Conagra Brands (NYSE:CAG) issued its earnings results on Thursday, December 21st. The company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.03, Bloomberg Earnings reports. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Conagra Brands had a return on equity of 19.58% and a net margin of 9.04%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 EPS.
Conagra Brands (NYSE:CAG) traded down $0.05 during trading hours on Friday, hitting $36.71. 1,934,894 shares of the company’s stock traded hands, compared to its average volume of 2,968,867. The firm has a market capitalization of $14,710.00, a P/E ratio of 21.85, a price-to-earnings-growth ratio of 2.88 and a beta of 0.37. The company has a current ratio of 1.11, a quick ratio of 0.54 and a debt-to-equity ratio of 0.86. Conagra Brands has a fifty-two week low of $32.16 and a fifty-two week high of $41.68.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Tuesday, January 30th will be paid a $0.213 dividend. This is an increase from Conagra Brands’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, January 29th. This represents a $0.85 annualized dividend and a dividend yield of 2.32%. Conagra Brands’s payout ratio is 50.60%.
In other Conagra Brands news, EVP Colleen Batcheler sold 120,451 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $37.50, for a total value of $4,516,912.50. Following the completion of the transaction, the executive vice president now owns 211,514 shares in the company, valued at $7,931,775. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joie A. Gregor sold 5,250 shares of the business’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $38.04, for a total transaction of $199,710.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 154,121 shares of company stock valued at $5,793,780. Insiders own 0.79% of the company’s stock.
Large investors have recently bought and sold shares of the business. Sun Life Financial INC grew its stake in shares of Conagra Brands by 32,666.7% during the second quarter. Sun Life Financial INC now owns 2,949 shares of the company’s stock worth $105,000 after purchasing an additional 2,940 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of Conagra Brands by 143.7% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,139 shares of the company’s stock worth $112,000 after purchasing an additional 1,851 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Conagra Brands by 57.1% during the second quarter. Advisors Asset Management Inc. now owns 4,692 shares of the company’s stock worth $168,000 after purchasing an additional 1,705 shares in the last quarter. Krilogy Financial LLC grew its stake in shares of Conagra Brands by 7.7% during the second quarter. Krilogy Financial LLC now owns 5,170 shares of the company’s stock worth $185,000 after purchasing an additional 370 shares in the last quarter. Finally, Evercore Wealth Management LLC grew its stake in shares of Conagra Brands by 12.9% during the second quarter. Evercore Wealth Management LLC now owns 6,325 shares of the company’s stock worth $226,000 after purchasing an additional 725 shares in the last quarter. Institutional investors and hedge funds own 78.88% of the company’s stock.
Several brokerages have recently weighed in on CAG. Stifel Nicolaus boosted their target price on Conagra Brands from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Saturday, December 30th. Royal Bank of Canada restated a “buy” rating and set a $45.00 target price on shares of Conagra Brands in a report on Friday, September 29th. Morgan Stanley lowered their target price on Conagra Brands from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, September 25th. Jefferies Group restated a “buy” rating and set a $40.00 target price on shares of Conagra Brands in a report on Tuesday, October 3rd. Finally, Zacks Investment Research raised shares of Conagra Brands from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $40.95.
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About Conagra Brands
Conagra Brands, Inc, formerly ConAgra Foods, Inc, operates as a packaged food company. The Company operates through two segments: Consumer Foods and Commercial Foods. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers.
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