Conagra Brands (NYSE:CAG) Given Sector Perform Rating at Royal Bank of Canada

Conagra Brands (NYSE:CAG - Get Free Report)'s stock had its "sector perform" rating reiterated by equities research analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $29.00 price objective on the stock. Royal Bank of Canada's price target suggests a potential downside of 1.19% from the company's previous close.

Other research analysts also recently issued reports about the stock. Citigroup cut their price target on shares of Conagra Brands from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, June 28th. Bank of America boosted their target price on Conagra Brands from $31.00 to $34.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 17th. Stifel Nicolaus decreased their target price on Conagra Brands from $32.00 to $30.00 and set a "hold" rating on the stock in a research note on Friday, July 12th. The Goldman Sachs Group initiated coverage on Conagra Brands in a research report on Monday, August 12th. They set a "buy" rating and a $36.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on Conagra Brands from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, July 10th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Conagra Brands has a consensus rating of "Hold" and a consensus target price of $31.00.

Conagra Brands Stock Performance

Shares of NYSE:CAG traded down $0.73 during midday trading on Thursday, reaching $29.35. 8,037,333 shares of the company traded hands, compared to its average volume of 4,797,023. The firm's fifty day moving average price is $31.29 and its two-hundred day moving average price is $30.26. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of 40.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.32. The company has a quick ratio of 0.33, a current ratio of 0.97 and a debt-to-equity ratio of 0.88. Conagra Brands has a 12 month low of $25.16 and a 12 month high of $33.24.

Conagra Brands (NYSE:CAG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.07). Conagra Brands had a net margin of 2.88% and a return on equity of 14.31%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. The company's quarterly revenue was down 3.8% on a year-over-year basis. On average, equities analysts expect that Conagra Brands will post 2.61 earnings per share for the current year.

Insider Activity

In other news, COO Thomas M. Mcgough sold 40,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $30.29, for a total transaction of $1,211,600.00. Following the completion of the sale, the chief operating officer now owns 161,443 shares of the company's stock, valued at $4,890,108.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Conagra Brands

A number of institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in Conagra Brands by 7.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 920,292 shares of the company's stock valued at $26,376,000 after acquiring an additional 60,636 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Conagra Brands by 8.4% in the 4th quarter. Royal London Asset Management Ltd. now owns 188,322 shares of the company's stock worth $5,397,000 after purchasing an additional 14,578 shares during the period. Lake Street Advisors Group LLC bought a new stake in shares of Conagra Brands during the 4th quarter valued at about $222,000. Tower Research Capital LLC TRC increased its position in shares of Conagra Brands by 481.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 86,048 shares of the company's stock valued at $2,466,000 after buying an additional 71,260 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its stake in Conagra Brands by 663.1% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 436,698 shares of the company's stock worth $12,516,000 after buying an additional 379,473 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, 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.