

Conagra Brands stock opened at $14.17 on Thursday. Conagra Brands has a twelve month low of $14.04 and a twelve month high of $25.12. The firm has a 50 day moving average price of $16.53 and a 200-day moving average price of $17.33. The company has a market capitalization of $6.78 billion, a P/E ratio of -141.64 and a beta of 0.04. The company has a quick ratio of 0.30, a current ratio of 0.90 and a debt-to-equity ratio of 0.79.

Conagra Brands (NYSE:CAG) last released its earnings results on Wednesday, April 1st. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Conagra Brands had a negative net margin of 0.39% and a positive return on equity of 10.15%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the company earned $0.51 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. As a group, equities analysts predict that Conagra Brands will post 1.7 EPS for the current year.

Insider Buying and Selling

In other Conagra Brands news, Director Richard H. Lenny purchased 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were bought at an average cost of $14.34 per share, for a total transaction of $358,500.00. Following the purchase, the director owned 229,340 shares of the company’s stock, valued at $3,288,735.60. This represents a 12.23% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John J. Mulligan purchased 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were acquired at an average price of $14.31 per share, for a total transaction of $250,425.00. Following the completion of the purchase, the director directly owned 20,728 shares in the company, valued at $296,617.68. This represents a 542.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.57% of the company’s stock.

Institutional Trading of Conagra Brands

Institutional investors have recently modified their holdings of the business. CYBER HORNET ETFs LLC purchased a new stake in Conagra Brands in the 2nd quarter worth approximately $26,000. MUFG Securities EMEA plc purchased a new stake in Conagra Brands in the 2nd quarter worth approximately $29,000. Harbour Investments Inc. lifted its stake in Conagra Brands by 80.4% in the 4th quarter. Harbour Investments Inc. now owns 1,573 shares of the company’s stock worth $27,000 after purchasing an additional 701 shares in the last quarter. True Wealth Design LLC lifted its stake in Conagra Brands by 844.4% in the 3rd quarter. True Wealth Design LLC now owns 1,596 shares of the company’s stock worth $29,000 after purchasing an additional 1,427 shares in the last quarter. Finally, Bell Investment Advisors Inc lifted its stake in Conagra Brands by 156.9% in the 1st quarter. Bell Investment Advisors Inc now owns 1,685 shares of the company’s stock worth $26,000 after purchasing an additional 1,029 shares in the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

Conagra Brands Company Profile

Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.