Conagra Brands (NYSE:CAG) Issues FY 2024 Earnings Guidance

Conagra Brands (NYSE:CAGGet Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.600-2.650 for the period, compared to the consensus EPS estimate of 2.650. The company issued revenue guidance of -. Conagra Brands also updated its FY24 guidance to $2.60-2.65 EPS.

Conagra Brands Stock Performance

Shares of NYSE CAG opened at $29.06 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.91 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $28.47 and its 200-day moving average price is $28.32. Conagra Brands has a 52-week low of $25.16 and a 52-week high of $38.94. The company has a market cap of $13.89 billion, a PE ratio of 14.11, a PEG ratio of 3.14 and a beta of 0.42.

Conagra Brands (NYSE:CAGGet Free Report) last issued its earnings results on Thursday, April 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. The company had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3.01 billion. Conagra Brands had a net margin of 8.09% and a return on equity of 14.78%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. As a group, analysts anticipate that Conagra Brands will post 2.59 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Evercore ISI lowered shares of Conagra Brands from an outperform rating to an in-line rating and set a $32.00 price target for the company. in a research report on Monday, December 11th. Royal Bank of Canada reduced their target price on shares of Conagra Brands from $32.00 to $30.00 and set a sector perform rating for the company in a report on Wednesday, January 3rd. Wells Fargo & Company started coverage on shares of Conagra Brands in a research report on Tuesday, December 12th. They set an equal weight rating and a $31.00 price objective for the company. Finally, Citigroup initiated coverage on Conagra Brands in a research note on Thursday, February 1st. They issued a neutral rating and a $30.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $32.50.

Check Out Our Latest Analysis on CAG

Institutional Trading of Conagra Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Conagra Brands by 1.5% during the first quarter. Vanguard Group Inc. now owns 54,738,710 shares of the company’s stock valued at $1,837,578,000 after buying an additional 786,816 shares during the last quarter. State Street Corp lifted its stake in Conagra Brands by 12.8% in the 1st quarter. State Street Corp now owns 23,556,766 shares of the company’s stock worth $790,801,000 after purchasing an additional 2,671,720 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Conagra Brands by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 9,849,556 shares of the company’s stock valued at $369,112,000 after purchasing an additional 167,385 shares during the last quarter. Invesco Ltd. grew its position in shares of Conagra Brands by 10.7% during the first quarter. Invesco Ltd. now owns 8,716,615 shares of the company’s stock valued at $292,616,000 after purchasing an additional 841,538 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Conagra Brands by 16.8% in the fourth quarter. Morgan Stanley now owns 7,216,280 shares of the company’s stock worth $279,270,000 after purchasing an additional 1,040,339 shares during the last quarter. Institutional investors own 83.75% of the company’s stock.

About Conagra Brands

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Conagra Brands (NYSE:CAG)

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