Conagra Brands (NYSE:CAG) Reaches New 52-Week Low – What’s Next?

Shares of Conagra Brands, Inc. (NYSE:CAG) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $26.27 and last traded at $26.44, with a volume of 2636744 shares trading hands. The stock had previously closed at $27.45.

Analyst Ratings Changes

CAG has been the subject of a number of analyst reports. 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. The Goldman Sachs Group initiated coverage on shares of Conagra Brands in a research note on Monday, August 12th. They set a “buy” rating and a $36.00 target price for the company. BNP Paribas raised shares of Conagra Brands to a “strong-buy” rating in a research note on Thursday, October 3rd. Wells Fargo & Company lifted their price target on shares of Conagra Brands from $30.00 to $31.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $29.00 price target on shares of Conagra Brands in a research note on Thursday, October 3rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.63.

Conagra Brands Price Performance

The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 2.85 and a beta of 0.34. The business’s fifty day moving average price is $30.32 and its 200-day moving average price is $30.07. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.94 and a quick ratio of 0.33.

Conagra Brands (NYSE:CAG) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.07). Conagra Brands had a net margin of 4.14% and a return on equity of 13.71%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter in the prior year, the business earned $0.66 earnings per share. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, research analysts forecast that Conagra Brands, Inc. will post 2.59 EPS for the current year.

Conagra Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, October 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.27%. The ex-dividend date is Thursday, October 31st. Conagra Brands’s dividend payout ratio (DPR) is presently 135.92%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAG. Innealta Capital LLC purchased a new position in Conagra Brands during the second quarter worth about $25,000. Chilton Capital Management LLC purchased a new position in Conagra Brands in the second quarter valued at about $25,000. Hexagon Capital Partners LLC boosted its stake in Conagra Brands by 82.8% in the third quarter. Hexagon Capital Partners LLC now owns 927 shares of the company’s stock valued at $30,000 after acquiring an additional 420 shares during the last quarter. LRI Investments LLC purchased a new position in Conagra Brands in the first quarter valued at about $42,000. Finally, Abich Financial Wealth Management LLC purchased a new position in Conagra Brands in the third quarter valued at about $47,000. 83.75% of the stock is currently owned by hedge funds and other institutional investors.

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.